Department of Financial Institutions Announces 22 New State Chartered Banks Opened During 2005 — Assets of state-chartered financial institutions grew to $290 billion
San Francisco- California Department of Financial Institutions (“DFI”) Acting Commissioner Brian Yuen announced today that during 2005, 22 new state-chartered banks opened for business in California.
The Department of Financial Institutions (DFI) currently supervises over 700 financial institutions, including 187 banks and 208 credit unions, with assets totaling over $290 billion. Assets were $249.1 billion in 2004.
“Safety and soundness continues to be our mission as we welcome the 22 new state-chartered institutions,” said Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency.
For detailed information including location, telephone number and bank officers, see the 2005 DFI press releases at http://www.dfi.ca.gov/press/press.asp.
“Each bank has its unique characteristics from serving a small community or ethnic community to offering special services for small businesses and professionals,” said Brian Yuen, Acting Commissioner of Financial Institutions.
DFI established a new bank application process that has reduced the total number of steps in the process from over 140 to less than 60, and resulted in a reduction in the average processing time from an average of 153 days in 2003 to an average of 69 days in 2004 and 74 days in 2005. In addition, reduced post-approval time needed to open a new bank through a review of some post-approval items concurrently with the application.
DFI implemented a CD-based application process for Transmitters of Money Abroad branch application, agent authorizations and agent branch office applications. In addition, the filing of applicant fingerprints is now web-based via the LiveScan process through the Department of Justice. The new processes streamline and will significantly reduce application time to licensees and facilitate departmental processing of these applications.
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 Business, Transportation & Housing Agency Secretary Sunne Wright McPeak and Gov. Arnold Schwarzenegger.