Department of Financial Institutions Announces New State Bank – Security Bank of California will open its doors in Riverside on June 20

Jun 19, 2005

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Security Bank of California will open its doors in Riverside on June 20, 2005 with an initial capital of $17.6 million.

“I am pleased to welcome Security Bank of California 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, 50 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.

Michael T. Vanderpool, will serve as President and Chief Credit Officer; Ernie W. Hwang as Executive Vice President and Chief Lending Officer; and Larry Patapoff as Senior Vice President and Chief Financial Officer.

Security Bank of California is located at 3403 Tenth Street, Suite 830, Riverside, CA 92501. Their telephone number is 951-368-2265. The bank’s web address is

Like all California state-chartered banks, Security Bank of California 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.