Department of Financial Institutions Announces New State Bank – California Republic Bank will open for business on December 5
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. California Republic Bank will open for business on December 5, 2007 in Newport Beach with initial capital of $52 million.
“I am pleased to welcome California Republic Bank – the 18th new bank to open in 2007 — and to report that state-chartered banks continue to grow and prosper in California,” said Carol D. Chesbrough, Interim 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.
California Republic Bank is located at 1400 Newport Center Drive, Suite 150, Newport Beach, CA 92660. The bank’s phone number is 949-270-9700 and the Fax is 949-270-9799. The Web address is www.crbnk.com.
Robert P. Bulseco will serve as President/CEO; John DeCero as Vice Chairman; Jon Wilcox as President and Chief Operating Officer; Andrew Reid as Executive Vice President and Chief Financial Officer; and Mark R. Rebal as Executive Vice President and Chief Credit Officer.
Like all California state-chartered banks, California Republic 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, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and money transmitters. In addition to posting information about licensees, the DFI Web site features consumer tips on a variety of financial topics. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Gov. Arnold Schwarzenegger.
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