Department of Financial Institutions Announces New State Bank – Suncrest Bank will open for business on May 19 in Visalia
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Suncrest Bank will open for business on May 19, 2008 in Visalia, Tulare County, with initial capital of $19 million.
“I am pleased to welcome Suncrest Bank – the third new state chartered bank to open in California in 2008,” said William S. Haraf, Commissioner of Financial Institutions. “California’s state chartered financial institutions are important to the State’s economy and to the diverse communities they serve. Maintaining the integrity of financial services through safety and soundness examinations of these institutions remains DFI’s primary mission,” added Haraf.
During 2007, assets of DFI licensees rose to $331 billion from $316 billion at the end of 2006. Eighteen de novo state banks opened with DFI approval. In addition, scores of banks expanded their operations by opening dozens of branches throughout the state, the U.S. and abroad.
Suncrest Bank is located at 400 W. Center Avenue, Visalia, CA 93291. The bank’s phone number is (559) 802-1000 and the Fax is (559) 802-1001. The Web address is www.suncrestbank.com.
Michael T. Wilson will serve as President/CEO; Robert R. Moore, III as Executive Vice President and Chief Financial Officer; and Michael T. Wiley as Executive Vice President and Chief Credit Officer.
Like all California state-chartered banks, Suncrest 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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