Department of Financial Institutions Announces New State Bank – U.S. Metro Bank will open for business on Sept. 15 in Garden Grove

Sep 14, 2006

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. U.S. Metro Bank will open for business on September 15, 2006 in Garden Grove, Orange County, with an initial capital of $19.8 million.

“I am pleased to welcome U.S. Metro Bank – the 13th 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.

“California’s financial institutions are symbols of safety and soundness. Their role in business and industry are important to the economy and to our own personal well-being. Maintaining the integrity of financial services remains our primary mission as the industry continues to grow. During 2005, assets for our financial institution licensees grew from $249 billion to $290 billion,” added Kelley.

During the last five years, 73 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.

Initially, U.S. Metro Bank will primarily serve the needs of small to midsize Korean-American businesses in the counties of Los Angeles and Orange. After the bank is well established and prepared, it plans on serving other ethnic groups in these areas.

U.S. Metro Bank will be located at 9866 Garden Grove Blvd., Garden Grove, CA 92844. Their telephone number is (714) 620-8888. A Loan Production Office (LPO) will be located at 3530 Wilshire Blvd., Suite 605, Los Angeles, CA 90010.

Dong Il Kim will serve as President; Dianne Seo as Chief Financial Officer; and Eunice Lim as Chief Credit Officer.

Like all California state-chartered banks, U.S. Metro 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