OneCalifornia Bank
Encyclopedia
OneCalifornia Bank is an Oakland, California
-based community development bank. Founded by Tom Steyer
and his wife, Kat Taylor, in June 2007, 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.
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.
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.
literacy, technical assistance and business education
provided by the OneCalifornia Foundation.
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.
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.
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.
.
-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.
awarded OneCalifornia Bank the USF California Prize. The prize "recognizes significant service in pursuit of the common good of society."
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.
Oakland, California
Oakland is a major West Coast port city on San Francisco Bay in the U.S. state of California. It is the eighth-largest city in the state with a 2010 population of 390,724...
-based community development bank. Founded by Tom Steyer
Tom Steyer
Thomas "Tom" Fahr Steyer is an American asset manager, philanthropist and environmentalist.He is the founder and Co-Senior Managing Partner of Farallon Capital Management, LLC and the co-founder of the OneCalifornia Bank, an Oakland-based community development bank...
and his wife, Kat Taylor, in June 2007, OneCalifornia Bank functions as a regulated financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
, 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.
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
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, Oregon
Oregon
Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...
and Washington.
Founders
Tom SteyerTom Steyer
Thomas "Tom" Fahr Steyer is an American asset manager, philanthropist and environmentalist.He is the founder and Co-Senior Managing Partner of Farallon Capital Management, LLC and the co-founder of the OneCalifornia Bank, an Oakland-based community development bank...
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
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
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
Farallon Capital
Farallon Capital Management, L.L.C. is an American global investment firm that manages capital on behalf of institutions and individuals. The firm was founded by Tom Steyer in 1986...
, and a partner in Hellman & Friedman
Hellman & Friedman
Hellman & Friedman is a private equity firm, founded in 1984 by Warren Hellman and Tully Friedman, that makes investments primarily through leveraged buyouts and minority growth capital investments....
, a San Francisco private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm.
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 financialFINANCIAL
FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. Published by Intelligence Group LLC, FINANCIAL is focused on opinion leaders and top business decision-makers; It's about world’s largest companies, investing, careers, and small business. It is...
literacy, technical assistance and business education
Education
Education in its broadest, general sense is the means through which the aims and habits of a group of people lives on from one generation to the next. Generally, it occurs through any experience that has a formative effect on the way one thinks, feels, or acts...
provided by the OneCalifornia Foundation.
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.
OneCalifornia Foundation
The foundation engages in charitableCharitable organization
A charitable organization is a type of non-profit organization . It differs from other types of NPOs in that it centers on philanthropic goals A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that it centers on philanthropic goals A...
and educational activities that primarily support the goals of OneCalifornia Bank. Included are programs and initiatives to help eliminate financial discrimination
Discrimination
Discrimination is the prejudicial treatment of an individual based on their membership in a certain group or category. It involves the actual behaviors towards groups such as excluding or restricting members of one group from opportunities that are available to another group. The term began to be...
, encourage affordable housing, alleviate economic distress, stimulate community development and increase financial literacy
Literacy
Literacy has traditionally been described as the ability to read for knowledge, write coherently and think critically about printed material.Literacy represents the lifelong, intellectual process of gaining meaning from print...
. 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
Tom Steyer
Thomas "Tom" Fahr Steyer is an American asset manager, philanthropist and environmentalist.He is the founder and Co-Senior Managing Partner of Farallon Capital Management, LLC and the co-founder of the OneCalifornia Bank, an Oakland-based community development bank...
, Kat Taylor, Martin Weinstein, Salvador Menjivar, Robert Wilkins, Cynthia A. Parker, and Lydia N. Tan.
Services and Products
OneCalifornia Bank's services and products available to individuals include: home loans; home equityHome equity
Home equity is the market value of a homeowner's unencumbered interest in their real property—that is, the difference between the home's fair market value and the outstanding balance of all liens on the property. The property's equity increases as the debtor makes payments against the...
lines of credit; home
Home
A home is a place of residence or refuge. When it refers to a building, it is usually a place in which an individual or a family can rest and store personal property. Most modern-day households contain sanitary facilities and a means of preparing food. Animals have their own homes as well, either...
improvement loans; personal lines of credit
Credit (finance)
Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately , but instead arranges either to repay or return those resources at a later date. The resources provided may be financial Credit is the trust...
; money market
Money market
The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...
accounts; and savings and checking
ChecKing
checKing QA is a web application developed by Optimyth Software intended for monitoring the quality of software development process and its results, for organizations that want to control software quality before it is put into production....
accounts.
Business services and products include: checking accounts; money market accounts; online
ONLINE
ONLINE is a magazine for information systems first published in 1977. The publisher Online, Inc. was founded the year before. In May 2002, Information Today, Inc. acquired the assets of Online Inc....
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
Capital (economics)
In economics, capital, capital goods, or real capital refers to already-produced durable goods used in production of goods or services. The capital goods are not significantly consumed, though they may depreciate in the production process...
campaigns; financing facilities and real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
; 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.
Lending
OneCalifornia Bank was founded to provide assistance to individuals in low wealth communities, 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 efficiencyEfficiency
Efficiency in general describes the extent to which time or effort is well used for the intended task or purpose. It is often used with the specific purpose of relaying the capability of a specific application of effort to produce a specific outcome effectively with a minimum amount or quantity of...
.
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.Shorebank Pacific Acquisition
In August 2010, OneCalifornia Bank announced it will acquire Shorebank Pacific, the Ilwaco, WashingtonIlwaco, Washington
Ilwaco is a city in Pacific County, Washington, United States. The population was 950 at the 2000 census and decreased to 936 at the 2010 census.-History:...
-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.
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 and C.E.O. Women.Recognition
In 2010, the University of San FranciscoUniversity of San Francisco
The University of San Francisco , is a private, Jesuit/Catholic university located in San Francisco, California. Founded in 1855, USF was established as the first university in San Francisco. It is the second oldest institution for higher learning in California and the tenth-oldest university of...
awarded OneCalifornia Bank the USF California Prize. The prize "recognizes significant service in pursuit of the common good of society."
Board
The current Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
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
Jim Steyer
James P. Steyer is an American child advocate, civil rights attorney, professor and author. He is most known for founding Common Sense Media, a non-partisan organization dedicated to improving media and entertainment choices for kids and families.Prior to launching Common Sense Media, Steyer...
, Tom Steyer
Tom Steyer
Thomas "Tom" Fahr Steyer is an American asset manager, philanthropist and environmentalist.He is the founder and Co-Senior Managing Partner of Farallon Capital Management, LLC and the co-founder of the OneCalifornia Bank, an Oakland-based community development bank...
, Margaret C. Sullivan, Robert Townsend, Daniel Skaff, and Kat Taylor.
External sources
- http://www.onecalif.com/index.aspx - OneCalifornia Bank official website