Department of Financial Institutions Announces New State Bank – First General Bank will open its doors in Rowland Heights on October 13, 2005

Oct 12, 2005

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. First General Bank will open its doors in Los Angeles County on October 13, 2005 with an initial capital of $16.5 million.

“I am pleased to welcome First General Bank and report that state-chartered banks continue to grow and prosper in California,” said Brian Yuen, Acting Commissioner of Financial Institutions. During the last four years, 54 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 Yuen.

First General Bank is located at 1744 South Nogales Street, Rowland Heights, CA 91748. The bank’s telephone number is (626) 820-1099 and their fax number is (626) 820-1399.

Cliff J. Hsu will serve as President/CEO; Jeanette Lin as Senior Vice President and Credit Administrator; and Jim Shih as Senior Vice President and Chief Financial Officer.

Like all California state-chartered banks, First General 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. DFI reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.