DFI Monthly Bulletin – August 2005

Aug 1, 2005

Volume 9, Number 2

Howard Gould to Step Down as Commissioner of Financial Institutions

Howard Gould has announced that he will be stepping down as Commissioner of Financial Institutions.
Commissioner Gould was appointed by Governor Schwarzenegger on February 6, 2004. His letter to
the Governor and message to the industry are attached.
Key Personnel Changes in the Northern California
Deputy Commissioner James E. Brodie retired on August 31, 2005 after 33 years of dedicated service.
Mr. Brodie joined the State Banking Department on August 14, 1972 as a bank examiner and has served
in a number of positions throughout his career.
Mr. Brodie was appointed Deputy Superintendent of Banks on March 2, 1992. He became Deputy
Commissioner of Financial Institutions on July 1, 1997 when the State Banking Department became the
Department of Financial Institutions.
Scott D. Cameron was appointed Deputy Commissioner effective September 1, 2005. Mr. Cameron
started with the State Banking Department in 1984 and has served as an Assistant Deputy Commissioner
in the Sacramento Regional Office since 1999. His prior assignment was as a Financial Institution
Supervisor in the Los Angeles Regional Office. Mr. Cameron received his Bachelor’s degree from
California State University Los Angeles and is a Certified Examinations Manager.
2 Monthly Bulletin August 2005
DFI to Roll Out New Post-Application Approval
Survey for the Legal Division
As a means of improving our ability to evaluate the quality of service and effectiveness of our
supervision, the Department of Financial Institutions (“DFI”) will roll out a new Post-Application
Survey and Rating – Legal Division (“Legal Survey”) beginning October 1st. The new survey technique
will reflect our licensees’ assessment of the DFI legal staff following completion of each of the
following major applications:
• Applications by new banks to sell common stock,
• Applications for approval to acquire control of licensees,
• Applications for approval to issue securities, and
• Applications for approval to merge.
The survey will consist of ten questions which will ask the applicant or its designee to rate their
experience with the Legal Division on a scale from one to five, with a rating of one being “Very
The survey will be Web-based and can be completed and submitted online over the internet.
Information regarding the Legal Survey and instructions for its completion will be included with the
transmittal letter issued by the Legal Division in an appropriate application. A sample of the survey is
It is planned that the results of the Legal Survey will be captured quarterly and reviewed in aggregate as
part of the on-going efforts to ensure that our application and approval process is thorough, effective,
and efficient. Aggregate results will be shared with the industry.
The Legal Division will also distribute a second survey with fewer questions to those persons who
contact the Department for an approval that does not fall into the categories listed above. Twice a year,
the smaller survey will be distributed to those persons with whom the Legal Division had contact in the
prior six months.
The results of the individual surveys will be confidential since the surveys are intended to rate the
application process, not the individual lawyers. Our goal is to detect any flaws in the application
process. Only the Commissioner, the General Counsel, the Assistant General Counsel, and a limited
number of administrative staff needed for processing will have access to the completed surveys, and
requests can be made by the licensee to be contacted directly by the Commissioner, the General
Counsel, or the Assistant General Counsel. Licensees are encouraged to complete the survey as they are
an important tool to help us continuously improve our application process as we strive to be the preeminent financial services regulator in the country. For more information about the Legal Survey,
please contact Kenneth Sayre-Peterson at (916) 322-1570 or by email at ksayre-peterson@dfi.ca.gov.
3 Monthly Bulletin August 2005
CSBS and the Graduate School of Banking Sponsor
Bank Directors Seminar
To be presented in Coeur d’Alene, Idaho October 2-4
The Conference of State Bank Supervisors (CSBS) and the Graduate School of Banking at Colorado are
presenting a timely and valuable Bank Directors Seminar, October 2 to 4, 2005 in beautiful Coeur
d’Alene, Idaho.
The Idaho Department of Finance along with other state banking departments is cosponsoring this
outstanding program.
This is a valuable and timely opportunity for banks and their directors. It is in the best interests of banks
and regulators to have an informed, qualified and appropriately involved board of directors. This
program will provide directors with knowledge and tools that will help them become more valuable to
their banks and more comfortable in working with CEOs and top management for the benefit of the
Please refer to the attached agenda. The topics covered are what directors need to be familiar with and
