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"'OneCalifornia Bank'" is an Oakland, California-based full-service community development bank. Founded by Tom and Kat Steyer in September 2007.[1] OneCalifornia Bank functions as a regulated financial institution, insured and for-profit just like other banks, but provides commercial banking services to underserved Bay Area small and medium-size businesses, nonprofits, affordable-housing developers, community facilities, as well as families and individuals with a goal to eventually serve all of California.

Mission

The Bank maintains a “double bottom line,” seeking to be both profitable and expand economic opportunity. Banking services are integrated with financial literacy, technical assistance and business education supported by the OneCalifornia Foundation. [2]

Founders

Tom Steyer and his wife, Kat Taylor, founded OneCalifornia Bank, providing $22.5 million of their personal wealth as capital. Steyer and Taylor donated 100% of the non-voting shares of OneCalifornia Bancorp Inc., the bank’s parent, along with 49% of the voting shares, to the OneCalifornia Foundation.

Taylor is a Harvard graduate who holds a joint juris doctor and master in business administration degree from Stanford University. She is the granddaughter of Paul Hoover, the chairman and CEO of Crocker National Bank, which was bought by Wells Fargo & Co. in 1986. Taylor has been active in Bay Area philanthropic organizations for two decades. Steyer, also a Harvard and Stanford alum, is the founder and co-senior managing member of the money-management fund Farallon Capital Management, and a partner in Hellman & Friedman LLC, a San Francisco private equity firm. [3]

Lending

OneCalifornia Bank was founded to provide assistance to individuals and organizations unable to get loans from traditional banks[4], including entrepreneurs wanting startup funds and existing businesses experiencing financial difficulty. The Bank’s loans include financing the remodel of Oakland’s Merritt Bakery icon restaurant, providing financing for the installation of one of Oakland’s largest commercial solar panel systems, and providing assistance to John Bailey of Volunteers of America Bay Area. The bank has also helped multiple nonprofit organizations and businesses with cash management services intended to increase administrative and operational efficiency.[5]

Services and Products

OneCalifornia offers a full-range of banking and money management products and services to both businesses and individuals, as well as non-profits. Its 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: Small Business Administration loans; checking accounts; money market accounts; online cash management; and commercial lending including lines of credit, term loans and commercial real estate loans.

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.[6]

OneCalifornia Foundation

The OneCalifornia Foundation was created to hold all of the non-voting shares of stock in the OneCalifornia Bank to guarantee that the bank’s profits would be put to back into use for further community development. There are currently no other investors. [7] The foundation engages in charitable and educational activities that primarily support the goals of OneCalifornia Bank, FSB. Included are programs and initiatives to help eliminate discrimination, encourage affordable housing, alleviate economic distress, stimulate community development and increase financial literacy.

The foundation owns 100% of the non-voting shares of OneCalifornia Bancorp Inc., the bank’s parent, along with 49% of the voting shares, to the foundation.[8] The foundation hosts a walk-in facility next door to the bank.

The OneCalifornia Foundation Board is comprised of: Michael Kieschnick, Tom Steyer, Kat Taylor, Martin Weinstein, Salvador Menjivar, Robert Wilkins, Cynthia A. Parker, and Lydia N. Tan.

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 the Mission Asset Fund.

===Chabot Space & Science Center=== 

OneCalifornia Bank provided $25,000 to support Chabot Space and Science Center’s mission “to create opportunities for students in science, technology, engineering and math, including providing s mission of educating and inspiring students of all ages about Planet Earth and the Universe.”[9] OneCalifornia Bank’s association with Chabot began in March 2008 with a OneCalifornia sponsored field trip to Chabot for Oakland public school fifth graders.

===Cestas Populares=== 

OneCalifornia Bank is partnered with Mission Asset Fund to bring traditional informal lending circles into formalized modern banking in order to help people establish and improve their credit histories. Called “cestas,” which means baskets in Spanish, OneCalifornia is among the nation’s first financial institutions to house payments from these lending circles and provide payouts. The bank reports what happens to credit bureaus as bona fide financial activity so participants can establish or improve their credit scores. [10]

People who form cestas can have an account at any bank. On a designated date, OneCalifornia Bank will automatically withdraw the agreed upon amount from each cesta member’s account. The withdrawals go into a master account owned by the Mission Asset Fund, which then directs OneCalifornia Bank to pay the pot out to the cesta member whose turn it is.[11]

Board

OneCalifornia Bank draws its Board of Directors from legal and financial investment sectors. The current Board is comprised of: Robert Davenport III, J.Hallam Dawson, John K. Delaney, Andrew B. Fremder, Richard B. Fried, Harry Haigood, C. James Saavedra, Brenda B. Spriggs, James P. Steyer, Tom Steyer, Margaret C. Sullivan, Robert Townsend, Daniel Skaff, and Kat Taylor.[12]

See also

Tom Steyer

References

  1. ^ "Innovation meets tradition in community development banking". Oakland Business Review. 2008-05. {{cite news}}: |access-date= requires |url= (help); Check date values in: |date= (help)
  2. ^ Stuhldreher, Anne (2009-04-08). "Traditional Lending Goes Mainstream". San Francisco Chronicle. Retrieved 2010-08-16.
  3. ^ Scanlon, Mavis (2007-12-07). "Founders of OneCalifornia Bank start foreclosure-prevention fund". East Bay Business Times. {{cite news}}: |access-date= requires |url= (help)
  4. ^ Burt, Cecily (2008-10-29). "Organization ready to help small businesses". Oakland Tribune. {{cite news}}: |access-date= requires |url= (help)
  5. ^ Oakland Business Review
  6. ^ http://www.onecalif.com/bankingservices.aspx
  7. ^ Oakland Business Review
  8. ^ Scanlon, p1
  9. ^ http://www.chabotspace.org/aboutus/mission.asp
  10. ^ Stuhldreher, p1
  11. ^ Stuhldreher, p1
  12. ^ http://www.onecalif.com/boardofdirectors.aspx

External sources

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