- OneCalifornia Bank
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OneCalifornia Bank Type Community Development Bank Founded 2007 Headquarters Oakland, California 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 will have $300 million in combined assets and serve California, Oregon and Washington.[4]
Contents
Founders
Tom Steyer and his wife, Kat Taylor, founded OneCalifornia Bank and OneCalifornia Foundation, providing $22.5 million as capital.
Taylor is a Harvard graduate who holds a joint juris doctor and master in business administration degree from Stanford University. Taylor has been active in Bay Area philanthropic organizations for two decades. Steyer, also a Stanford alum, is the founder and co-senior managing partner of the money-management firm Farallon Capital Management, and a partner in Hellman & Friedman, a San Francisco private equity firm.[5]
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.[6] 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.[7]
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. The Foundation is located in a walk-in facility next door to the bank.
The OneCalifornia Foundation Board is composed of: Michael Kieschnick, Tom Steyer, Kat Taylor, Martin Weinstein, Salvador Menjivar, Robert Wilkins, Cynthia A. Parker, and Lydia N. Tan.[8]
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.[9]
Lending
OneCalifornia Bank was founded to provide assistance to individuals in low wealth communities,[10] 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.[11]
Alternative Payday Lending Fund
Steyer and Taylor donated $1 million to create a pilot program that can serve as a template for a fair and affordable alternative to short-term, "payday" loans. Currently, California borrowers take out $300, 15-day loans at an annualized interest rate of 459%. The program, still in its R&D phase, plans to partner with employers, community organizations and philanthropic foundations to distribute the loan to employees in need of emergency financing. Eligible employees will have access to loans that provide fair rates and longer, more reasonable loan terms. This loan program includes several features to help borrowers get on better financial footing in the long term: savings incentives, access to financial education and low cost banking services, and helping borrowers build their credit.[12]
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 will have $300 million in combined assets.[13][14]
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[15] and C.E.O. Women.[16]
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."[17]
Board
The current Board of Directors is composed of: Robert Davenport III, J.Hallam Dawson, John K. Delaney, Andrew B. Fremder, Richard B. Fried, Harry Haigood, C. James Saavedra, Brenda B. Spriggs, Jim Steyer, Tom Steyer, Margaret C. Sullivan, Robert Townsend, Daniel Skaff, and Kat Taylor.[18]
References
- ^ http://www.onecalbank.com/officersstaff.aspx
- ^ "Innovation meets tradition in community development banking". Oakland Business Review. 2008-05.
- ^ http://www.onecalbank.com/officersstaff.aspx
- ^ Bhatt, Sanjay (2010-08-23). "Shorebank Pacific Bought by California Bank". Seattle Times. http://seattletimes.nwsource.com/html/businesstechnology/2012702051_shorebank24.html. Retrieved 2010-08-23.
- ^ Scanlon, Mavis (2007-12-07). "Founders of OneCalifornia Bank start foreclosure-prevention fund". East Bay Business Times.
- ^ Stuhldreher, Anne (2009-04-08). "Traditional Lending Goes Mainstream". San Francisco Chronicle. http://articles.sfgate.com/2009-04-08/opinion/17191314_1_credit-scores-credit-bureaus-low-credit. Retrieved 2010-08-16.
- ^ "OneCalifornia Bank and Foundation: 2010 USF California Prize Winner". USF Newsroom. 2010-08-05. http://www.usfca.edu/templates/usf_news_article.aspx?id=4294975479. Retrieved 2010-08-16.
- ^ http://www.onecalfoundation.org/onecalifornia/StaffDirectors.html
- ^ http://www.onecalif.com/bankingservices.aspx
- ^ Burt, Cecily (2008-10-29). "Organization ready to help small businesses". Oakland Tribune.
- ^ Oakland Business Review
- ^ Christensen, Kim (2008-12-24). "A middle-class move to payday lenders". Los Angeles Times. http://articles.latimes.com/2008/dec/24/business/fi-payday24. Retrieved 2010-08-23.
- ^ "OneCalifornia Buys Shorebank Pacific". Portland Business Journal. 2010-08-22. http://www.bizjournals.com/portland/stories/2010/08/16/daily46.html. Retrieved 2010-08-23.
- ^ "OneCalifornia Bank to Acquire ShoreBank Pacific and Provide Growth Capital To Extend Beneficial Banking From California to the Pacific Northwest". BusinessWire. 2010-08-21. http://www.businesswire.com/news/home/20100821005014/en. Retrieved 2010-08-23.
- ^ Oakland Business Review, p2
- ^ http://www.ceowomen.org/index.php?Itemid=53&id=24&option=com_content&task=view
- ^ USF Newsroom, p1
- ^ http://www.onecalif.com/boardofdirectors.aspx
External sources
- http://www.onecalif.com/index.aspx - OneCalifornia Bank official website
Categories:- Banks based in California
- Banks established in 2007
- Companies based in Oakland, California
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