SAN JOSE, Calif., Oct. 30, 2023 (GLOBE NEWSWIRE) -- After nearly three decades of serving the community, Community Bank of the Bay (CBB) has opened a new branch in downtown San Jose.
During a time of downsizing and financial uncertainty for the banking industry, CBB is expanding its footprint. Known for its financial strength and stability, CBB maintains capital ratios in the top 5% of peer banks nationwide and holds a superior institution distinction by Bauer Financial.
“We are honored to once again receive this top recognition from the CDFI Fund,” said William S. Keller, CEO. "With a legacy spanning nearly three decades, CBB has remained dedicated to delivering banking solutions for businesses, with a special focus on underserved communities. The funds we receive through the Bank Enterprise Award will allow us to continue our work efforts with Bay Area communities who need it most."
Headquartered in Oakland, CBB is an independent, community-focused bank with a strong record of serving local businesses, creative entrepreneurs, nonprofit organizations, and individuals in the San Francisco Bay Area. The U.S. Department of Treasury has honored CBB—the first FDIC-insured Community Development Financial Institution (CDFI) in California—multiple times, including the recent $451,025 Bank Enterprise Award (BEA) for fiscal year 2023. This was the 22nd time that CBB received a BEA.
Leading the new branch located at 956 The Alameda, San Jose, CA 95126 is Francisco Terrizzano, Senior Vice President and South Bay Regional Manager, and former San Jose City Council Member Johnny Khamis, Director of Community Engagement, is spearheading the grand opening efforts. There will be a ribbon-cutting ceremony with Mayor Matt Mahan and other local elected leaders, November 8th, 2023.
“I am excited to be part of establishing a full-service branch to serve the South Bay community that I call home. After working in the banking industry in San Jose for 30 years, I am confident that CBB will be a catalyst for growth to South Bay businesses and nonprofits,” says Terrizzano.
About Community Bank of the Bay and Bay Community Bancorp
Bay Community Bancorp (OTCPink: CBOBA) is the parent company of Community Bank of the Bay, a San Francisco Bay Area commercial bank with full-service offices in Oakland, Danville, San Jose, and San Mateo. Community Bank of the Bay 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.
There are only 150 CDFIs in the United States, and CBB is one of just three in California. As a committed and resourceful financial steward of the local economy, 87% of all CBB loans are mission-driven, supporting nonprofit organizations, affordable housing initiatives, low-to-moderate income communities, and environmental organizations. The Bank was also the first and the only bank in the Bay Area to sign the Anti-Displacement Code of Conduct. The code promises to focus on community sustainability rather than profit. Signatories of the code focus on lending to people, businesses, and organizations in low-to-moderate-income areas.
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.
Contacts:
William S. Keller, President & CEO
510-433-5404
wkeller@BankCBB.com
