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Notice of Expiration: Temporary Unlimited Coverage for Noninterest-Bearing Transaction Accounts
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html
Top 10 FDIC Online Resources
In honor of National Consumer Protection Week 2011 (NCPW), which was March 6-12, the FDIC announced a new "Top 10" list of online resources for consumers on subjects ranging from deposit insurance to shopping for a bank account and avoiding financial fraud.
The top 10 list includes the following resources:
- "EDIE," the FDIC's Electronic Deposit Insurance Estimator: An online calculator that assists consumers and businesses in determining their deposit insurance coverage for each FDIC-insured bank where they have deposit accounts.
- FDIC Consumer News: The FDIC's quarterly publication for consumers that offers information and tips on credit cards, bank accounts, loans, scams, money management, and much more.
- Bank Find: An online directory that consumers can use to locate an FDIC-insured institution, learn what happened to a bank that changed names or no longer exists, and more.
- Customer Assistance Form: An easy-to-use online form to submit a question to the FDIC or a complaint regarding a financial institution.
- Consumer Alerts: Warnings about financial frauds and scams.
- Small Business Web Page: Useful information for small businesses, especially regarding access to loans, plus an online form to ask the FDIC a question or register a concern.
- The FDIC YouTube Channel: Videos on financial topics and messages from FDIC Chairman Bair.
- Money Smart: A financial education curriculum focusing on the development of consumers' financial skills and positive banking relationships.
- Foreclosure Prevention Toolkit: A Web page that provides helpful information for homeowners on avoiding foreclosure and foreclosure "rescue" scams.
- E-mail updates: Sign up to receive e-mail notices of each new issue of FDIC Consumer News, Consumer Alerts, and other announcements and publications from the FDIC.
Visit the FDIC's Top 10 list for more detailed information.
Dodd-Frank Act – Responding to the Financial Crisis
On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). The Act represents Congress' attempt to address the issues arising out of the financial crisis and represents over a year's effort to craft a legislative solution designed to avoid another financial crisis. The stated aim of the legislation is:
To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.
The full impact and significance of the Act will be revealed over the next 18 months as various regulatory agencies begin to implement various sections of the Act. Following are a few highlights of the legislation:
Consumer Protections – Creates a new independent watchdog, the Consumer Financial Protection Bureau, to ensure consumers get clear, accurate information on mortgage, credit cards and other financial products.
Ends "Too Big to Fail" Bailouts – Clearly states that taxpayers will not be on the hook to save failing financial companies. The Act imposes tough new capital and leverage requirements, alters the Fed's emergency lending authority to prohibit bailing out an individual firm, and calls for an orderly liquidation mechanism for failing financial institutions.
Advance Warning System – Creates a new Financial Stability Oversight Council to identify and respond to emerging systemic risks posed by large, complex companies, products and activities before they threaten the stability of the economy.
Transparency & Accountability – Eliminates loopholes that allow risky abusive practices to go unnoticed and unregulated, including loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders.
Mortgage Reform – Establishes a federal standard for all home loans whereby institutions must ensure that borrowers can repay the loans they are sold. The Act also prohibits incentives for subprime loans that steer borrowers into more costly loans and prohibits pre-payment penalties.
Hedge Funds – Requires hedge funds and private equity advisors to register with the SEC and provide information about their trades and portfolios, and increases the assets threshold for federal regulation from $30 million to $100 million which will increase the number of advisors under state supervision.
Credit Ratings – Creates an Office of Credit Ratings within the SEC that will establish new requirements, disclosures and oversight of credit rating agencies to protect investors and businesses.
Executive Compensation – Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation and golden parachutes.
Insurance – Creates the first ever office in the Federal government focused on insurance, the Federal Insurance Office to gather information on the industry and to ensure access to affordable insurance by minorities, low- and moderate-income persons and underserved communities.
Investor Protections – Creates a program within the SEC encouraging people to report securities violations and creates a new Investment Advisory Committee to advise the SEC on regulatory priorities and practices.
Addressing the Mortgage Crisis – Provides $1 billion to States to help rehabilitate and redevelop abandoned and foreclosed properties and provides $1 billion in bridge loans to qualified unemployed homeowners, and authorizes a new HUD program for foreclosure legal assistance to low- and moderate-income homeowners.
Visit the United States Senate Committee on Banking, Housing and Urban Affairs for more detailed information.
Bank of Southern California Acquires Bank Building
March 19, 2013
After more than two years of leasing their La Quinta office, Bank of Southern California announced that they have acquired the space permanently from the FDIC. At the end of 2010, Bank of Southern California began leasing the space, as well as another location in Palm Springs, when it acquired the two branch offices from Palm Desert National Bank.
In April 2012, the Comptroller of Currency closed Palm Desert National, and the FDIC was named Receiver. Colliers International was the broker representing the FDIC in the sale of the 5200 square foot building to Bank of Southern California.
