THE STATE BANKING SYSTEM IN 2009
THE STATE BANKING SYSTEM IN 2009
Commercial Banks
New Banks
On January 1, 2009, there were 218 state-chartered commercial banks. During the year, one commercial bank opened for business and eleven banks were closed and ordered liquidated. Two banks became extinct through merger and two industrial banks converted to commercial banks bringing the total number of state-chartered commercial banks to 208 at yearend.
The banks opened and closed during the year are:
Commercial Banks Opened During the Year
Name
Valley Republic Bank
City
Bakersfield
Capitalization
$24,597,930
Opened
2/2/09
Commercial Banks Closed During the Year
Name of Bank
Location
1st Centennial Bank Affinity Bank Alliance Bank County Bank First Bank of Beverly Hills Imperial Capital Bank MetroPacific Bank Mirae Bank San Joaquin Bank Temecula Valley Bank United Commercial Bank
Redlands Ventura Culver City Merced Calabasas La Jolla Irvine Los Angeles Bakersfield Temecula San Francisco
Conversion to State Charter
Acquiring Bank
First California Bank Pacific Western Bank California Bank & Trust Westamerica Bank none City National Bank Sunwest Bank Wilshire State Bank Citizens Business Bank First Citizens Bank & Trust East-West Bank
Location Westlake Village San Diego San Diego San Rafael N/A Los Angeles Tustin Los Angeles Ontario Raleigh, NC San Marino
Two industrial banks converted to commercial banks:
Name Silvergate Bank Tamalpais Bank
Location San Diego San Rafael
Closed
1/23/09 8/28/09
2/6/09 2/6/09 4/24/09 12/18/09 6/26/09 6/26/09 10/16/09 7/17/09 11/6/09
Converted 3/4/09 1/30/09
1
Mergers
In 2009, there were two mergers involving state-chartered banks. The following table lists those mergers:
Surviving Bank CommerceWest Bank, N.A. Compass Bank
Industrial Banks
Location
Irvine Birmingham, AL
Merged Bank
Discovery Bank BBVA Bancomer USA
Location
San Marcos Diamond Bar
Merged
7/24/09 9/10/09
On January 1, 2009, there were 12 industrial banks. During the year, two industrial banks converted to commercial banks, bringing the total number of industrial banks to ten at yearend.
Conversion to State Charter
Two industrial banks converted to state-chartered commercial banks:
Name Silvergate Bank Tamalpais Bank
Credit Unions
Location San Diego San Rafael
Converted 3/4/09 1/30/09
On January 1, 2009, there were 187 state-chartered credit unions. During the year, three state chartered credit unions were placed into receivership. Twelve state-chartered credit unions became extinct through merger, one state chartered credit union converted to federal charter and one state chartered credit union voluntarily surrendered its license, making 170 state chartered credit unions at the end of the year.
There were five out-of-state credit union with offices in California at the start of the year. During 2009, two out-of-state credit unions opened offices in California, making seven out-ofstate credit unions with offices in California at yearend. The credit unions closed during the year are:
Credit Unions Closed During the Year
Name of Credit Union Kaiser Lakeside Credit Union
Second Baptist Church Credit Union Watts United Credit Union
Location Oakland
Los Angeles Los Angeles
Acquiring Credit Union
SafeAmerica Credit Union Prosperity Federal Credit Union none
Location
Pleasanton Rancho Dominguez N/A
Closed 8/31/09
10/28/09 07/06/09
2
Mergers
In 2009, there were 14 mergers involving state-chartered credit unions. The following table lists those mergers
Surviving Credit Union California Agribusiness Credit Union
California Coast Credit Union Camino Federal Credit Union Credit Union of Southern California Financial Partners Credit Union Golden 1 Credit Union
NuVision Financial Federal Credit Union Pasadena Service Federal Credit Union
Printing Industries Credit Union
SAFE Credit Union Schools First Federal Credit Union Self-Help Federal Credit Union Southland Credit Union
Location
Buena Park San Diego Montebello
Merged Credit Union
Yamaha Employees Federal Credit Union Financial 21 Community Credit Union Alisos Credit Union
Location
San Diego San Diego Norwalk
Brea Downey Sacramento
Huntington Beach
Pasadena
Los Angeles
North Highlands
Westworks Credit Union Pacific Coast Credit Union Steinbeck Credit Union U.S. First Credit Union
E1 Financial Credit Union Vernon/Commerce Credit Union Printing and Publishing Employees Credit Union American River HealthPro Credit Union
Alhambra Costa Mesa Salinas San Mateo
Monterey Park
Commerce
Riverside
Rancho Cordova
Santa Ana Durham, NC Los Angeles
Service Plus Credit Union Community Trust Credit Union Cityside Federal Credit Union
Riverside Modesto Los Angeles
Merged
7/1/09
7/1/09 7/1/09
12/31/09 4/22/09 5/29/09 9/30/09
10/1/09
11/30/09
11/30/09
7/1/09
8/25/09 6/9/09 7/31/09
Conversion to State Charter
4B
One credit union converted to federal charter:
Name Ocean Crest Credit Union as Ocean Crest Federal Credit Union
Location Signal Hill
Converted 2/3/09
Voluntary Surrender of License
5B
One credit union voluntarily surrendered its license:
Name Southern California Latvian Credit Union
Location Covina
Converted 1/16/09
Premium Finance Companies
0B
There were 113 premium finance companies on January 1, 2009. During the year, four premium finance companies opened, including one that opened in 2008 but was not previously reported. Eight voluntarily surrendered their licenses making 109 premium finance companies at yearend.
