The bill passed by the House took a more cautious approach to relief than prior legislative proposals but has still been hailed by banking industry groups.
MapleMark Bank, which was known as First National Bank of Edgewood when it was bought by an investment group last year, will use the funds to support commercial lending and private banking.
A first-in-the-nation ballot initiative would give consumers more control over their personal information, but banks and other companies say that it would amount to a tax on doing business in the Golden State.
Banks were helped by better loan spreads thanks to higher net interest margins, but the recently enacted tax cut helped boost profits by 27% from a year earlier.
An effort to oust two directors at the Seattle company was nullified after the investor failed to seek the required approval from the bank's state regulator.
