OAKLAND, Calif.--(BUSINESS WIRE)--Today OneCalifornia Bank and ShoreBank Pacific announced the signing of a stock purchase agreement for the acquisition of ShoreBank Corporation’s Pacific Northwest subsidiary, ShoreBank Pacific, by OneCalifornia Bank. The purchase, which is subject to regulatory and other approvals, will result in an institution with combined assets of approximately $300 million. Terms of the transaction were not disclosed. “This purchase will enhance our capacity to deliver fair and beneficial banking to the communities we currently serve in California and greatly expand our reach on the West Coast,” said Tom Steyer, co-founder of OneCalifornia Bank.
“This is an important strategic acquisition for OneCalifornia Bank of a valued pioneer of mission-driven banking,” said Harry Haigood, Chairman and CEO of OneCalifornia Bank. “With this purchase,” he continued, “we are committing to broaden our products and services as well as to extend our impact from California to Washington and Oregon. We applaud ShoreBank Pacific for its 13-year track record of fostering sustainable community development and remain committed to building the strength of the communities we serve. OneCalifornia Bank’s history of providing responsible, affordable financial services to low-wealth communities compliments ShoreBank Pacific’s focus on financing environmentally sustainable businesses. We think this merger holds the promise of great synergy.”
Since ShoreBank Pacific’s founding in 1997, it has provided the resources and leadership for ensuring the long-term growth and success of the region’s unique industries, including sustainable agriculture, specialty fish, and renewable energy. “The biggest beneficiaries of this merger are the communities we serve. With a shared commitment to community banking and a host of complimentary services, this will bring a triple-bottom-line approach to community and environmental banking throughout California and the Pacific Northwest,” said David Williams, CEO of ShoreBank Pacific. ShoreBank Pacific became a certified Community Development Financial Institution (CDFI) in 2009.
Founded in 2007 by Tom Steyer and Kat Taylor of San Francisco, OneCalifornia Bank, also a CDFI, is based in Oakland, California and strives to improve economic opportunity for low-income people by helping businesses create jobs and enhance their financial strength. OneCalifornia Bank operates from a triple- bottom-line perspective, which allows it to meet its social mission goals while operating in a safe, sound and sustainable manner. In addition to providing loans to businesses, nonprofits and community facilities, OneCalifornia Bank offers banking services integrated with financial literacy, technical assistance and business education supported by OneCalifornia Foundation. For additional information, please visit www.OneCalBank.com