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Department of Financial Institutions Announces New State Bank – Independence Bank opened its doors to the Newport Beach community on September 22

Sep 24, 2004

San Francisco- The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Independence Bank opened its doors on September 22, 2004 to customers in Newport Beach with a capitalization of $8.5 million.

“I am pleased to welcome Independence Bank and report that state-chartered banks continue to grow and prosper in California,” said Howard Gould, Commissioner of Financial Institutions. During the last three years, 39 new state-chartered banks opened with DFI approval. In addition, over 120 branches also opened their doors. “Each new bank has its unique characteristics, which range from serving a small community or ethnic community to offering special services for small businesses and professionals,” added Commissioner Gould.

Charles Thomas will serve as President and CEO; Maria Arakaki will serve as Chief Financial Officer; and James Ketchersid as Chief Credit Officer.

Independence Bank is located at 4533 B Mac Arthur Boulevard, Newport Beach, CA 92660. The bank’s telephone number is (949) 266-6000.

Like all California state-chartered banks, the Independence Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.