The Sumitomo Bank of Japan's operations in the North American region are conducted through the Sumitomo Bank of California. The Sumitomo Bank of California operates 46 offices within the State of California, and one office in Nas sau, Bahamas.
The Sumitomo Bank of California is a commercial bank and trust company. The bank is a member of the Federal Deposit Insurance Corporation.
The Sumitomo Bank of California is almost a wholly owned subsidiary of the Sumitomo Bank, Ltd. of Tokyo. Sumitomo Bank, Ltd. held 84.3 percent of the common shares of the Sumitomo Bank of California at the close of calendar year 1988. The remaining 15.7 percent are publicly traded in the OTC securities market.
Loan interest increased substantially in 1988, following a relatively stable performance for the preceding four years. In 1988, the increase in loan interest was the result of a signi ficant increase in loan amount over 1987, as the loan rate remained relatively stable.
Security interest was relatively stable across the five year period of analysis, with the exception of 1987, which was approximately 22 percent above the mean level for the remaining four years. The higher level in 1987 was the result of a large increase in security amount, while the security rate remained relatively stable.
Other interest remained relatively stable across the five year period of analysis, with the exception of 1988, which was 30.4 percent higher than 1987. This increase in other interest occurred in the face of a substantial drop in other assets from 1987 to 1988. The cause of the increase in other interest was an 85.7 percent increase in the other rate from 1987 to 1988.
Following stable levels from 1984 through 1986, deposit cost dropped sharply in 1987, and rose even more sharply in 1988. The 1987 drop resulted from an unusual decline in the deposit rate for that year, which, in turn, resulted from a dramatic change in the ...