DFI Monthly Bulletin – November 2009

Monthly Bulletin

Volume 13, Issue 5 – November 2009

Premium Finance Company Assessment

In accordance with Financial Code Sections 18350, 18351, and 18352, the Commissioner of Financial Institutions assessed all California insurance premium finance companies in order to fund the operations of the Department of Financial Institutions in administering the laws relating to insurance premium finance companies. Invoices for the assessment will be mailed on December 2, 2009. The assessment must be paid in full by December 22, 2009.

For the purposes of this assessment, the base rate is set at 0.0075 percent of each insurance premium finance company’s total assets. The amount of the assessment on each insurance premium finance company is calculated in accordance with Financial Code Sections 18350 and 18351. The minimum amount for any institution is $250. For purposes of calculating the assessment, the total assets of each insurance premium finance company have been determined as of December 31, 2008.

State Closes United Commercial Bank

The California Department of Financial Institutions (DFI) announced on November 6, 2009 that regulators have closed United Commercial Bank citing inadequate capital and other material weaknesses.

The DFI has been closely monitoring the bank and had ordered it to increase its capital reserves to a safe and sound level, but efforts by the bank to do so were unsuccessful.

The closure was conducted with the cooperation of the Commissioner or Superintendent of the following states: Massachusetts, New York, Georgia, Texas and Washington.

Immediately following the closure, the DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of United Commercial Bank. The depositors of United Commercial Bank are protected by the FDIC to the extent of any applicable deposit insurance. For information about FDIC coverage limits and requirements, visit http://www.fdic.gov or call toll-free 1-877-ASK-FDIC.

Banks Must Submit Lists of Offices by December 31

Pursuant to Financial Code section 507, all commercial banks, industrial banks and trust companies are required to file a list of all offices that are currently maintained and operated by the bank. The report shall designate the type of each office that is being maintained and operated, and the complete address of each office. Please note that this requirement does not apply to other licensee types, e.g., credit unions, money transmitters, etc.

For the purposes of section 507, please provide the following information on or before Thursday December 31:

  • Name of bank
  • Popular name of facility
  • Office type (include the head office, branch and facility locations; do not include free-standing ATM facilities)
  • Street address
  • City
  • State
  • Country
  • ZIP

Responses may be made by email to Licensing@dfi.ca.gov or by postal mail to Department of Financial Institutions, 45 Fremont Street, #1700, San Francisco, CA 94105-2219 Attn: Strategic Support Section. For questions please contact Patrick Carroll at pcarroll@dfi.ca.gov or call (415) 263-8559.

Commercial Bank Activity

New Bank

Ford Group Bank
3501 Jamboree Road, Newport Beach, Orange County
Correspondent: Charles E. Greef and Brian R. Marek
Hunton & Williams LLP
1455 Ross Avenue, Suite 3700
Dallas, TX 75202
(214) 468-3331 or (214) 468-3351
Expired: 11/17/09

Sale of Partial Business Unit

Westamerica Bank, San Rafael, to sell the San Jose branch office to City National Bank, Los Angeles
Effected: 11/13/09

Change of Name

Citibank (Banamex USA), to change its name to Banamex USA
Notified: 11/16/09

Premium Finance Company Activity

New Premium Finance Company

Citrus Premium Finance, Inc.
500 East E Street, Ontario, San Bernardino County
Filed: 11/12/09

Credit Union Activity

Bylaw Amendment

One credit union received approval for two bylaw amendments during October 2009.

Foreign (Other Nation) Bank Activity

New Office

The Bank of Nova Scotia
580 California Street, City and County of San Francisco (Representative Office)
Opened: 11/1/09


The Bank of Nova Scotia
580 California Street, City and County of San Francisco (Depositary Agency Office)
Discontinued: 11/1/09

Change of Name

Credit Suisse, to change its name to Credit Suisse AG
Notified: 11/5/09
Effected: 11/9/09

Transmitter of Money Abroad Activity

New Transmitter

m-Via, Inc.
Approved: 11/19/09

Unidos Financial Services, Inc.
Approved: 11/19/09

Commissioner of Financial Institutions

Bulletin for Month ended
November 2009, issued pursuant
to Financial Code section 258