The State Banking System In 2020


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THE STATE BANKING SYSTEM IN 2020

Commercial Banks

On January 1, 2020, there were 112 state-chartered commercial banks. During the year three banks merged out of existence and one bank voluntarily surrendered its license, bringing the total number of state-chartered commercial banks to 108 at year-end.

Mergers

Three state-chartered banks merged with other institutions:

Surviving Bank

Location

Bank of Southern California, N.A. San Diego

Enterprise Bank & Trust Pacific Premier Bank

Clayton, MO Irvine

Merged Bank CalWest Bank
Seacoast Commerce Bank Opus Bank

Location
Rancho Santa Margarita San Diego Irvine

Merged 6/1/20
11/13/20 6/1/20

Two state-chartered banks acquired a federal savings bank or other state bank by merger:

Surviving Bank Royal Business Bank United Business Bank

Location Los Angeles Walnut Creek

Merged Bank Pacific Global Bank Grand Mountain Bank, FSB

Location Chicago, Illinois Granby, Colorado

Merged 1/10/20 2/4/20

Voluntary Surrender
One state-chartered bank surrendered its license:
Name Wells Fargo Bank, Ltd.

Location Los Angeles

Closed 3/31/20

Industrial Banks
The number of industrial banks remained unchanged at three during the year.

Credit Unions
On January 1, 2020, there were 123 state-chartered credit unions. During the year, one federal credit union converted to state charter and three state-chartered credit union merged with other institutions, resulting in 121 state-chartered credit unions at the end of the year. The number of non-California state-chartered credit unions with offices in California remained unchanged at five.

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Conversion to State Charter

One state-chartered credit union converted to state charter:

Name
Kern Schools Federal Credit Union to convert to state charter under the name Valley Strong Credit Union

Location Bakersfield

Converted 2/17/20

Mergers

In 2020, three state chartered-credit union merged with other institutions:

Surviving Credit Union Redwood Credit Union
San Francisco Federal Credit Union
SchoolsFirst Federal Credit Union

Location Santa Rosa
San Francisco
Santa Ana

Merged Credit Union
City of Ukiah Employees Credit Union S.F. Bay Area Educators Credit Union Schools Financial Credit Union

Location Ukiah
San Francisco
Sacramento

Merged 2/11/20
2/20/20
1/01/20

One state-chartered credit unions acquired a federal credit union during the year:

Surviving Credit Union

Location

1st Northern California Credit Union

Premium Finance Companies

Merged Credit Union
C&H Sugar Employees Federal Credit Union

Location Crockett

Merged 7/1/20

On January 1, 2020, there were 106 premium finance companies. During the year, two premium finance companies opened and four voluntarily surrendered their licenses bringing the number of premium finance companies to 104 at year-end.

New Premium Finance Companies

Two premium finance companies opened for business:

Premium Finance Companies Opened During the Year

Name Chasewater Premium Finance Inc. Premise Premium Finance Co.

Location San Diego Newport Beach

Opened 6/24/20 11/8/20

2

Voluntary Surrenders of License

Four premium finance companies voluntarily surrendered their licenses:

Premium Finance Companies Closed During the Year

Name Alliance Premium Finance, Inc. First Provident Bancorp, Inc. Professional Premium Acceptance Corporation TAFS Premium Finance California, Inc.

Location Valley Village Newport Beach Carlsbad Woodland Hills

Closed 7/23/20 7/23/20 7/23/20 7/16/20

Trust Companies and Departments

On January 1, 2020, there were six trust companies. During the year one trust company opened for business bringing the number of trust companies to seven at year-end. The number of statechartered bank trust departments increased by one to 15 during the year.

Trust Companies

One trust company opened for business:

Name Peninsula Bay Trust Company

Location Burlingame

Licensed 6/1/20

Trust Powers

One state-chartered bank was licensed to engage in the trust business:

Name Pacific Premier Bank

Location Irvine

Licensed 6/1/20

Foreign (Other Nation) Banks

The number of agencies and branch offices was unchanged at 28 agencies and branch offices representing 25 banks.

Of the total, five were depositary agencies, two were limited branch offices, two were retail branch offices and 19 were wholesale branch offices.

Representative Offices of Foreign Banks

On January 1, 2020, there were 14 foreign banks with representative offices in California. During the year, one new representative office opened and one representative office closed, making 14 representative offices at year-end. The representative offices that opened and closed are shown on the following tables.

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One representative office opened: Representative Offices of Foreign Banks Opened During the Year

Name of Bank Banque Transatlantique

Country France

Location San Francisco

Opened 6/15/20

One representative office closed:

Representative Offices of Foreign Banks Closed During the Year

Name of Bank Chong Hing Bank Limited
Foreign (Other State) Banks

Country Hongkong

Location San Francisco

Closed 11/30/20

During the year, there was no change to the number of facilities. There were 47 non-California state banks with facilities at year-end. Of these, 41 were insured and six were non-insured.

Money Transmitters

On January 1, 2020, there were 106 money transmitters. During the year, five money transmitters opened and two closed, making 109 money transmitters at year-end.

New Money Transmitters

Five money transmitters opened during the year:

Money Transmitters Opened During the Year

Name American Financial Integrity of California, Inc. Barri Money Services, LLC Currencies Direct Inc. Currency Cloud Inc., The PointChain Technology USA CA Inc.

Location Chicago, IL Houston, TX Orlando, FL New York, NY Irvine

Money Transmitters Surrender of License

Opened 12/11/20 12/10/20
5/1/20 2/20/20 11/24/20

Two money transmitters voluntarily surrendered their licenses:

Money Transmitters Closed During the Year

Name HSI USA Inc. Travelex Currency Services Inc.

Location Austin, TX New York, NY

Closed 6/30/20 10/8/20

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The State Banking System In 2020