"Our purchase of the building in La Quinta reflects our long-term commitment to staying in the Coachella Valley and our desire to more fully and permanently serve our clients in the Desert Cities area," said Nathan Rogge, President and Chief Executive Officer of Bank of Southern California.
- March 19, 2013 Bank of Southern California Acquires Bank Building
- Jan 4, 2013 Bank of Southern California recognized as a top Small Business lender in San Diego County
- Jan 3, 2013 Marie Bruning Joins Bank of Southern California as Vice President
- Dec 19, 2012 Bank of Southern California Appoints Robert Marshall as Chief Credit Officer
- Jun 15, 2012 Michael Persall, CPA and Investor Appointed to Bank of Southern California Board of Directors
- May 30, 2012 Bank of Southern California Receives Top Marks as a Small Business Lender in San Diego County
- May 14, 2012 Bank of Southern California Remodels Its Ramona Branch and Welcomes Starbucks
- January 27, 2012 Bank of Southern California Reports 2011 Earnings of $1.1 Million
- August 8, 2011 Bank of Southern California Raises $3.1 Millon in Capital and Acquires $24 Millon in Deposits
- June 9, 2011 Tony DiVita Joins Bank of Southern California as Senior VP and Director of Sales and Marketing
- November 18, 2010 Bank of Southern California Receives Approval To Acquire Offices of Palm Desert National Bank
- September 9, 2010 Bank of Southern California Opens New ATM at Ramona's San Diego Country Estates
- August 26, 2010 Bank of Southern California to Acquire Two Branch Offices from Palm Desert National Bank
- June 21, 2010 Bank of Southern California to Open New Downtown Office in July
- June 14, 2010 First Business Bank to Change Name to Bank of Southern California
- May 5, 2010 Katherine Willey Joins First Business Bank as Senior Vice President
- April 6, 2010 David Walters Joins First Business Bank as Senior Vice President
- March 2, 2010 Jospeh Matranga Named to Board of Directors of First Business Bank
- February 2, 2010 Pamela Isaacson Name Executive Vice President, Chief Administrative Officer, at First Business Bank
- February 9, 2009 First Business Bank Opens Full-Service Office in Carlsbad
- September 3, 2008 First Business Bank Opens Loan/Deposit Production Office in Carlsbad
- June 5, 2008 Pamela Isaacson Name Vice President, Operations Administration, at First Business Bank
- May 15, 2008 Ric Schroder Named SBA Loan Manager at First Business Bank
- March 27, 2008 Tom Blair Elected Director of First Business Bank
- February 28, 2008 Rogge Assumes Reigns at Transformed First Business Bank
- February 15, 2008 First Business Bank Opens New Office and Locates Headquarters in Del Mar
- March 19, 2012San Diego Business Journal – Decrease in Problem Loans Helps Put Bank of Southern California in the Black
- March 4, 2012San Diego Union Tribune – Bank of Southern California are the 2012 Winners of "The Bee - Spelling Competition For Adults"
- July 28, 2011San Diego Daily Transcript – Bank of Southern California Expands Its Regional Footprint
- June 12, 2011 New Name in Town: Bank of Southern California Has Two Coachella Valley Offices
- May 23, 2011 San Diego Business Journal – CEO Aims To Take Community Bank To The Top Of The Hill
- August 28, 2010 San Diego Union Tribune - San Diego Bank to Buy Two Troubled Branches
- June 22, 2010 Daily Business Report - First Business Bank to Open New Downtown Office
- June 14, 2010 Banking Industry Today - First Business Bank to Change Name to Bank of Southern California
- May 13, 2010 Del Mar Times - Willey Named a Senior VP
- April 19, 2010 San Diego Business Journal – San Diego People, Banking and Finance
- March 22, 2010 San Diego Business Journal – San Diego People, Banking and Finance
- February 3, 2010 Daily Business Report-First Business Bank Promotes Pamela Isaacson to CAO
- February 9, 2009 Yahoo! Finance – First Business Bank Opens Full-Service Office in Carlsbad
- February 9, 2009 San Diego Daily Transcript – First Business Bank Opens Third Full-Service Office
- September 3, 2008 Banking Industry Today- First Business Bank Opens Loan Deposit/Production Office in Carlsbad
- June 5, 2008 Banker and Tradesman Online - Pamela Isaacson Named Vice President, Operations/Administration, at First Business Bank
- April 7, 2008 San Diego Business Journal - Executive Spotlight on Tom Blair
- February 28, 2008 Del Mar Village Voice -First Business Bank Opens New Office and Locates Headquarters in Del Mar
- February 25, 2008 San Diego Business Journal - First Business Bank Names CEO
- February 18, 2008 The Daily Transcript - First Business Bank Opens New Office