Community Bank of the Bay Unveils Oakland First Fund.

Business Editors

OAKLAND, Calif.--(BUSINESS WIRE)--May 28, 2004

If you believe that Oakland is a great place to live and work and that it is bursting with potential that deserves financial support, Community Bank of the Bay agrees -- and wants to help you put your money where your heart is.

Brian Garrett, president of Community Bank of the Bay, announced Thursday the creation of the Community Bank of the Bay Oakland First Fund. All depositors -- whether business or individual -- can designate any of their Community Bank deposits for this fund, at no cost.

Community Bank of the Bay promises that money deposited into the Oakland First Fund will be used exclusively for loans to businesses and individuals who agree to use the money in Oakland, whether to build housing, create jobs, expand a business or in any other way that will help the community.

"It's a very simple idea," Garrett told about 200 members of the Oakland Metropolitan Chamber of Commerce, who had gathered at the Bank's Broadway headquarters for an open house and barbecue. "We're a community development financial institution (CDFI). The community is an essential part of our reason for being. If our depositors want their money to stay here, to be loaned to other residents and local businesses, and to be used to benefit Oakland, we're going to see to it that happens."

All staff members have an ownership interest in the Bank. All Board members are local community business owners. All decisions are made locally, here in Oakland.

"We can do this," Garrett continued, "because we are a very hands-on bank. There's nothing distant or remote about our operations. We pay close attention to our customers, whether they are investing their money here or borrowing from us. We know where our deposits are coming from and where they are being used. Large banks, with headquarters in other parts of the country, can't do that."

Community Bank of the Bay also plans to be accountable for how the Oakland First Fund is used, both to investors and to the community. The bank anticipates regular reports featuring the improvements that the fund's investments bring about.

Garrett predicted the Oakland First Fund might reach approximately $3 million to $5 million within a few months. Overall, the Bank currently holds about $35 million in deposits, up from about $32 million on March 31, 2004.

To arrange a deposit to the Oakland First Fund, or to have any existing account designated as a part of the Oakland First Fund, simply call your Community Banker at 510-433-5400. If you don't yet have a personal or business representative at Community Bank of the Bay, just ask for one.

Community Bank of the Bay, which had assets of $35 million on March 31, 2004, is located at 1750 Broadway, Oakland. The office is open from 9 a.m. to 4 p.m., Monday through Friday. Information on the bank and its services are available online at www.communitybankbay.com.