Department of Financial Institutions Announces New State Bank – Bank of Santa Barbara will open its doors on December 19
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 Santa Barbara will open its doors on December 19, 2005 with an initial capital of $8 million.
“I am pleased to welcome Bank of Santa Barbara – the 20th 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, 58 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.
Bank of Santa Barbara is located at 12 E. Figueroa Street, Santa Barbara, CA 93101. The bank’s telephone number is 805-730-7860 and their fax number is 805-730-7899. Bank of Santa Barbara’s Web site address is www.bankofsantabarbara.com.
Andy L. Clark will serve as President; Robert Rothenberg as Chief Credit Officer; Greggory Bigger as Senior Vice President and Relationship Manager.
Like all California state-chartered banks, Bank of Santa Barbara 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.