Department of Financial Institutions Announces New State Bank – Bank of San Francisco will open its doors on August 1, 2005

Jul 28, 2005

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Bank of San Francisco will open its doors on August 1, 2005 with an initial capital of $10 million.

“I am pleased to welcome Bank of San Francisco 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, 51 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.

Edward C. Obuchowski will serve as the CEO and President; Joseph D. Reid as Chairman of the Board; and Raymond Brown as Chief Credit Officer.

Bank of San Francisco is located at 575 Market Street, Suite 2400, San Francisco, CA 94105. Their phone number is (415) 744-6710 and FAX is (415) 744-6717.

Like all California state-chartered banks, Bank of San Francisco 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.