State Closes Charter Oak Bank
(San Francisco, CA) The California Department of Financial Institutions (DFI) today announced the closure of Charter Oak Bank due to inadequate capital and lack of earnings.
Charter Oak Bank is a federally insured, state-chartered commercial bank located in Napa with total assets of approximately $119 million. Its deposits are federally insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
The FDIC was appointed the receiver of Charter Oak Bank by the DFI. The FDIC has accepted a bid from Bank of Marin, a California state-chartered bank, to acquire Charter Oak Bank and assume its deposits, including all uninsured deposits. For information about FDIC coverage limits and requirements, visit www.fdic.gov or call toll-free 1-877-ASK-FDIC.
Maintaining the integrity of financial services remains the primary mission of the DFI. The DFI oversees the secure operation of California’s state-chartered financial institutions. The DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the DFI and its licensees, the DFI’s website features consumer tips on a variety of financial topics and consumer information brochures in seven languages.
The DFI reports to Traci Stevens, Acting Undersecretary of the Business, Transportation and Housing Agency and Governor Edmund G. Brown Jr.
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