3
New Premium Finance Companies
Four premium finance companies opened for business:
Premium Finance Companies Opened During the Year
Name Bulldog Premium Finance of California, Inc. G&G Premium Finance, Inc.* , Inc. Ocean View Premium Finance of California, Inc.
* Opened during 2008 (not previously reported)
1B
Location Sacramento Agoura Hills Woodland Hills La Mesa
Opened 03/27/09 08/01/08 09/15/09 05/26/09
Voluntary Surrenders of License
Eight premium finance companies voluntarily surrendered their licenses:
Premium Finance Companies Closed During the Year
Name Allied Premium Finance Co., Inc. AMGRO Premium Financing, Inc. Broadway Premium Funding Corp. of California Coastal Premium Finance Corp. Life Credit Corporation Oasis Financial Services, Inc. Old Saybrook Premium Finance, Inc. Partners Premium Finance Company
Location La Mesa Burbank Laguna Niguel San Diego La Jolla Orange Woodland Hills Orange
Closed 1/14/09 9/17/09 2/25/09 5/12/09 9/17/09 3/26/09 12/7/09 9/17/09
Trust Companies and Departments
There was no change to the number of trust companies on January 1, 2009, which remained constant at seven during the year.
On January 1, 2009 there were 19 bank trust departments. During the year, one bank with a trust department failed making 18 banks with trust departments at yearend 2009.
Trust Departments Closed During the Year
Name of Bank
County Bank
Location
Merced
Acquiring Bank
Westamerica Bank
Location
San Rafael
Closed
2/6/09
4
Foreign (Other Nation) Banks
On January 1, 2009, there were 41 agencies and branch offices representing 35 foreign (other nation) banks. During the year, two nondepositary agencies converted to wholesale branch offices, and one nondepositary agency converted to a representative office. One limited branch closed and one depositary agency converted to a representative office making 38 agencies and branch offices representing 32 banks.
Of the total, seven are depositary agencies, four are non-depositary agencies, two are limited branch offices, two are retail branch offices and 23 are wholesale branch offices.
