Monthly Bulletin

Volume 14, Issue 10 – April 2011

California Bankers Association Gathers for 120th Annual Convention

Bank officers and directors gathered at the Hyatt Regency in Huntington Beach for the California Bankers Association (CBA) 120th Annual Convention from May 4 – 7, 2011 to hear directly from bank regulators, CBA leadership and industry representatives on how the challenges of the past year will affect the industry moving forward into a new era of banking.

At the Gala Dinner on May 6, 2011 Commissioner William Haraf issued the following proclamation:

On the Occasion of the California Bankers Association’s 120th Annual Convention of Bank Officers and Directors, the California Department of Financial Institutions extends its gratitude and appreciation to CBA for its numerous contributions in support of the California banking system.  This annual convention, and the many other training and information-sharing opportunities CBA provides to Bank CEOs, Officers and Directors, have enabled generations of bankers to succeed in California’s dynamic and competitive market.

Click here for a link to the full text of Commissioner Haraf’s remarks.

California Financial Literacy Month in Review

California Financial Literacy Month (CAFLM) took place during the month of April along with National Financial Literacy Month. This coordinated consumer education campaign encourages individuals throughout the state to take full advantage of resources designed to improve financial literacy. This year’s CAFLM theme was “Financial Responsibility Today For Financial Stability Tomorrow.”
Some highlights of this important month:

  • DFI, Department of Corporations and Department of Real Estate announced the 11th Annual CAFLM. See press release.
  • DFI and CAFLM partners, including Department of Corporations, Department of Real Estate, Department of Consumer Affairs, Department of Insurance, Franchise Tax Board, FDIC, IRS, Bank on Sacramento, Safe Credit Union, the Savings Plus Program, and We Connect participated in a Consumer Resource Fair at the State Capitol on April 19.
  • DFI visited 11 classrooms during April to talk to students from about budgeting and saving and other financial basics.
  • DFI partnered with FoolProof Financial Education, a consumer advocacy and financial literacy initiative sponsored by the Education Credit Union Council and Credit Union Strategic Partners to offer programs to youth and consumers.
  • DFI’s California Financial Literacy Month Blog invited financial literacy organizations to feature their programs and services: Army OneSource, MoneyThink, Financial Sense to White Picket Fence, Financial Literacy Now, Bank on Knowledge, Film Ideas Financial Literacy Streaming, Economia: Money Matters, and DebtorWise Foundation and It’s a Habit.
  • DFI used social networks, including Twitter, to reach a broad audience with important financial tips and resources.

Many organizations across the state participated in California Financial Literacy Month. If you would like to highlight your organization’s part in the 2011 CAFLM, please share your activities with us by filling out an online survey.

SCO Announces Updated Securities Summary (SS-1) form and New Notice to Holders

The following information is from the Holder Outreach Team of the State Controller’s Office, who would like to share with you two important updates regarding unclaimed property:

  1. California updated the Securities Summary (SS-1) form required for remitting securities; the new form is located on SCO’s website at:  http://www.sco.ca.gov/upd_form_rptg.html.
  2. A New Notice to Holders titled “Securities Summary Form” has been posted at: http://www.sco.ca.gov/upd_rptg_notice.html. This notice details the changes incorporated in the new SS-1 form.

*Please thoroughly review the new Securities (SS-1) form and notice to ensure accurate reporting.

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

Thank you for your time,

The Holder Outreach Team

Commercial Bank Activity

Purchase of Partial Business Unit

First California Bank, Westlake Village, to acquire the Electronic Banking Solutions Division of Palm Desert National Bank, Palm Desert
Effected: 4/8/11

Merger

Cascade Bank, Everett, Washington, to merge with and into Opus Bank, Irvine, California
Filed: 4/4/11

First Asian Bank, Las Vegas, Nevada, to merge with and into Royal Business Bank, Los Angeles, California
Filed: 4/4/11

Wells Fargo Central Bank, Calabasas, California, merged with and into Wells Fargo Bank, National Association, Sioux Falls, South Dakota
Effected: 3/31/11

Change of Name

Golden Coast Bank, to change its name to Evergreen International Bank
Notified: 4/1/11

Credit Union Activity

Field of Membership

One credit union received approval to add one new field of membership during March 2011.

Merger

Cal State Central Credit Union, Santa Rosa, to merge with and into Redwood Credit Union, Santa Rosa
Effected: 4/1/11

Money Transmitter Activity

New Money Transmitter

Cash Edge, Inc.
Filed: 4/11/11

Change of Name

Metro Remittance Center (California), Inc., to change its name to Metro Remittance (USA), Inc.
Effected: 3/3/11

WILLIAM S. HARAF
Commissioner of Financial Institutions
Bulletin for Month ended
April 2011, issued pursuant
to Financial Code section 258