Important Notices

Monthly Bulletin 

    Volume 14, Issue 12 - June 2011

    2011-12 Assessment

    Commercial Banks, Foreign Banks and Trust Companies

    Assessment invoices were mailed to commercial banks, foreign banks and trust companies on June 30, 2011.

    For the purposes of this assessment, the base rate was set at $1.41, an eight-cent increase from last year’s rate of $1.33.  Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 20, 2011.  The statutory maximum rate is $2.20 per thousand dollars of total assets.

    Industrial Banks

    The assessment rate for industrial banks this year was set at $0.99 per thousand dollars of total assets, unchanged from last year’s rate. The statutory maximum rate is $2.20 per thousand dollars of total assets.  Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 20, 2011.  Insurance premium finance companies will be assessed on November 30, 2011. 

    Credit Unions

    The 2011-12 assessment rate was set at $0.75 per thousand dollars of total assets, unchanged from last year’s rate. Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 26, 2011.  The statutory maximum rate is $2.20 per thousand dollars of total assets.

    Money Transmitters

    Money Transmissions

    The 2011-12 assessment rate was set at $0.10 per every thousand dollars in transmission money received by a licensee in calendar year 2010, unchanged from last year’s rate.  Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 26, 2011. 

    Issuers of Travelers Checks and Payment Instruments

    The 2011-12 assessment rate was set at $0.64 per thousand dollars of total payment instruments and stored value sold by the licensee, unchanged from last year’s rate. Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 26, 2011. 

    Executive Officer and Director Compensation Survey

    Instructions for completing the 34th Annual Executive Officer and Director Compensation Survey as of June 30, 2011 are in the process of being mailed and/or e-mailed to the CEOs of all state-chartered banks, industrial banks and national banks headquartered in California.

    This marks the second year that survey respondents will complete the form by logging into a secure web site.  With this change, we hope to make the form easier for participants to complete and to reduce the processing time needed to produce the results.

    Recipients are asked to respond by Friday, September 2, 2011 so the results can be compiled into a summary report that will be e-mailed to participating banks later this year.  If you do not receive a letter and/or an email with your password and logon ID by Friday, July 15, 2011, please contact Patrick Carroll at (415) 263-8559 or by e-mail at pcarroll@dfi.ca.gov.

    The survey results for the 33rd Annual Executive Officer and Director Compensation Survey as of June 30, 2010 are now available at www.dfi.ca.gov/publications/executive_summaries/default.html.

    Commercial Bank Activity

    Acquisition of Control

    Sang Hoon Jeung, to acquire control of First Choice Bank
    Approved: 6/28/11

    Sale of Partial Business Unit

    Mizuho Corporate Bank of California, Los Angeles, to sell partial business unit to Bank of Southern California, N.A., San Diego
    Filed: 6/21/11
    Approved:  6/23/11

    Merger

    Cascade Bank, Everett, Washington, to merge with and into Opus Bank, Irvine, California
    Approved: 6/9/11
    Effected: 6/30/11

    Golden Security Bank, Rosemead, to merge with and into First General Bank, Rowland Heights
    Filed: 5/27/11
               
    Merger (Continued)

    Orange Community Bank, Orange, to merge with and into Grandpoint Bank, Los Angeles
    Approved: 6/9/11

    Change of Name

    Golden Coast Bank, to change its name to Evergreen International Bank
    Effected: 5/16/11

    Credit Union Activity

    Merger

    1st Choice Federal Credit Union, Castro Valley, to merge with and into S.F. Police Credit Union, San Francisco
    Approved: 6/2/11

    Field of Membership

    Two credit unions received approval to add two new fields of membership during May 2011.

    Bylaw Amendment

    Two credit unions received approval for two bylaw amendment during May 2011.

    Change of Name

    Mid-Cities Financial Credit Union to change its name to Mid-Cities Credit Union
    Effected:  2/24/111

    Premium Finance Company Activity

    New Premium Finance Company

    First Provident Bancorp, Inc.
    500 N. State College Boulevard, Orange, Orange County
    Filed: 6/16/11

    Gracie Point Premium Funding, Inc.
    201 Spear Street, City and County of San Francisco

    Approved: 6/27/11

    Foreign (Other Nation) Bank Application

    New Office

    Banco Bilbao Vizcaya Argenteria, S.A.
    1 South Park Street, City and County of San Francisco (Representative Office)

    Filed: 6/23/11

    Voluntary Surrender of License

    Bank of Nova Scotia (The)
    580 California Street, City and County of San Francisco (Representative Office)
    Notified: 6/1/11
    Effected: 6/30/11

    Money Transmitter Activity

    New Money Transmitter

    AscendantFX Capital USA, Inc. dba AscendantFX
    Filed : 6/1/11

    Acquisition of Control

    Progress International, LLC, to acquire control of Unidos Financial Services, Inc.
    Abandoned: 12/30/10

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