Provides SBA Paycheck Protection Program Update
Announces Director Share Purchases
OAKLAND, Calif., June 08, 2020 (GLOBE NEWSWIRE) -- Community Bank of the Bay (OTCPink: CBYAA), a San Francisco Bay Area commercial bank with full-service branch offices in Oakland, Danville and San Mateo, today announced that it has rescheduled its Annual Shareholders’ Meeting to Wednesday, July 29, 2020, at 9:00 a.m. PDT. Details regarding either the physical location of the meeting or a digital invitation, will be announced in the proxy materials and will be based on COVID-19 related restrictions in place at the time of the meeting.
On March 27, 2020, Congress passed the CARES Act providing financial relief and support to the economy, including funding for the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”). Community Bank of the Bay began processing PPP loan applications immediately after the program was available and as of May 31, 2020, had funded 353 loans totaling $80 million with an average loan size of $228,000. Of the 353 approved loans, 50% were for loans under $100,000.
“Community banks across the nation stepped up to deliver a valuable Small Business Administration program that helped keep people employed and supported local small and mid-sized businesses and non-profit organizations alike. Because of our dedicated team, often working long hours and weekends, we were able to respond quickly to the needs of our clients and prospects alike,” said William S. Keller, President and CEO.
Additionally, the Company announced that members of its Board of Directors and company executives made open-market purchases of 188,395 shares of Community Bank of the Bay common stock between March 1 and May 29, 2020.
About Community Bank of the Bay
Community Bank of the Bay (OTCPink: CBYAA) serves the financial needs of closely held businesses and professional service firms, as well as their owner-operators and non-profit organizations throughout the San Francisco Bay Area. Community Bank of the Bay is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with full-service branches in Danville and San Mateo. It is also California’s first FDIC-insured certified Community Development Financial Institution and one of only three operating in the Bay Area. The bank is recognized for establishing the Bay Area Green Fund to provide financing to sustainable businesses and projects and supports environmentally responsible values. Additional information on the bank is available online at www.BankCBB.com.
Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
Contacts:
William S. Keller, President & CEO
510-433-5404
wkeller@BankCBB.com