Bay Area Council Applauds Cal Fed's Investment in Bay Area Family of Funds.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Aug. 21, 2002 The Bay Area Council announced that California Federal Bank California Federal Bank, often abbreviated to "Cal Fed", was a savings and loan bank in California. It existed from 1926 until 2002, when its parent company Golden State Bancorp was acquired by Citigroup, resulting in the bank being merged into Citibank. , one of the largest savings and loans savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , has invested in each of the three funds within the Bay Area Family Funds, a regional effort to attract private investment into low and moderate-income neighborhoods to promote smart growth, address poverty, support local businesses, and clean up contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. sites with market-based solutions. The Bay Area Family of Funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". includes: -- The Bay Area Smart Growth Fund scaled at $75 million to $100 million, to invest in mixed use, mixed income real estate developments in the Bay Area. -- The California Environmental Redevelopment Fund (CERF), scaled at $50 million to $75 million, to invest in the restoration of environmentally contaminated sites. -- The Community Equity Fund, scaled at $75 million to $100 million, to make equity investments in businesses in the Bay Area. The Bay Area Council developed the Family of Funds with a broad coalition of business, community, governmental, and environmental groups. Each fund within the Bay Area Family of Funds requires double bottom line returns of long-term market returns for investors and significant social returns and environment benefits for communities. Bay Area Council president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Sunne Wright McPeak, stated, "The Bay Area Family of Funds represents a market-based approach to advancing smart growth, tackling poverty, and expediting environmental cleanup The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. within our region. I applaud the commitment of Cal Fed to improving the quality of life in communities across the Bay Area with investments in the Bay Area Smart Growth Fund, the California Environmental Redevelopment Fund, and the Community Equity Fund." Lisa Joyner Lisa Marie Joyner (born December 31, 1968) is an entertainment reporter. She has reported on celebrity news in the Los Angeles area for KTTV and KCBS. Joyner is married to actor Jon Cryer. She is Malaysian on her father's side, and Swedish/Scotish on her mother's side. , community investment manager at Cal Fed, stated, "Cal Fed invested in the Bay Area Smart Growth Fund, the California Environmental Redevelopment Fund, and the Community Equity Fund because of the innovative approach of the Bay Area Family of Funds in using private investment to tackle poverty and requiring double bottom line returns. Cal Fed recognizes the key role that businesses must play in securing economic prosperity throughout all of the neighborhoods in the Bay Area." The Bay Area Smart Growth Fund The Bay Area Family of Funds includes the Bay Area Smart Growth Fund, the California Environmental Redevelopment Fund, and the Community Equity Fund. It is a regional effort to attract private investment into low and moderate-income neighborhoods to promote smart growth, address poverty, support local businesses, and clean up contaminated sites with market-based solutions. For additional information, please see Fact Sheet--Bay Area Family of Funds and http://www.bayareacouncil.org/ppi/sed/CCIIbrochure.pdf. The Bay Area Council Founded in 1945, the Bay Area Council (www.bayareacouncil.org) develops and drives regional public policy initiatives and researches critical infrastructure issues. Led by CEOs, the Bay Area Council presents a strong, united voice for more than 275 major employers throughout the Bay Area region in promoting economic prosperity and quality of life. Sunne Wright McPeak has served as president and CEO of the Bay Area Council since 1996. The Bay Area Council serves as a sponsor of the Bay Area Smart Growth Fund, the California Environmental Redevelopment Fund, and the Community Equity Fund. California Federal Bank Cal Fed is one of the largest California-based insured depository institutions, with $52 billion in assets, approximately 8,900 employees and 355 branches in California and Nevada. Based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Golden State Bancorp (NYSE NYSE See: New York Stock Exchange :GSB GSB Graduate School of Business (Stanford) GSB Graduate School of Business (Chicago) GSB Government of the Student Body (Iowa State University, Ames, IA) ) is the publicly traded parent of California Federal Bank. The bank's primary operating subsidiaries are First Nationwide Mortgage Corp., Cal Fed Investments and Auto One Acceptance Corp. Cal Fed is a full-service, community-oriented bank serving consumers and business customers. Citigroup (NYSE:C) will acquire Golden State Bancorp including Cal Fed in a transaction expected to close in the fourth quarter of 2002. More information on the companies is available online at www.goldenstate.com, www.calfed.com, and www.citigroup.com. For additional information, please visit the Bay Area Council Web site at www.bayareacouncil.org. |
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