California Bank & Trust, the town’s only bank, is defined to shut Aug. 26
by Sue Dremann / Palo Alto Weekly
A few East Palo Alto teams this week reacted in to the closure that is announced of town’s only bank by saying they will not allow it take place without looking for all options to truly save the branch.
California Bank & Trust, which started when you look at the Ravenswood 101 mall in 2002, is placed to shut Aug. 26, relating to a bank spokesman. But neighborhood nonprofit leaders aren’t prepared to accept your decision.
“this is actually the start of discussion. This is simply not a done deal,” stated Leah Simon-Weisberg, handling lawyer for Community Legal Services in East Palo Alto.
Steve Borg, spokesman for Ca Bank, stated the choice to shut the branch had been hard, but there were not sufficient loans and deposits.
Ca Bank is not a bank that is retail it really is a company and careers bank that primarily serves big geographic areas in the place of having numerous outlets, he stated. The financial institution has solutions to people, including free checking for seniors many years 55 and older, but, he stated.
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The East Palo Alto branch ended up being never ever in a position to attract company from the many lucrative next-door neighbors at Ravenswood 101 — the box that is”big shops such as for example IKEA, Sports Authority and Residence Depot, Borg stated. Borg stated the lender made overtures that are several the stores, but to no avail.
Those shops bank with larger organizations as dictated by their headquarters that is corporate at a few shops conceded.
The town of East Palo Alto additionally will not make use of Ca Bank, Mayor Carlos Romero stated. Read More “East Palo Alto nonprofits tell bank: Please remain. Steve Borg, spokesman for Ca Bank, stated the choice to shut the branch had been hard, but there were not sufficient loans and deposits.”