December 08, 2010
Monthly Bulletin
Volume 14, Number 5 – November 2010
Message from the Commissioner
On behalf of all of us at the Department of Financial Institutions, Happy Holidays! I wish you good health and happiness in 2011. Be sure to find time to count your blessings and to embrace and be thankful for your family, friends, and colleagues.
Sincerely,
William S. Haraf
Commissioner
Department of Financial Institutions
45 Fremont Street, Suite 1700, San Francisco, CA 94105-2219
415.263.8507
wharaf@dfi.ca.gov
Banks Must Submit Lists of Offices by December 31
Pursuant to Financial Code section 507, all commercial banks, industrial banks and trust companies are required to file a list of all offices that are currently maintained and operated by the bank. The report shall designate the type of each office that is being maintained and operated, and the complete address of each office. Please note that this requirement does not apply to other licensee types, e.g., credit unions, money transmitters, etc.
For the purposes of section 507, please provide the following information on or before Friday, December 31:
- Name of bank
- Popular name of branch offices and facilities
- Office type (include the head office, branch and facility locations; do not include free-standing ATM facilities)
- Street address
- City
- State
- Country
- ZIP
Responses may be made by email to Licensing@dfi.ca.gov or by postal mail to Department of Financial Institutions, 45 Fremont Street, #1700, San Francisco, CA 94105-2219 Attn: Strategic Support Section. For questions please contact Patrick Carroll at pcarroll@dfi.ca.gov or call (415) 263-8559.
Premium Finance Company Assessment
In accordance with Financial Code Sections 18350, 18351, and 18352, the Commissioner of Financial Institutions assessed all California insurance premium finance companies in order to fund the operations of the Department of Financial Institutions in administering the laws relating to insurance premium finance companies. Invoices for the assessment will be mailed on December 1, 2010. The assessment must be paid in full by December 20, 2010.
For the purposes of this assessment, the base rate is set at 0.010321745 percent of each insurance premium finance company’s total assets. The amount of the assessment on each insurance premium finance company is calculated in accordance with Financial Code Sections 18350 and 18351. The minimum amount for any institution is $250. For purposes of calculating the assessment, the total assets of each insurance premium finance company have been determined as of December 31, 2009.
Liquidation of Two State-Chartered Banks
First Vietnamese American Bank
On Friday, November 5, 2010, the Commissioner of Financial Institutions took possession of First Vietnamese American Bank and ordered that it be liquidated. The Commissioner then appointed the Federal Deposit Insurance Corporation (FDIC) as Receiver, and the FDIC accepted the appointment.
Western Commercial Bank
On Friday, November 5, 2010, the Commissioner of Financial Institutions took possession of Western Commercial Bank and ordered that it be liquidated. The Commissioner then appointed the Federal Deposit Insurance Corporation (FDIC) as Receiver, and the FDIC accepted the appointment.
Commercial Bank Activity
Conversion to State Charter
California General Bank, N.A., Pasadena to convert to state-chartered commercial bank under the name California General Bank
Approved: 11/15/10
Merger
Alta Alliance Bank, Oakland, to merge with and into Torrey Pines Bank, San Diego
Filed: 11/1/10
American Premier Bank, Arcadia, to merge with and into First General Bank, Rowland Heights
Filed: 11/19/10
California Oaks State Bank, Thousand Oaks, to merge with and into California United Bank, Encino
Approved: 11/4/10
First Commerce Bank, Encino, to merge with and into Grandpoint Bank, Los Angeles
Approved: 11/10/10
Professional Business Bank, Pasadena, to merge with and into California General Bank, Pasadena (subsequent to the conversion of California General Bank, N.A. to state charter)
Approved: 11/15/10
Credit Union Activity
Bylaw Amendment
One credit union received approval for one bylaw amendment during October 2010.
Field of Membership
One credit union received approval to add one new field of membership during October 2010.
Merger
First Metropolitan Credit Union, Concord, to merge with and into Travis Credit Union, Vacaville
Filed: 11/15/10
Approved: 11/16/10
Motion Picture Federal Credit Union, Valley Village, to merge with and into Musicians’ Interguild Credit Union, Hollywood
Filed: 11/23/10
Transmitter of Money Abroad Activity
New Transmitter
ITC Financial Licenses, Inc.
Filed: 10/20/10
Acquisition of Control
Apax Guernsey PCC Limited, to acquire control of Travelex Currency Services, Inc.
Approved: 11/12/10
Apax Guernsey PCC Limited, to acquire control of Travelex Global Business Payments, Inc.
Approved: 11/12/10
Sigue Corporation, to acquire control of Groupex Financial Corporation
Filed: 10/20/10
Issuer of Payment Instrument Activity
New Payment Instrument
American Express Prepaid Card Management Corporation
Approved: 11/19/10
WILLIAM S. HARAF
Commissioner of Financial Institutions
Bulletin for Month ended
November 2010, issued pursuant
to Financial Code section 258
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