Department of Financial Institutions Announces New State Bank – Community Business Bank
San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Community Business Bank will open its doors at a temporary location on November 14, 2005 with an initial capital of $21.3 million.
“I am pleased to welcome Community Business Bank- the 19th new bank to open in 2005 – and report that state-chartered banks continue to grow and prosper in California,” said Brian Yuen, Acting Commissioner of Financial Institutions. During the last five years, 57 new state-chartered banks have 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.
Community Business Bank will be temporarily located at 827 Jefferson Boulevard, West Sacramento, 95691. The bank’s telephone number is 916-372-9750 and their fax number is 916-372-9754. Community Business Bank will also open a branch office at 1300 West Lodi Avenue, Suite A-4, Lodi, CA 95242. Community Business Bank’s Web site address is www.communitybizbank.com.
John DiMichele will serve as President/CEO; Chad Meyer as Senior Executive Vice President and Chief Administrative Officer; Mark Day as Executive Vice President and Chief Financial Officer; and Kelly Binger as Executive Vice President and Chief Information Officer.
Like all California state-chartered banks, Community Business 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.