will improve corporate governance at their banks.
Also enclosed are a Registration Form and a Fact Sheet on the hotel and area. Please register your
directors and make your room reservations right away.
Commercial Bank Activity
New Bank
Bank of San Francisco
575 Market Street, City and County of San Francisco
(415) 744-6710
Officers: Edward C. Obuchoswki, President & Chief Executive Officer
Joseph D. Reid, Chairman of the Board
Raymond Brown, Chief Credit Officer
Capitalization: $10,000,000.00
Opened: 8/1/05
Community 1st Bank
2250 Douglas Boulevard, Roseville, Placer County
Correspondent: James B. Jones
Carpenter & Company
Five Park Plaza, Suite 950
Irvine, CA 92614-8527
(949) 261-8888
Approved: 8/30/05
4 Monthly Bulletin August 2005
New Bank (Continued)
Community Business Bank
710 Riverpoint Center, West Sacramento, Yolo County
Correspondent: John A. DiMichelle
1215 K Street, Suite 1726
Sacramento, CA 95814
(916) 503-2265
Approved: 8/8/05
First Choice Bank
17414 Carmenita Road, Cerritos, CA 90703
(562) 345-9092
Website: http://www.firstchoicebankca.com
Officers: Alexander Lu, President/Chief Operating Officer
Harvey Ferguson, Chief Executive Officer
Sandy Hwang, Executive Vice President/Chief Credit Officer
Capitalization: $12,370,000.00
Opened: 8/18/05
Friendly Hills Bank
16011 E. Whittier Boulevard, Whittier, Los Angeles County
Correspondent: Maryam Hamzeh
Carpenter & Company
Five Park Plaza, Suite 950
Irvine, CA 92614
(949) 261-8888
Filed: 8/4/05
Pacific Alliance Bank
Intersection of Valley Boulevard and San Gabriel Boulevard, Rosemead, Los Angeles County
Correspondent: Maryam Hamzeh
Carpenter & Company
Five Park Plaza, Suite 950
Irvine, CA 92614
(949) 261-8888
Filed: 8/23/05
Stellar Business Bank
100 North Azusa Avenue, Covina, Los Angeles County
Correspondent: Grace Wickersham
Carpenter & Company
Five Park Plaza, Suite 950
Irvine, CA 92614-8527
(949) 261-8888
Withdrawn: 8/3/05
5 Monthly Bulletin August 2005
New Bank (Continued)
US Metro Bank
9866 Garden Grove Boulevard, Garden Grove, Los Angeles County
Correspondent: Gary Steven Findley
Gary Steven Findley & Associates
1470 North Hundley Street
Anaheim, CA 92806
(714) 630-7136
Filed: 8/23/05
First American Bank, to merge with and into Pacific Western National Bank
Effected: 8/12/05
First Bank of San Luis Obispo, to merge with and into Pacific Capital Bank, N.A.
Effected: 8/1/05
Rancho Bernardo Community Bank, San Diego, to merge with and into Community National Bank,
Effected: 8/19/05
United National Bank, San Marino, to merge with and into East-West Bank, San Marino
Approved: 8/16/05
Western State Bank, Duarte, to merge with/into VWF Acquisition Corporation, Inc., El Segundo
Withdrawn: 8/25/05
Acquisition of Control
FCB Bancorp, to acquire control of South Coast Bancorp, Inc. and South Coast Commercial Bank
Approved: 8/23/05
First Bank, to acquire control of International Bank of California
Approved: 8/9/05
VWF Acquisition Corporation, Inc., to acquire control of Western State Bank
Withdrawn: 8/25/05
Change of Name
Community Banks of Tracy to change its name to Community Banks of Northern California
Effected: 7/6/05
Continental Bank of America to change its name to American Continental Bank
Effected: 3/18/05
6 Monthly Bulletin August 2005
Change of Name (Continued)
Valley Bank to change its name to BBVA Bancomer USA dba BBVA Bancomer
Effected: 8/8/05
Western State Bank to change its name to Venture West Bank
Withdrawn: 8/25/05
Premium Finance Company Activity
New Premium Finance Company
Cypress Premium Funding, Inc.
12821 Newport Avenue, Laguna Niguel, Orange County
Opened: 8/15/05
First Choice Premium Finance Company, Inc.
6046 Cornerstone Court West, City & County of San Diego
Filed: 8/9/05
Approved: 8/29/05
Life Credit Corporation
437 South Highway 101, Solana Beach, San Diego County
Filed: 8/25/05
Monarch Premium Resources, Inc.
25291 Via Piedra Roja, Laguna Niguel, Orange County
Opened: 8/15/05
Professional Premium Acceptance Corporation
5480 Baltimore Drive, La Mesa, San Diego County
Filed: 8/10/05
Approved: 8/29/05
Acquisition of Control
James A. Walski, Maria A. Walski and Walski Family Trust, to acquire control of ClassicPlan Insurance
Premium Financing, Inc.
Filed: 8/11/05
Voluntary Surrender of License
Emerald Premium Finance Company
Effected: 8/25/05
7 Monthly Bulletin August 2005
Foreign (Other State) Bank Activity
New Facility
Regions Bank
355 South Grand Avenue, Suite 2900, City and County of Los Angeles
Opened: 7/24/03
Change of Name
American Express Trust Company to change its name to Ameriprise Trust Company
Effected: 8/1/05
Credit Union Activity
Field of Membership
Six credit unions received approvals to add 28 new fields of membership during July 2005.
Bylaw Amendment
Two credit unions received approval for two bylaw amendments during July 2005.
Community Expansion
One credit union received approval for one community expansion during July 2005.
Commissioner of Financial Institutions
Bulletin for Month ended
August 2005, issued pursuant
to Financial Code section 258
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