OneCalifornia Bank

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OneCalifornia Bank
Type Community Development Bank
Founded 2007
Headquarters Oakland, California, United States
Key people Harry Haigood, CEO, Chairman[1]
Products Financial Services
Total assets $300,000,000 USD (2010)
Website http://www.onecalbank.com/

OneCalifornia Bank is an Oakland, California-based community development bank. Founded by Tom Steyer and his wife, Kat Taylor, in June 2007,[2] OneCalifornia Bank functions as a regulated financial institution, but provides commercial banking services to underserved small and medium-size businesses, nonprofits, affordable-housing developers, community facilities, as well as families and individuals in the Bay Area.

Harry Haigood serves as the CEO and Chairman of the bank.[3]

In August 2010, the bank signed an agreement to acquire Shorebank Pacific, a Washington-based community bank. Together the merged banks would have $300 million in combined assets and serve California, Oregon and Washington.[4]

Founders

Tom Steyer and his wife, Kat Taylor, founded OneCalifornia Bank and OneCalifornia Foundation, providing $22.5 million as capital.

Mission and structure

The bank maintains a “triple bottom line,” seeking to be profitable, promote environmental sustainability and expand economic opportunity in underserved communities. Banking services are integrated with financial literacy, technical assistance and business education provided by the OneCalifornia Foundation.[5] Steyer and Taylor founded the bank and foundation to ensure profits are reinvested in the community. Steyer and Taylor take no economic benefit or repayment from the Bank. All of the non-voting economic shares of the Bank's holding company are held by the OneCalifornia Foundation. 100% of the voting shares are held by Taylor and Steyer. OneCalifornia Foundation is overseen by an independent board.[6]

OneCalifornia Foundation

The foundation engages in charitable and educational activities that primarily support the goals of OneCalifornia Bank. Included are programs and initiatives to help eliminate financial discrimination, encourage affordable housing, alleviate economic distress, stimulate community development and increase financial literacy.

Services and products

OneCalifornia Bank's services and products available to individuals include: home loans; home equity lines of credit; home improvement loans; personal lines of credit; money market accounts; and savings and checking accounts.

Business services and products include: checking accounts; money market accounts; online cash management; and commercial lending including lines of credit, term loans, commercial real estate loans and loans guaranteed by the Small Business Association.

OneCalifornia Bank also provides banking products and services for non-profit organizations, including: checking and savings accounts; assistance bridging capital campaigns; financing facilities and real estate; money market accounts; managing deposits and payments; and CDARS, the Certificate of Deposit Account Registry Service, which allows qualified organizations to invest up to $50 million and be eligible for FDIC insurance on every dollar.[7]

Lending

OneCalifornia Bank was founded to provide assistance to individuals in low wealth communities,[8] including entrepreneurs and existing businesses. The Bank’s loans provided assistance to John Bailey of Volunteers of America Bay Area and also helped multiple nonprofit organizations and businesses with cash management services intended to increase administrative and operational efficiency.[9]

Shorebank Pacific acquisition

In August 2010, OneCalifornia Bank announced it will acquire Shorebank Pacific, the Ilwaco, Washington-based community bank. Shorebank Pacific specializes in sustainable lending to the agriculture, renewable energy and small business sectors, and has offices in Ilwaco and Seattle, Washington and Portland, Oregon. Together the banks would have $300 million in combined assets.[10][11]

Partnerships and initiatives

Through its OneCal Community Connects program, OneCalifornia Bank and the OneCalifornia Foundation have formed partnerships with local Bay Area, community-based organizations including the Chabot Space & Science Center[12] and C.E.O. Women.[13]

Recognition

In 2010, the University of San Francisco awarded OneCalifornia Bank the USF California Prize. The prize "recognizes significant service in pursuit of the common good of society."[14]

References

  1. ↑ http://www.onecalbank.com/officersstaff.aspx
  2. ↑ "Innovation meets tradition in community development banking". Oakland Business Review. May 2008. 
  3. ↑ http://www.onecalbank.com/officersstaff.aspx
  4. ↑ Bhatt, Sanjay (2010-08-23). "Shorebank Pacific Bought by California Bank". Seattle Times. Retrieved 2010-08-23. 
  5. ↑ Stuhldreher, Anne (2009-04-08). "Traditional Lending Goes Mainstream". San Francisco Chronicle. Retrieved 2010-08-16. 
  6. ↑ "OneCalifornia Bank and Foundation: 2010 USF California Prize Winner". USF Newsroom. 2010-08-05. Retrieved 2010-08-16. 
  7. ↑ http://www.onecalif.com/bankingservices.aspx
  8. ↑ Burt, Cecily (2008-10-29). "Organization ready to help small businesses". Oakland Tribune. 
  9. ↑ Oakland Business Review
  10. ↑ "OneCalifornia Buys Shorebank Pacific". Portland Business Journal. 2010-08-22. Retrieved 2010-08-23. 
  11. ↑ "OneCalifornia Bank to Acquire ShoreBank Pacific and Provide Growth Capital To Extend Beneficial Banking From California to the Pacific Northwest". BusinessWire. 2010-08-21. Retrieved 2010-08-23. 
  12. ↑ Oakland Business Review, p2
  13. ↑ http://www.ceowomen.org/index.php?Itemid=53&id=24&option=com_content&task=view
  14. ↑ USF Newsroom, p1

External sources

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