Department of Financial Institutions Announces New Financial Institution – San Pasqual Fiduciary Trust Company has been approved to open
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state financial institution. San Pasqual Fiduciary Trust Company will open in Los Angeles with initial capital of $5.5 million.
“I am pleased to welcome San Pasqual Fiduciary Trust Company — the tenth financial institution to open in 2007 — and to report that state-chartered institutions 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 2006, assets for our financial institution licensees grew from $290 billion to $316 billion,” added Kelley.
In 2005, 22 financial institutions opened with DFI approval and in 2006, 21 were approved for opening. In addition, scores expanded their operations by opening hundreds of branches throughout the state. Each financial institution has its unique characteristics, which range from serving a small community or ethnic community to offering special services for small businesses and professionals.
San Pasqual Fiduciary Trust Company is located at 624 South Grand Avenue, Suite 2625, Los Angeles, CA 90017. Their phone number is (213) 452-8500 and fax is (213) 489-4153. They have a web site located at www.spftc.com.
James J. Rhodes will serve as Chief Executive Officer; Richard S. Arnold as President; Richard H. Patterson as Executive Vice President and Chief Fiduciary Officer; and Fred C. McNutt as Chief Financial Officer.
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 money transmitters. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Gov. Arnold Schwarzenegger.