Department of Financial Institutions Announces New State Bank – Desert Commercial Bank will open its doors in Palm Desert on June 16
San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Desert Commercial Bank will open its doors in Palm Desert on June 16, 2005 with an initial capital of $16.5 million.
“I am pleased to welcome Desert Commercial Bank and report that state-chartered banks continue to grow and prosper in California,” said Howard Gould, Commissioner of Financial Institutions. During the last four years, 49 new state-chartered banks opened with DFI approval. In addition, over 120 branches also opened their doors. “Each new bank has its unique characteristics, which range from serving a small community or ethnic community to offering special services for small businesses and professionals,” added Commissioner Gould.
A. Albert Roensch will serve as President and CEO; Keith L. Brians as Senior Vice President and Chief Financial Officer; and Robert A. Koch, as Senior Vice President and Chief Credit Officer.
Desert Commercial Bank is located at 44701 Village Court Drive, Palm Desert, CA 92260. The bank’s telephone was 760-340-7595 and their fax number is 760-340-9808.
Like all California state-chartered banks, Desert Commercial Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 650 financial institutions. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and transmitters of money abroad. The Department, under the direction of Howard Gould, Commissioner, reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.