Department of Financial Institutions Announces New State Bank – CapitalSource Bank will open for business on July 25 in Brea
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. CapitalSource Bank will open for business on July 25, 2008 in Brea with initial capital of $921 million.
“I am pleased to welcome CapitalSource Bank – the fifth 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.
CapitalSource Bank has acquired 22 branch offices and assumed all deposits of Fremont Investment & Loan.
CapitalSource Bank is located at 2727 E. Imperial Highway, First Floor, Brea, CA 92821. The bank’s phone number is (714) 961-5000 and their fax is (714) 961-2254. The Web address is www.capitalsourcebank.com
Tad Lowrey will serve as President/CEO; Jill Barnes as President – Retail Banking; Steven Museles as Executive Vice President and Chief Legal Officer; John Bogler as Executive Vice President and Chief Financial Officer; Chris Scardelletti as Executive Vice President and Chief Credit Officer; and Bryan Corsini as President – Credit Administration.
Like all California state-chartered banks, CapitalSource 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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