Department of Financial Institutions Announces New State Bank – Cornerstone Community Bank will open for business on October 23 in the Red Bluff Community
San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Cornerstone Community Bank will open for business on October 23, 2006 in Red Bluff, Tehama County, California with an initial capital of $12 million.
“I am pleased to welcome Cornerstone Community Bank – the 17th 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, 77 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.
Cornerstone Community Bank headquarters will be located at 705 Jefferson Street, Red Bluff, CA 96080. The bank’s phone number is (530) 529-1222. The Web site address is www.ccbca.com.
William Ellison will serve as President/CEO; Raymond Anderson as Chief Financial Officer; and Sherry Johnson as Chief Credit Officer.
Like all California state-chartered banks, Cornerstone 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.