Department of Financial Institutions Announces New State Bank – First Standard Bank will open its doors in Los Angeles on June 10

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. First Standard Bank will open its doors in Los Angeles on June 10, 2005 with an initial capital of $22.1 million.

“I am pleased to welcome First Standard Bank and report that state-chartered banks continue to grow and prosper in California,” said Howard Gould, Commissioner of Financial Institutions. During the last four years, 48 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.

Bon Tai Goo will serve as President and Chief Executive Officer; Haekyong (Jane) Kim as Chief Credit Officer; Yong Hwa Kim as Chief Financial Officer; and Hong Sik Hur as Chief Marketing Officer.

First Standard Bank is located at 1000 Wilshire Boulevard, Suite 100, Los Angeles, CA 90017. The bank’s main phone number is (213) 892-9999; fax number is (213) 892-1199. You can visit their Web site at www.firststandardbank.com

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

DFI supervises over 650 financial institutions. 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, under the direction of Howard Gould, Commissioner, reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.

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