DFI Monthly Bulletin – September 2011

Monthly Bulletin

Volume 15, Issue 3 – September 2011

Annual Directors Conference – Pathways to Growth & Profitability – the Director’s Role

Commissioner William S. Haraf and Chief Examiner Scott Cameron will share their views on the regulatory environment at the Annual Bank Directors Conference, sponsored by Western Independent Bankers and the American Association of Bank Directors on November 10-12 in San Diego.  Joining them will be George Doerr, Deputy Regional Director, Federal Deposit Insurance Corporation, San Francisco and Kay Kowitt, Deputy Comptroller for the West, Office of the Comptroller of the Currency.
Commissioner Haraf will deliver a speech on the Economic and Financial Services Outlook. The two-day conference features 12 different sessions featuring timely information specifically designed to keep directors up-to-date on their responsibilities.  DFI encourages all bank directors to attend continuing education programs which offer tracks for community bank directors needs.  More information is available at the WIB website.

DFI Seeking General Counsel

The Department of Financial Institutions (DFI) is initiating a search to fill the Department’s vacant General Counsel position.  This is now being posted as an Exempt appointment. Candidates are not required to be current or prior state employees. Watch for the specific announcement scheduled for release by October 31, 2011.  The announcement may be viewed through the DFI Web site, at http://www.dfi.ca.gov/careers/exams/jobs.asp.
The General Counsel serves as a member of the executive management team and reports directly to the Commissioner. The ideal candidate is a seasoned professional with solid management skills and knowledge of the California Financial Code. The monthly salary range is $9,550 – $10,329.
All interested applicants must submit an original standard State application (STD. 678), which may be found at http://www.spb.ca.gov/WorkArea/showcontent.aspx?id=5242, with titles and dates of experience, along with their resume. Applications must be received by the final filing date listed on the General Counsel announcement.
Interested parties may contact Shelli Costa, Human Resources Manager, at scosta@dfi.ca.gov, for additional information about the position and application process. More details will be in the official General Counsel announcement.

Patrick Carroll Promoted to Strategic Support Manager

DFI is pleased to announce the promotion Patrick Carroll to Strategic Support Manager in the San Francisco Office. Patrick first joined the State Banking Department (now DFI) in 1977.

During his 30 plus years with DFI, Patrick has progressed through the ranks from clerical to analytical to supervisory positions.  Patrick is a graduate of the DFI’s Leadership Challenge Program.

The Strategic Support Section is responsible for licensing, financial analysis and reporting, data collection and database integrity, special loan investigations, and oversight of foreign facilities and representative offices.

Commissioner’s Mortgage Survey Schedule Change

The annual Commissioner’s Mortgage Survey has been requested every fall for the last three years.  This year the schedule for the Mortgage Survey will change to allow for the collection of year-end data.  The DFI will email a notice to DFI licensed banks and credit unions in December 2011 to provide more information on when the Survey will be ready to access and what the deadline will be for submissions.

Please note: The survey notifications will be emailed to the designated email address your institution provided to the DFI in compliance with the July 2010 Commissioner Order on Electronic Communications.

Questions or concerns related to the survey can be directed to Kristine De Young at survey@dfi.ca.gov or 916.324.7488.

Liquidation of Citizens Bank of Northern California

On September 23, 2011, the Commissioner of Financial Institutions took possession of Citizens Bank of Northern California (Citizens), Nevada City, and ordered that it be liquidated.  The Commissioner then appointed the Federal Deposit Insurance Corporation (FDIC) as Liquidating Agent, and FDIC accepted the appointment.  All of the deposit accounts and most of the assets of Citizens were assumed by Tri-Counties Bank, Chico.

Commercial Bank Activity


Fullerton Community Bank, FSB, Fullerton, to merge with and into Opus Bank, Redondo Beach
Filed: 7/12/11
Approved: 9/27/11

Ventura County Business Bank, Oxnard, to merge with and into Royal Business Bank, Los Angeles
Effected: 9/26/11

Acquisition of Control

ATBancorp, Inc., to acquire control United American Bank
Filed: 8/22/11

Patriot Financial Partners, L.P. and Patriot Financial Partners Parallel, L.P., to acquire control of Heritage Oaks Bank
Filed: 8/9/11

Sale of Partial Business Unit

Mizuho Corporate Bank of California, Los Angeles, to sell partial business unit to Bank of Southern California, N.A., San Diego
Effected: 8/26/11

Purchase of Partial Business Unit

GBC International Bank, Los Angeles, to acquire the San Jose branch of New Omni Bank, N.A., Alhambra
Filed: 8/22/11

Credit Union Activity

Field of Membership

One credit union received approval to add one new field of membership during August 2011.

Bylaw Amendment

Two credit unions received approval for three bylaw amendments during August 2011.


One credit union received approval for request for variance to sections of the California Code of Regulations during August 2011.


Family 1 Federal Credit Union, Placentia, to merge with and into Credit Union of Southern California, Brea
Filed: 9/15/11

Santa Monica City Employees Federal Credit Union, Santa Monica, to merge with and into Southland Credit Union, Los Alamitos
Filed: 9/7/11

Premium Finance Company Activity

New Premium Finance Company

First Provident Bancorp, Inc.
500 N. State College Boulevard, Orange, Orange County
Opened: 9/28/11

Green Premium Finance Corporation
15455 San Fernando Mission Boulevard, Mission Hills, Los Angeles County
Withdrawn: 9/28/11

Macro Premium Finance, Inc.
500 N. State College Boulevard, Orange, Orange County
Opened: 9/28/11

Trust Company Activity

New Trust Company

Northern Trust Company of California
10877 Wilshire Boulevard, Los Angeles, Los Angeles County
Approved: 9/19/11
Opened: 9/30/11

Money Transmitter Activity

New Money Transmitter

AscendantFX Capital USA, Inc. dba AscendantFX
Approved: 9/26/11

Cambridge Mercantile Corp. (USA)
Approved: 9/26/11

Cash Edge, Inc.
Withdrawn: 9/26/11

Metavante Payment Services AZ
Filed: 9/26/11

Metavante Payment Services, LLC
Withdrawn: 9/26/11

Official Payments Corporation
Approved: 9/26/11

VCB Money, Inc.
Approved: 9/2/11

Voluntary Surrender of License

LBP Remittance Co.
Effected: 9/13/11


The May 2011 Monthly Bulletin incorrectly reported that the filing date for the application of Coronado First Bank, Coronado, to merge with and into Embarcadero Bank, San Diego was 5/6/11. The correct filing date for the application is 9/14/11.

Commissioner of Financial Institutions
Bulletin for Month ended
September 2011, issued pursuant
to Financial Code section 258