Department of Financial Institutions Announces New State Bank – Vibra Bank will open for business on July 10 in Chula Vista

Jul 9, 2008

(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Vibra Bank will open for business on July 10, 2008 in Chula Vista, San Diego County, with initial capital of $14.7 million.

“I am pleased to welcome Vibra Bank – the fourth 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.

Vibra Bank is located at 530 Broadway, Chula Vista, CA 91910. The bank’s phone number is 619-422-5300. The Web address is

Scott Parker will serve as President and CEO; Gary Housman as Executive Vice President and Chief Credit Administration; and M. Catherine Wright as Chief Financial Officer.

Like all California state-chartered banks, Vibra 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.