Community Bank of the Bay (CBB) is a locally owned, locally managed full service commercial bank committed to its community. CBB aims to create jobs and invests in the community by working with faith-based and nonprofit organizations, small businesses and individuals. CBB's lending activities are designed to improve capital access in credit-deprived East San Francisco Bay Area neighborhoods, thus helping to revitalize those communities. As of December 31, 2008, CBB's total assets are worth over $68 million.
CBB is a full-service bank that provides a variety of lending and depositary products and services.
- Lending - CBB specializes in loans for community development purposes, particularly in low- and moderate-income East San Francisco Bay Area neighborhoods. Special emphasis is placed on loans for faith-based organizations, small businesses, and nonprofits. Loan types include working capital loans, lines of credit, equipment loans, bridge loans, rehab or construction loans for multi-unit or commercial property, Small Business Administration and CalCAP Loans and California Financial Development Corporation Loan Guarantees, and standby letters of credit. Investments by individuals, as well as institutions such as Calvert Foundation, provide the lending capital.
- Deposits - CBB offers a full range of deposit products at competitive rates. As a community development bank, it converts these deposits into loans for purposes such as church loans, small business expansion in low-income neighborhoods, and supporting non-profit organizations. Deposit types include checking accounts, savings accounts, money market accounts, certificates of deposit, and IRA accounts. The CDARS product allows for deposits to be insured for up to $50 Million
Community Bank of the Bay is located in Oakland, Alameda County. Alameda County's population is 35% White, 31% African American, 25 % Hispanic and 15% Asian. Oakland has a population of 415,492 with a 15.8% unemployment rate. The median income in Oakland is $49,359, well below the County average of $64,424.
Churches are the soul of the community and faith-based lending is 13.7% of CBB's lending, with the other nonprofits and green business making up 5.4%. Small business lending comprises the other 80.9%.
CBB made faith-based loans, Oakland 1st Fund loans, and green loans which retained or created 210 jobs in 2008. Small business loans were the largest segment of CBB's loans and they created or retained 573 jobs.
In addition, CBB donated sponsorships to nonprofits and churches, and employees donated many volunteer hours. In addition, CBB donated community facilities at no charge to nonprofit groups
A 140-year-old congregation in downtown Oakland needed to seismically retrofit their sanctuary. The Sanctuary, built in 1891, had withstood subsequent earthquakes but was clearly a potential hazard to all who entered there. Three other banks turned down the loan request because the economic downtown made reliance on annual members' pledges appear to be an undue risk.
The chosen local general contractor referred the distressed church’s request to Community Bank of the Bay because of its experience in faith-based lending. The church applied to Community Bank of the Bay and was granted a loan. Full Story