Volume 9, Number 11

DFI Receives National Accreditation from CSBS

The Department of Financial Institutions (DFI) has received professional accreditation from the Conference of
State Bank Supervisors (CSBS), certifying that DFI maintains the highest standards and practices in state banking
supervision.
The CSBS Accreditation Program identifies banking departments that serve the citizens of their state by operating
a capable and professional regulatory program. DFI is required to complete annual reviews to maintain its
accredited status and also undergo a complete re-accreditation process every five years. DFI was first accredited
in 1990.
The rigorous accreditation process begins with a self-evaluation, which reviews all aspects of the department’s
operations, its mission, policies, procedures, funding, and statutory authority. A review team of veteran state and
federal regulators visits the department to determine whether it can effectively fulfill its responsibility of
chartering, regulating and supervising the state’s banks and bank holding companies. The review team reports its
findings and makes a recommendation to CSBS’s Performance Standards Committee, which votes on the final
accreditation decision.
CSBS President and CEO Neil Milner when announcing the accreditation said, “Accreditation is an ongoing
process that requires constant review of all department functions. [DFI has] demonstrated [its] ability to meet the
challenges of the constantly changing banking industry.”
Warning Notice
A warning to cease and desist from doing business in California without a license from the Commissioner of
Financial Institutions was issued to Renstone Cisco Group, A Bank of Cyprus Company, 19000 Von Karman
Avenue, Irvine, CA, 92614
Renstone Cisco Group, A Bank of Cyprus Company, is not authorized to transact business in the way or manner
of a bank and is not authorized to transact business under a name that contains the word “bank” and indicates the
business is that of a bank pursuant to Chapter 18 of Division 1 of the California Financial Code.
2 Monthly Bulletin May 2006
While CISCO Group is a legitimate subsidiary of the Bank of Cyprus, “Renstone Cisco Group” is not. The cease
and desist letter is addressed to Mr. Kenneth Worth, who describes himself as “Vice President, Private Accounts
Division,” of “Renstone Cisco Group/Bank of Cyprus.” Mr. Worth also appears to be operating in Irvine, though
the Department’s investigation revealed that the purported street address for Renstone Cisco Group, A Bank of
Cyprus Company, does not exist.
All persons who have communicated with Renstone Cisco Group, A Bank of Cyprus Company, are asked to
contact the Department of Financial Institutions, Legal Division, Sacramento, at (916) 322-5983.
Annual Fee Reminder
Invoices for 2006-07 Fiscal Year due July 1, 2006
The following institution types are reminded that annual fees are due in this office on or before July 1, 2006.
For the second year running, DFI calculated annual fees from its database and mailed invoices based on that
calculation to fee payers rather than ask fee payers to calculate their fees and remit the correct amount. Also, fee
payers will again have the option of paying by electronic funds transfer (EFT) in the form of an automated
clearing house (ACH) (CCD or CTX payment format). Instructions for making payment are provided in the cover
letter that accompanies the invoice.
Representative offices of foreign (other nation) banks
The annual representative license fee for fiscal year 2006-07 is due on or before July 1, 2006. The fee, as outlined
in Section 1702(i) of the California Financial Code, is $250.00 for each California representative office of a
foreign (other nation) bank doing business as of June 1, 2006. Invoices were mailed June 1 and must be paid on or
before July 1. Fee payers that do not concur with the calculated amounts have until Monday, June 19 to request
recalculation or adjustment of the amount. DFI will not entertain any requests received after that date. Those
foreign (other nation) banks which also maintain agency or branch offices in California are not subject to this fee.
For questions about fees, call (415) 263-8559 or e-mail Patrick Carroll at pcarroll@dfi.ca.gov.
Branch offices of foreign (other state) state banks
The annual fee for fiscal year 2006-07 is due on or before July 1, 2006. The fee, as outlined in Section 3804(d) of
the California Financial Code, is $1,000.00 per California branch office; provided, however that the minimum fee
shall not be less than $3,000.00 and the maximum fee shall not be more than $50,000.00. Invoices were mailed
June 1 and must be paid on or before July 1. Fee payers that do not concur with the calculated amounts have until
Monday, June 19 to request recalculation or adjustment of the amount. DFI will not entertain any requests
received after that date. For questions about fees, call (415) 263-8559 or e-mail Patrick Carroll at
pcarroll@dfi.ca.gov.
Facilities of foreign (other state) banks
The annual fee for fiscal year 2006-07 is due on or before July 1, 2006. The fee, as outlined in Section 3804 (e) of
the California Financial Code, is $250.00 for each facility doing business as of June 1, 2006. Those foreign (other
state) banks which also maintain branch offices in California are not subject to this fee. Invoices were mailed
June 1 and must be paid on or before July 1. Fee payers that do not concur with the calculated amounts have until
Monday, June 19 to request recalculation or adjustment of the amount. DFI will not entertain any requests
received after that date. For questions about fees, call (415) 263-8559 or e-mail Patrick Carroll at
pcarroll@dfi.ca.gov.
3 Monthly Bulletin May 2006
Transmitters of money abroad
The annual fees for fiscal year 2006-07 are due on or before July 1, 2006. The fees, as outlined in Section 1801(a)
of the California Financial Code, are: $2,500.00 for each transmitter of money abroad license; $125.00 for each
licensee branch office; $25.00 for each agent headquarters office, and $25.00 for each agent branch office.
