Monthly Bulletin Volume 01 Issue 03

Commissioner of Business Oversight Seal

Monthly Bulletin

Volume 01, Issue 03 – September 2013

DBO Encourages Financial Institutions to Work with Borrowers Affected by Government Shutdown

The Department of Business Oversight (DBO) encourages financial institutions to grant appropriate latitude to customers affected by the federal government shutdown in order to ensure the financial well being of the institution, the borrower and the economy. 

DBO recognizes that borrowers affected by the federal government shutdown may experience a temporary hardship making payments on mortgages, consumer loans and other debt.  DBO joins with the federal regulatory agencies to encourage financial institutions to consider prudent workout arrangements that will help creditworthy borrowers to meet their obligations. DBO realizes that the effects of the federal government shut down on individuals should be transitory, and prudent efforts to modify terms on existing loans should not be subject to examiner criticism.

DBO to Host Small Business Lenders Conference in San Francisco on October 30

You are invited to attend the California Small Business Lenders Conference on October 30.  This event will bring together lenders—banks, credit unions and community development financial institutions—with representatives of the state small business loan guarantee programs to learn about programs that expand access to credit for small businesses.

Check-in begins at 9:00 AM and the program begins at 9:30 AM. Opening remarks will be made by Commissioner of Business Oversight Jan Lynn Owen. 

Featured Speakers:

  • Clifton Kellogg, Director, State Small Business Credit Initiative, Department of the Treasury
  • Teveia R. Barnes, Executive Director, California Infrastructure and Economic Development Bank
  • Arthur Washington, CEO, Nor-Cal FDC
  • Nancee Trombley, Program Manager, California Capital Access Program, State Treasurer’s Office
  • Emerson Hall, Senior Community Affairs Specialist, Federal Deposit Insurance Corporation
  • Mark Quinn, Assistant District Director, Lender Relations, Small Business Administration, Los Angeles District Office

The Small Business Lending Fair will be held at the Milton Marks Conference Center in the Hiram W. Johnson State Office Building, 455 Golden Gate Avenue, San Francisco.

To register for this event, click here to go to the online registration form.

SCO Issues Updated Holders Handbook

The following message is being sent on behalf of the State Controller’s Office (SCO) Holder Outreach and Compliance Team, who would like to share with you an updated Unclaimed Property Holder Handbook. It is available on the State Controller’s website.

The following information has been updated:

  • “Life Insurance Policy Proceeds” and “When Does Property Become Reportable?” sections
  • Reporting instructions for Coogan Accounts

If you have any reporting questions, please contact the Unclaimed Property Reporting Unit at (916) 464-6284 or General questions regarding unclaimed property may be directed to the Holder Outreach Unit at:

Derivative Exposure and the California Lending Limit

Effective October 1, 2013, Financial Code §1481 lending limits apply to credit exposures arising from a derivative transaction.  For purposes of determining compliance with Financial Code §1481, the Department is proposing to implement regulations that adopt the methods set forth in the Code of Federal Regulations, Title 12, Chapter I, Part 32, § 32.9(b) to measure the credit exposure of a derivative transaction. California state chartered banks are expected to follow prudent banking practices when engaging in derivative transactions. 

If you have any questions, please contact Chief Bank Examiner Scott D. Cameron at (916) 322-5962 or by e-mail at

Commercial Bank Activity

Acquisition of Control

OCB Bancorp, requests DBO’s approval to acquire control of Ojai Community Bank
Approved: 9/8/13


Bank of Marin, Novato, requests DBO’s approval to merge with Bank of Alameda, Alameda
Filed: 8/9/13
Approved: 9/16/13

Grandpoint Bank, Los Angeles, requests DBO’s approval to merge with Gilmore Bank, Los Angeles
Approved: 9/23/13
Effected: 9/26/13

Grandpoint Bank, Los Angeles, requests DBO’s approval to merge with Regents Bank, N.A., La Jolla
Effected: 9/20/13

Wilshire State Bank, Los Angeles, requests DBO’s approval to merge with Saehan Bank, Los Angeles
Filed: 8/16/13
Approved: 9/30/13

Wilshire State Bank, Los Angeles, requests DBO’s approval to merge with BankAsiana, Palisades Park, New Jersey
Approved: 9/9/13

Change of  Name

Wilshire State Bank to change its name to Wilshire Bank
Notified:  9/4/13

Credit Union Activity


Mendo Lake Credit Union, Ukiah, requests DBO’s approval to merge with Fort Bragg Community Federal Credit Union, Fort Bragg
Approved: 7/25/13

Field of Membership

Three credit unions received approval from DFI to add three new fields of membership during August 2013.

Bylaw Amendment

Two credit unions received approval from the DFI for two bylaw amendments during August 2013.

Premium Finance Company Activity

Voluntary Surrender of License

Peninsula Life Solutions, Inc.
Effected: 9/11/13

Sundance Premium Finance Company
Effected: 12/31/12

Foreign (Other Nation) Bank Activity

New Office Application

China Construction Bank
City and County of San Francisco
Expired: 9/22/13

Foreign (Other State) Bank Activity

New Facility Application

American Express Centurion Bank
Universal City Plaza, Universal City, Los Angeles County (Facility – Insured Industrial Bank)

Notified: 9/16/13

Money Transmitter Activity

New Money Transmitter Application for License

IDT Payment Services, Inc.
Approved: 9/23/13

Intuit Payments, Inc.
License issued: 9/4/13

Moneydart Global Services Inc.
Approved: 9/25/13

Transfermate Inc.
Filed: 9/11/13

Payments Sub, Inc.
Filed: 8/27/13

Commissioner of Business Oversight

Bulletin for Month ended September 2013, issued pursuant to Financial Code section 376

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