Department of Financial Institutions Announces New State Bank – Lighthouse Bank will open for business on October 29
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Lighthouse Bank will open for business on October 29, 2007 in Santa Cruz with initial capital of $18.5 million.
“I am pleased to welcome Lighthouse Bank – the 15th 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.
Lighthouse Bank is located at 111 Mission Street, Santa Cruz, CA 95060. The bank’s phone number is 831-600-4000 and the Fax number is 831-427-2260. The Web address is www.lighthousebank.com.
Richard G. Hoefstetter will serve as President/CEO; Donald H. Somans as Chief Financial Officer; and Lane S. Lawson as Chief Credit Officer.
Like all California state-chartered banks, Lighthouse 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.
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