Submitted by Community Bank Of The Bay
OAKLAND, Calif.--(BUSINESS WIRE)--March 20, 2007--The Community Bank Of The Bay (OTCBB:CBYAA) truly supports the expression, "put your money where your mouth is." It seems this bank also takes the word "community" to heart. It starts with their Oakland First Fund, which allocates deposits to be used exclusively for lending to Oakland
businesses and consumers. Started in 2004, the fund now holds $25 million in assets and is used to help grow the local economy. "With other banks, your money becomes their money," says Brian Garrett, President of the Community Bank Of The Bay. "They can lend it to whomever they please, wherever they like. So your money could be going to fund a chicken farm in Iowa. When you dedicate your money to the Oakland First Fund, you guarantee that your money is going right back into your community."
"Many of the churches in our community have taken advantage of the Oakland First Fund," says Chief Financial Officer, Chaula Pandya. "It's the ultimate recycling of money."
Recycling in general is an important subject at the Community Bank Of Bay. With the success of the Oakland First Fund and the awareness of the critical need for funding of "green projects" in our community, the bank introduced the Bay Area Green Fund in early 2007.
Like the Oakland First Fund, the initiative offers customers the opportunity to dedicate their deposits to a fund that is specifically used to lend money to something they believe in. In this case, money in the Bay Area Green Fund, is used to support sound and sustainable environmental projects in the Bay Area. "We are always focusing on doing something more meaningful for our clients and our community," says Garrett.
This year, the bank is in the process of being certified as a Green Business by the Alameda County Green Business Program. Among many green initiatives at the bank, solar panels are being installed on the top of the building the bank purchased in 2006, located at 1750 Broadway -- just blocks from the Paramount Theater and the soon to be restored Fox Oakland Theater. "The goal is for the bank to generate more electricity than it uses and sell the excess back to the power company," says Garrett.
To further demonstrate their support of the community and the need to encourage green initiatives in the Bay Area, the bank has signed on as a Platinum Sponsor of the Alameda County Green Business Tenth Anniversary Event, being held on Thursday, April 26, 2007 at the Jack London Aquatic Center. "We couldn't be more pleased to have the support of a bank in our community, at an event that is celebrating ten years of environmental values through Green Business Certification," says Green Business Coordinator, Pamela Evans.
In an effort to diminish the use of fossil fuels and to continue to offer groundbreaking customer service, the bank is offering their business customers a "Green Machine." The machine allows commercial clients to deposit their checks by scanning them into a small machine. The image is sent to the bank electronically and credited to the customer's accounts, just as if they were at the teller window making a deposit. "It eliminates the time and fuel consuming practice of clients having to get in their vehicles and drive to the bank to deposit their checks," says Garrett.
Community Bank Of The Bay is dedicated to offering effective programs and services to the community, with a particular focus on the needs of small and mid-size businesses in Oakland and the surrounding area.
1750 Broadway, Oakland, CA 94612
Stock Symbol: CBYAA.OB
Copyright Business Wire 2007
More from Community Bank Of The Bay