ShoreBank acquisition closed by OneCalifornia
By Christina Williams, Sustainable Business Oregon
Sustainable Business Oregon
David Williams, Shorebank Pacific CEO
Monday morning saw the announcement by OneCalifornia Bank that it completed the acquisition of ShoreBank Pacific from ShoreBank Corporation. The acquisition, and the merger of ShoreBank Pacific into OneCalifornia, were completed on Dec. 30 and created a new bank that will be called One PacificCoast Bank.
The acquisition of Ilwaco-based ShoreBank Pacific, a community bank known for its focus on sustainable businesses and nonprofits, was announced in August after the Federal Deposit Insurance Corp. shut ShoreBank Pacific's Chicago-based parent, ShoreBank. Thanks to its solid capital ratio and liquidity levels, ShoreBank Pacific was not included in the seizure.
ShoreBank Pacific, which has $190 million in assets, 30 employees and a "Let's change the world" slogan, announced the next day that it had been acquired by OneCalifornia Bank, a community bank based in Oakland that focuses on lower-income communities in the San Francisco Bay Area.
The new entity will have approximately $300 million in assets and will continue to operate as a mission-based bank.
OneCalifornia was formed in 2007 by the husband-wife team of Tom Steyer and Kat Taylor.
ShoreBank Pacific was founded in 1997 as a spinoff of the nonprofit Ecotrust. Its focus is on the environment and sustainable rural communities. Taylor serves on the Ecotrust board of directors.
Harry Haigood, based in Oakland, will serve as CEO of the new bank. Full system integration is expected to be complete in March. Post-acquisition details of employment and leadership of the former ShoreBank Pacific offices in Ilwaco, Seattle and Portland, are still being determined.
"Together we can bring the value of sustainability to a broader audience and provide greater opportunities for employees, as well as the communities that OneCalifornia Bank and ShoreBank Pacific serve," said David Williams, CEO of ShoreBank Pacific, in a press release.
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