Department of Financial Institutions Announces New State Bank – Community Valley Bank will open for business on October 1
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Community Valley Bank will open for business on October 1, 2007 in El Centro, Imperial County, with initial capital of $13.4 million.
“I am pleased to welcome Community Valley Bank – the 12th new bank to open in 2007 — and to report that state-chartered banks continue to grow and prosper in California,” said Carol D. Chesbrough, Chief Deputy 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 Chesbrough.
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.
Community Valley Bank is located at 1489 W. State Street, El Centro, CA 92243. The bank’s phone number is 760-352-1889 and Fax is 760-352-2889. The bank’s Web address is www.yourcvb.com.
Robert Hah will serve as President/CEO; Charles Tarquini as Executive Vice President and Chief Credit Officer; and James Bilotta as Executive Vice President and Chief Financial Officer.
Like all California state-chartered banks, Community Valley Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 700 state 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.