Invoices were mailed May 5 and must be paid on or before July 1. For questions about fees call (415) 263-8542
or e-mail Meli Brown at mbrown@dfi.ca.gov.
Business and Industrial Development Corporation (BIDCO)
The annual license fee for fiscal year 2006-07 is due on or before July 1, 2006. The fee, as outlined in Section
31115(a)(6), is $2,000.00 for each BIDCO doing business as of June 1, 2006. Invoices were mailed June 1 and
must be paid on or before July 1. For questions about fees, call (415) 263-8559 or e-mail Patrick Carroll at
pcarroll@dfi.ca.gov.
Commercial Bank Activity
New Bank
Cornerstone Community Bank
510 Luther Road, Red Bluff, Tehama County
Correspondent: Gary Steven Findley
Gary Steven Findley & Associates
1470 North Hundley Street
Anaheim, CA 92806
(714) 630-7136
Filed: 5/9/06
Pacific Business Bank
17905 MacArthur Boulevard, Irvine, Orange County
Correspondent: James B. Jones
Carpenter & Company
Five Park Plaza, Suite 950
Irvine, CA 92614
(949) 261-8888
Filed: 5/15/06
Merger
Foothill Independent Bank, Glendora, to merge with and into Pacific Western National Bank, Santa
Monica
Effected: 5/9/06
Great Eastern Bank, New York, New York, to merge with and into Cathay Bank, Los Angeles
Effected: 5/15/06
Liberty Bank of New York, New York, to merge with and into Wilshire State Bank, Los Angeles
Effected: 5/22/06
4 Monthly Bulletin May 2006
Merger (Continued)
NVB Business Bank, Woodland, to merge with and into North Valley Bank, Redding
Approved: 5/9/06
Southwest Community Bank, Encinitas, to merge with and into Placer Sierra Bank, Auburn
Approved: 5/9/06
Conversion to National Charter
Vineyard Bank, Rancho Cucamonga, to convert from state charter under the name of Vineyard Bank,
National Association
Effected: 5/10/06
Acquisition of Control
Mirae Bancorp to acquire control of Mirae Bank
Approved: 5/1/06
Frank T. Elliott III and Margaret K. Elliott, to acquire control of Visalia Community Bank
Filed: 5/2/06
Approved: 5/12/06
Orange Community Bancorp to acquire control of Orange Community Bank
Approved: 4/21/06
Change of Name
East-West Bank to change its name to East West Bank
Effected: 2/28/05
First United Bank to change its name to Metro United Bank
Effected: 5/23/06
Erratum
It was erroneously reported in the April 2006 Monthly Bulletin under the heading “New Bank” that the
correspondent for Fortis Business Bank was James H. Avery. The correct correspondent is as follows:
Jeffrey A. Rigsby
Community Bank Ventures, LLC
30200 Rancho Viejo Road, Suite C
San Juan Capistrano, CA 92675
(949) 542-8550
5 Monthly Bulletin May 2006
Premium Finance Company Activity
New Premium Finance Company
Partners Premium Finance Company
2501 E. Chapman Avenue, Fullerton, Orange County
Filed: 5/4/06
Premium Assistance Corporation
6046 Cornerstone Court West, City and County of San Diego
Opened: 5/8/06
Acquisition of Control
TD Banknorth, National Association, to acquire control of California Flatiron Corp. and FPCAL, Inc.
Approved: 5/9/06
Voluntary Surrender of License
Blue Chip Finance Corporation
Effected: 5/1/06
Industrial Bank Activity
Conversion to State Charter
Independence Bank, Newport Beach, to convert to state charter
Filed: 5/15/06
Approved: 5/25/06
Foreign (Other Nation) Bank Activity
New Office
Chinatrust Commercial Bank, Ltd.
17851 Colima Road, City of Industry, Los Angeles County (Representative Office)
Opened: 5/12/06
Mizrahi Tefahot Bank Ltd.
800 Wilshire Boulevard, City and County of Los Angeles
Filed: 5/16/06
6 Monthly Bulletin May 2006
Credit Union Activity
Field of Membership
Two credit unions received approvals to add 18 new fields of membership during April 2006.
Bylaw Amendment
Three credit unions received approval for 5 bylaw amendments during April 2006.
Merger
Inland Counties Postal Credit Union, Redlands, to merge with and into Priority One Credit Union,
Pasadena
Filed: 5/22/06
United Defense Federal Credit Union, El Segundo, to merge with and into California Bear Credit Union,
Los Angeles
Filed: 5/23/06
Transmitter of Money Abroad Activity
New Transmitter of Money Abroad
Euronet Payment and Remittance, Inc.
Approved: 5/1/06
Metro Remittance Center (California), Inc.
Filed: 5/23/06
BRIAN YUEN
Acting Commissioner of Financial Institutions
Bulletin for Month ended
May 2006, issued pursuant
to Financial Code section 258
The Monthly Bulletin is available without charge via e-mail. To subscribe, go to http://www.dfi.ca.gov/bulletin/subscription/public.asp. To
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