Release Date: 01-03-2011
Merger extends beneficial banking from California to the Pacific Northwest
OAKLAND, Calif.–(BUSINESS WIRE)–Today OneCalifornia Bank, FSB and ShoreBank Pacific announced the completion of the acquisition by OneCalifornia Bank of ShoreBank Pacific from ShoreBank Corporation and the merger of ShoreBank Pacific into OneCalifornia Bank. The acquisition and merger were completed on December 30, 2010. The combined bank plans to adopt the name One PacificCoast Bank.
The merger combines two Community Development Financial Institutions (CDFIs) with strong commitments to mission-based banking. With approximately $300 million in assets, the new entity is poised to become the premier provider of triple-bottom-line banking on the West Coast.
“We are delighted to join forces with ShoreBank Pacific, a pioneer in sustainable banking,” said Tom Steyer, co-founder of OneCalifornia Bank. “By combining our institutions, we create the bank of choice for customers wanting sustainable, affordable and beneficial banking products.”
Founded in 2007 by Mr. Steyer and his wife, Kat Taylor, Oakland-based OneCalifornia Bank works in tandem with the OneCalifornia Foundation to expand economic opportunity for underserved communities in the San Francisco Bay Area. Since 1997, ShoreBank Pacific has provided resources and leadership for ensuring the long-term growth and success of the Pacific Northwest’s unique industries including sustainable agriculture, specialty fish and renewable energy.
The purchase of ShoreBank Pacific is a “natural and strategic extension of OneCalifornia Bank’s mission and history of providing responsible and affordable financial services to low- to moderate-income communities,” said Harry Haigood, CEO of the new bank.
“Together we can bring the value of sustainability to a broader audience and provide greater opportunities for employees, as well as the communities that OneCalifornia Bank and ShoreBank Pacific serve,” said David Williams, CEO of ShoreBank Pacific.
Full system integration is expected to be complete in March 2011.
About OneCalifornia Bank
Founded in 2007 by Tom Steyer and Kat Taylor, OneCalifornia Bank, FSB is an FDIC-insured Certified Development Financial Institution (CDFI) based in Oakland, Calif. In addition to providing loans to businesses, nonprofits and community organizations, OneCalifornia Bank offers banking services integrated with financial literacy, technical assistance and business education supported by OneCalifornia Foundation. OneCalifornia Bank operates from a triple-bottom-line perspective, which allows it to meet its social mission goals, while operating in a safe, sound and sustainable manner. For additional information, please visit www.onecalbank.com.
About ShoreBank Pacific
ShoreBank Pacific is an FDIC-insured bank leading the financial world in sustainable banking. Founded in 1997 by ShoreBank Corp., Chicago and Ecotrust, ShoreBank Pacific invests in people and businesses in the Pacific Northwest to create strong companies, a healthy environment and vibrant communities. ShoreBank Pacific is headquartered in Ilwaco, Wash., with a branch in Seattle, Wash., and an additional lending office in Portland, Ore. ShoreBank Pacific is a certified Community Development Financial Institution. Visit www.shorebankpacific.com for more information.
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