Department of Financial Institutions Announces New State Bank - Western Commercial Bank will open its doors in Woodland Hills on February 6
San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Western Commercial Bank will open its doors in Woodland Hills on February 6, 2006 with an initial capital of $13.7 million.
"I am pleased to welcome Western Commercial Bank - the second new bank to open in 2006 - and to report that state-chartered banks continue to grow and prosper in California," said Brian Yuen, Acting Commissioner of Financial Institutions. During the last five years, 62 new state-chartered banks have 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 Yuen.
Western Commercial Bank is located at 21550 Oxnard Street, Suite 100, Woodland Hills, CA 91367. Their telephone number is (818) 449-7700 and their Fax number is (818) 449-7701. The bank's Web site address is www.westerncommercialbank.com.
Carl W. Raggio III will serve as President and Chief Executive Officer; H. Tommy Woo as Executive Vice President and Chief Financial Officer; Kathleen C. Bryan as Executive Vice President and Chief Credit Officer; and Gines Arnau as Executive Vice President and Chief Lending Officer.
Like all California state-chartered banks, Western Commercial Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 700 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. DFI reports to Business, Transportation & Housing Agency Secretary Sunne Wright McPeak and Gov. Arnold Schwarzenegger.