Branch Offices Opened During the Year
Name of Bank
Wholesale Branch
7B
Mizuho Corporate Bank, Ltd.a P
Woori Bank a P
a converted from a Nondepositary Agency
Country
Japan South Korea
Location
Los Angeles Los Angeles
Agency and Branch Offices Closed During the Year
Opened
8/3/09 5/26/09
Name of Bank
Limited Branch
8B
Commerzbank Aktiengesellschaft
Depositary Agency
9B
The Bank of Nova Scotia a P
Nondepositary Agency
10B
Canadian Imperial Bank of Commerce a P
Mizuho Corporate Bank, Ltd. b P
Woori Bank b P
a converted to a Representative Office b converted to a Wholesale Branch
Country
Germany
Canada
Canada Japan South Korea
Representative Offices of Foreign (Other Nation) Banks
Location
Los Angeles
San Francisco
Los Angeles Los Angeles Los Angeles
Closed
9/1/09
11/1/09
5/18/09 8/3/09 5/26/09
On January 1, 2009, there were 20 foreign (other nation) banks with representative offices in California. During the year, one depositary agency and one nondepositary agency of foreign (other nation) banks converted to representative offices in California and eight representative office closed or were removed from the count, making 14 representative offices at yearend. The representative offices that opened are shown on the following table:
Representative Offices of Foreign (Other Nation) Banks Opened
Two foreign (other nation) banks opened representative offices during the year:
5
Representative Offices of Foreign (Other Nation) Banks Opened During the Year
Name of Bank The Bank of Nova Scotia a
P
Canadian Imperial Bank of Commerce b P
a converted from a Depositary Agency b converted from a Nondepositary Agency
Country Canada Canada
Location San Francisco Los Angeles
Opened 11/1/09 5/18/09
Eight foreign (other nation) banks closed or were deleted from the count: Representative Offices of Foreign (Other Nation) Banks Closed During the Year
Name of Bank DEPFA Bank plc eBANK Corporation Eurohypo Aktiengesellschaft Governor and Company of the Bank of Ireland (The) HSH NordBank AG KBC Bank N.V. Nacional Financiera, S.N.C. Natixis
Country Ireland Japan Germany
Ireland Germany Belgium Mexico France
Location Sacramento San Francisco Los Angeles
Los Angeles San Francisco Los Angeles Los Angeles Los Angeles
Opened 3/4/09 2/28/09 8/31/09
3/31/09 2/2/09
6/30/09 5/1/09 5/15/09
Foreign (Other State) Banks
6B
On January 1, 2009, there were 38 foreign (other state) banks with facilities in California. During the year, three banks opened facilities and four banks closed facilities, making 37 foreign (other state) banks with facilities on December 31, 2009, of which 34 were insured foreign (other state) banks and three were non-insured foreign (other state) banks. The facilities that opened and closed are shown on the following tables:
Facilities of Foreign (Other State) Banks Opened
Three foreign (other state) banks opened facilities during the year: Facilities of Foreign (Other State) Banks Opened During the Year
Name of Bank
State
Location
Opened
Insured Banks
11B
Crestmark Bank Enterprise Bank & Trust Evolve Bank and Trust
Michigan Missouri Arkansas
Facilities of Foreign (Other State) Banks Closed
2B
Granada Hills Rancho Cucamonga San Juan Capistrano
9/9/09 4/2/09 4/9/09
Five foreign (other state) banks closed their facilities or were deleted from the count:
6
Facilities of Foreign (Other State) Banks Closed During the Year
Name of Bank
State
Location
Closed
Insured Banks
12B
Compass Bank First International Bank Modern Bank, N.A. Silverton Bank, N.A.
Non-Insured Banks Rock River Trust Company
Alabama Texas New York Georgia
Illinois
Irvine City of Industry Beverly Hills Camarillo
San Francisco
8/21/09 4/1/09 3/16/09 5/1/09
4/30/09
Transmitters of Money Abroad
On January 1, 2009, there were 55 transmitters of money abroad, nine issuers of payment instruments and two issuers of travelers checks. During the year, four transmitters of money abroad opened and four closed. One issuer of payment instruments opened, making 55 transmitters of money abroad, ten issuers of payment instruments and two issuers of travelers checks licensed by the Department of Financial Institutions at yearend.
New Transmitters of Money Abroad
Four transmitters of money abroad opened during the year:
Transmitters of Money Abroad Opened During the Year
Name Dahabshil, Inc. Google Payment Corp. Hong Lan Services Inc. Tempo Financial U.S. Corporation
Transmitter of Money Abroad Surrender of License
3B
Location Hilliard, OH Mountain View Westminster Greenwood Village, CO
Opened 5/19/09 5/21/09 6/22/09 5/19/09
Four transmitters of money abroad voluntarily surrendered their licenses: Transmitters of Money Abroad Closed During the Year
Name Bancomercio de El Salvador, Inc. JOM Corp. Multivalores, Inc. Naunihal Currency Exchange, Inc.
Location Falls Church, VA San Diego Los Angeles Hayward
Closed 3/31/09
1/5/09 10/31/09
6/30/09
7
New Issuer of Payment Instruments One issuer of payment instruments opened during the year:
Issuer of Payment Instruments Abroad Opened During the Year
Name Order Express, Inc.
Location Chicago, IL
Opened 9/15/09
Business and Industrial Development Corporations (BIDCO)
There was no change to the number of BIDCOs, which remained constant at one throughout the year.
8
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