Department of Financial Institutions Announces New State Bank – Mega Bank will open for business on February 5 in San Gabriel
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Mega Bank will open for business on February 5, 2008 in San Gabriel, CA with initial capital of $23 million.
“I am pleased to welcome Mega Bank – the first new bank to open in 2008 — 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 through safety and soundness examinations 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 2007, 18 de novo state banks opened with DFI approval. 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.
Mega Bank is located at 245 W. Valley Boulevard, San Gabriel, CA 91776. The bank’s phone number is (626) 282-3000 and the Fax is (626) 282-9333. The Web address is www.megabankusa.com.
Edward Lo will serve as President/Chief Executive Officer; Wilson Ngai as Executive Vice President/Chief Operating Officer; Donald Volkman as Senior Vice President/Chief Credit Officer; and Eddie Wada as Senior Vice President/Chief Financial Officer.
Like all California state-chartered banks, Mega Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI oversees the secure operation of approximately 700 financial institutions. DFI is responsible for administering state laws regulating: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers checks and payment instruments (money orders), money transmitters and premium finance companies. The Department also administers the Local Agency Security program, which ensures that public deposits in California financial institutions that exceed the federal deposit insurance limit are secured by pledged assets. In addition to posting information about licensees, the DFI Web site features consumer information 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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