DFI Monthly Bulletin – August 2008
Volume 12, Number 2
Liquidity Risk Management
Recent stresses in the credit and capital markets have exposed weaknesses in liquidity risk measurement
and management systems.
The Department of Financial Institutions (DFI) expects that all insured depository licensees will
periodically review their liquidity risk measurement and management systems to ensure that they
adequately reflect the institution’s complexity, risk profile, and scope of operations; most especially
those institutions that have shifted from asset-based liquidity strategies (i.e., maintaining pools of highly
liquid and marketable securities to meet unexpected funding needs) to liability-based or off-balance
sheet strategies (i.e., funding partly through securitization, brokered/Internet deposits, or borrowings).
Liquidity measurement tools should match the institution’s funds management strategies and provide a
comprehensive view of the institution’s liquidity risk. Risk limits should be approved by an institution’s
Board of Directors and should be consistent with the measurement tools used.
Financial Institution Letter HUFIL 84-2008UH was issued by the Federal Deposit Insurance Corporation on
August 26, 2008 to highlight the importance of liquidity risk management at financial institutions. DFI
expects its insured depositary licensees to familiarize themselves with FIL 84-2008 and to make
necessary improvements and enhancements to their liquidity risk management procedure.
Transmitter of Money Abroad Voluntarily Suspends
its California Operations
Armenian Express, Inc. (“AEI”) has voluntarily suspended its California operations effective May 12,
2008. Contact information for AEI is:
Areg Baghdassarians, Manager
Armenian Express Inc.
3436 Foothill Blvd. #B224, Glendale, CA 91214
Tel no. (818) 539-4331; Fax no. (310) 626-9669
Email address: email@example.com
111 Pine Street, Suite 1100, San Francisco, CA 94111-5613 (415) 263-8500
300 South Spring Street, Suite 15513, Los Angeles, CA 90013-1204 (213) 897-2085
1810—13th Street, Sacramento, CA 95811 (916) 322-5966
7575 Metropolitan Drive, Suite 108, San Diego, CA 92108-4421 (619) 682-7227
Consumer Compliance (800) 622-0620
2 Monthly Bulletin August 2008
Consumers who wish to file a claim should call the DFI Consumer Information Desk’s toll free number,
1-800-622-0620 or email HUconsumer@dfi.ca.govUH. Consumer complaint forms in English and Spanish are
available at HUwww.dfi.ca.gov/forms/consumer/consumerforms.aspUH.
Commercial Bank Activity
Valley Republic Bank
5000 California Avenue, Bakersfield, Kern County
Correspondent: Maryam Hamzeh
Carpenter & Company
5 Park Plaza, Suite 950
Irvine, CA 92614
Service 1st Bank, Stockton, to merge with and into Central Valley Community Bank, Fresno
UAcquisition of Control
Carpenter Community BancFund-A Limited Partnership, Carpenter Fund Manager GP LLC and Edward
J. Carpenter, John D. Fleming, Howard Gould, James B. Jones and Arthur Hidalgo, to acquire control of
Mission Community Bank
Security California Bancorp to acquire control of Security Bank of California
UPurchase of Partial Business Unit
Ojai Community Bank, Ojai, to acquire certain branches of Pacific Capital Bank, N.A., Santa Barbara
UChange of Name
Commerce Bank of Folsom to change its name to Sierra Vista Bank
3 Monthly Bulletin August 2008
Industrial Bank Activity
UVoluntary Surrender of License
Fremont Investment & Loan
Premium Finance Company Activity
UNew Premium Finance Company
Farmingdale Premium Finance, Inc.
500 N. State College Boulevard, City and County of Orange
Foreign (Other Nation) Bank Activity
DEPFA Bank plc
Esquire Plaza, 1215 K Street, City and County of Sacramento (Representative Office)
Standard Chartered Bank
• Koll Center, 501 West Broadway, City and County of San Diego
• 49 Stevenson Street, City and County of San Francisco
Credit Union Activity
One credit union received approval for one bylaw amendment during July 2008.
One credit union received approval for request for variance to sections of the California Code of
Regulations during July 2008.
4 Monthly Bulletin August 2008
1st United Federal Credit Union, San Jose, to merge with and into the Golden 1 Credit Union,
Credit Union of Southern California, Brea, to merge with and into Visterra Credit Union, Moreno
Embarcadero Federal Credit Union, San Francisco, to merge with and into 1st Pacific Credit Union,
Financial 21 Community Credit Union, San Diego, to merge with and into California Coast Credit
Union, San Diego
OCHA Credit Union, Orange, to merge with and into Pacific Community Credit Union, Fullerton
Transmitter of Money Abroad Activity
ABS-CBN International, Inc.
UAcquisition of Control
ACP TD, Inc., to acquire control of Naunihal Currency Exchange, Inc.
5 Monthly Bulletin August 2008
UAcquisition of Control (Continued)
Luis Escheverria, to acquire control of JOM Corp.
WILLIAM S. HARAF
Commissioner of Financial Institutions
Bulletin for Month ended
August 2008, issued pursuant
to Financial Code section 258
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