Department of Financial Institutions Announces New State Bank – Commerce Bank of Folsom will open for business on March 19
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Commerce Bank of Folsom will open for business on March 19, 2007 in Folsom, with initial capital of $14.5 million.
“I am pleased to welcome Commerce Bank of Folsom – the fourth new bank to open in 2007 – and to report that state-chartered banks continue to grow and prosper in California,” said Michael A. Kelley, 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.
In 2005, 22 de novo state banks opened with DFI approval and in 2006, 21 were approved for opening. In addition, scores of banks expanded their operations by opening hundreds of branches throughout the state. 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.
Commerce Bank of Folsom is located at 1710 Prairie City Road, Suite 100, Folsom, CA 95630. The bank’s phone number is 916-850-1500 and the Fax is 916-850-151. Their Web site address is http://www.cobankfolsom.com/.
David L. Redman will serve as President and CEO; Blair Weimer as Executive Vice President and Chief Lending Officer; and Lesa A. Gall as Executive Vice President and Chief Financial Officer.
Like all California state-chartered banks, Commerce Bank of Folsom 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 Dale Bonner and Gov. Arnold Schwarzenegger.