Department of Financial Institutions Announces New State Bank – Charter Oak Bank will open its doors in Napa on December 17

Department of Financial Institutions Announces New State Bank – Charter Oak Bank will open its doors in Napa on December 17

San Francisco – The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Charter Oak Bank will open its doors in Napa on December 17, 2004 with a capitalization of $17.6 million.

“I am pleased to welcome Charter Oak 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, 41 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.

Brian Kelly will serve as President/CEO, Rod Wiessner as Executive Vice President and Chief Financial Officer; and Kathryn Sommer as Executive Vice President and Chief Credit Officer.

Charter Oak Bank is located at 1749 Trancas Street, Napa, CA 94558. Their phone number is 707-257-6411 and Fax is 707-251-8283. Their Email address is: bkelly@charteroakbank.com. Their Web site address is http://www.charteroakbank.com/index.html. They are also opening a branch office located at 899 Adams Street, St. Helena, CA 94574.

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

DFI supervises over 650 financial institutions, including 204 commercial and industrial banks and 221 credit unions. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and transmitters of money abroad. The Department reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.