Department of Financial Institutions Announces New State Bank – Sutter Community Bank will open its doors in Yuba City on June 19
San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Sutter Community Bank will open its doors in Yuba City on June 19, 2006 with an initial capital of $9.5 million.
“I am pleased to welcome Sutter Community Bank – the fourth new bank to open in 2006 – and to report that state-chartered banks continue to grow and prosper in California,” said Michael A. Kelley, Acting Commissioner of Financial Institutions. During the last five years, 64 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 Kelley.
Sutter Community Bank will be located at 700 Plumas Street, Yuba City, CA 95991. The bank’s telephone number is (530) 674-8900. Their Web address is www.suttercommunitybank.com.
J. Steven Voelker will serve as President and CEO; Lee-Ann Cimino as Chief Financial Officer; and Kevin J. Ardolf as Chief Credit Officer.
Like all California state-chartered banks, Sutter Community Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 700 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 Business, Transportation & Housing Agency Secretary Sunne Wright McPeak and Gov. Arnold Schwarzenegger.
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