Headline: Oakland 1st Fund Tops $15 Million at Community Bank of the Bay

Publication: Oakland 1st Press Release

Dateline: January 23, 2006

OAKLAND, Calif. (Jan. 23, 2006) – Deposits in Community Bank of the Bay’s (CBYAA.OB) groundbreaking Oakland 1st Fund have reached $15 million.

The Oakland 1st Fund, which the Community Bank established in 2004, puts deposits back to work in the community by providing loans to local businesses and consumers.

By the end of 2005, Oakland 1st Fund had deposits had been used to make 61 loans totaling $12.5 million for the development of a new restaurant, improvements to local churches, Owner Occupied Commercial Real Estate, real estate redevelopment, auto loans and home-equity loans – all exclusively within Oakland.

Any deposit account is eligible for designation for the Oakland 1st Fund.  In all 554 Community Bank customers have said “use my money in Oakland 1st.” Most – 385 – are traditional demand deposit (checking) accounts. Another 103 certificates of deposit and 66 savings accounts have also been designated for the Fund.

“We are very pleased that our Oakland 1st Fund continues to attract deposits from customers who share our commitment to enhance the economic vitality of Oakland,” said Brian Garrett, president and chief executive officer. “As a locally owned bank, it is important to us to help Oakland thrive and prosper,” said Garrett.  

“As the Fund grows, we continue to aggressively seek out new lending opportunities that will benefit Oakland,” Wilbur E. Hobbs, chief credit officer, said. Businesses, nonprofit organizations and individuals may qualify for Oakland 1st Fund loans if they meet the bank’s credit standards and the proceeds will be used exclusively in Oakland. “We are creating a sustainable banking model that recycles Oakland deposits back into the community for the benefit of Oakland’s economic vitality,” Hobbs added.
           
“We are proud to be part of a community where so many people are working hard to make it a great place to live and do business,” Hobbs said. “It has been extremely gratifying to see the high level of interest both from depositors and borrowers.” Anyone interested in the Fund can obtain information at the bank’s office or by calling (510) 433-5400.

Community Bank of the Bay 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 is available online at www.communitybankbay.com.