BUSINESS NEWS : New Full-Service Bank Opens in Glendale

The Verdugo Banking Co., a new, locally owned and managed independent bank, has opened its main office on the ground floor of the recently completed tower at 500 N. Brand Blvd. in Glendale.

The company, a full-service bank chartered by the state in July, will focus on commercial banking for individuals and businesses in Glendale, La Canada Flintridge, Burbank, Pasadena, South Pasadena and San Marino, said Raymond C. Dumser, president and chief executive officer.

The institution is capitalized by $5.2 million recently raised in an offering of common stock. All members of the bank’s board either live or work in the Glendale area.

Dumser, who has been in banking for 27 years and a resident of Glendale for 15 years, formerly was manager of the Glendale office of First Interstate Bank and executive vice president of Glendale’s Valley National Bank before its 1990 merger with Wells Fargo Bank.

Other officers include Cole W. Minnick, senior vice president and chief financial officer; Edward E. Gregg, senior vice president and chief credit officer; Ellen R. Williams, vice president and manager of the bank’s main office, and Rebecca Hunt, vice president and loan officer.

Minnick and Williams previously held similar positions with Valley National. Gregg is retired from First Interstate Bank and Hunt was previously the manager of the Burbank branch of First Interstate.