[Congressional Record (Bound Edition), Volume 145 (1999), Part 15]
[Extensions of Remarks]
[Page 21167]
[From the U.S. Government Publishing Office, www.gpo.gov]



                       COMMUNITY BANK OF THE BAY

                                 ______
                                 

                            HON. BARBARA LEE

                             of california

                    in the house of representatives

                      Thursday, September 9, 1999

  Ms. LEE. Mr. Speaker, I rise to recognize the significance of the 
establishment of the Community Bank of the Bay in the East Bay of San 
Francisco in the 9th Congressional District of California. Community 
Bank of the Bay came into existence three years ago, today, through the 
vision of its founding Board of Directors and many community 
supporters.
  Community Bank of the Bay is to be recognized for several reasons: it 
is the first formally chartered community development bank in the State 
of California, and was the third such Bank in the United States.
  Community Bank of the Bay was also the first bank to be authorized as 
a Community Development Financial Institution (CDFI) by both the United 
States Treasury Department and the State of California.
  Community Bank of the Bay is also to be recognized, and valued 
because it is committed to being an equal lending bank as well as an 
equal employment opportunity institution. Through my constituents, I 
have learned that the bank, and Mr. McDaniel, the President and Chief 
Executive Officer, take a personal interest in reaching out to ethnic 
minority borrowers, of both business and multi-family loans, who have 
been denied loans by larger banks. The bank goes to the prospective 
borrower, rather than sitting in marble halls waiting to intimidate a 
novice entrepreneur.
  Over 70% of the Bank's borrowers are located in Oakland. Over 60% of 
the Bank's small business loans are to entrepreneurs who have never 
borrowed from a bank before. The Bank has developed a highly successful 
lending program with no losses to date and focuses on helping its 
customers succeed.
  It pleases me that good service to the community is recognized by the 
community in terms of patronage: today, the Community Bank of the Bay 
has grown to $34 million in assets with over $28 million in deposits.
  The primary focus for the Bank lending remains small businesses, non-
profits and multi-family housing providers in low-to-moderate income 
census tracts.
   Mr. Speaker, I am very proud of the vision and the performance of 
this wonderful bank which serves an underserved community, and yet 
waxes strong; grows in assets and deposits, meets its payroll and sinks 
its ever-stronger and deeper roots into a grateful community.
  On behalf of my constituents, I want to congratulate the Community 
Bank of the Bay on its third anniversary and look forward to 
celebrating many more.

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