Department of Financial Institutions Announces New State Bank – Stellar Business Bank will open for business on April 9
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Stellar Business Bank will open for business on April 9, 2007 in Covina with initial capital of $23 million.
“I am pleased to welcome Stellar Business Bank – the sixth 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.
Stellar Business Bank is located at 100 North Azusa Avenue, Covina, CA 91722. The bank’s phone number is (626) 214-1760 and their Fax is (626) 214-1771. Their Web site address is www.stellarbusinessbank.com.
Timothy P. Walbridge will serve as President/CEO and Director; Lori Ann Herzig as Executive Vice President and Chief Financial Officer; and Melvin O. Redford as Executive Vice President and Chief Credit Officer.
Like all California state-chartered banks, Stellar Business 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 Dale Bonner and Gov. Arnold Schwarzenegger.