- What is Golden Pacific Bancorp?
- Why would you open a bank during these difficult economic times?
- Does the leadership team have experience in the Sacramento market?
- What is the long-term growth strategy of the company?
- Is this a retail or business bank?
- What type of client base will you pursue?
- Is this a federal or state chartered bank?
- Who comprises the management team?
- Who comprises the board of directors?
- Can the Sacramento region sustain one more bank?
- What will differentiate you from your competition?
- Do you plan to contribute to the communities you serve through involvement in local charitable organizations?
What is Golden Pacific Bancorp?
Golden Pacific Bancorp (GPB) is a California corporation formed for the purpose of creating a statewide network of community banks in California. On April 30, 2010, Golden Pacific Bancorp, Inc. successfully closed an all-stock merger with Gold Country Financial Services, Inc., the parent company of Gold Country Bank N.A., headquartered in Marysville, California. As part of this merger agreement, we will open Golden Pacific Bank in downtown Sacramento in June 2010.
The Company will be a leader in the California community banking arena through the combination of superior customer service, strategic and focused marketing efforts in specific industries and by distinguishing itself through the use of the most up-to-date banking technology solutions. The vision is to evolve purposely to a multi-bank holding company with a network of "members," achieving efficiencies and improvements to its key constituencies.
Why would you open a bank during these difficult economic times?
We believe this is a great time to invest in community banks. With the current constraint on capital, many small businesses and consumers are having a hard time obtaining new credit. Because of our superior financial standing, we are in a unique position to deliver solutions to these customers. This will allow us to quickly achieve strong market share in the deposit rich Sacramento market, and increase our market share within our network of community banks. We have the right team, the right plan, the right approach, the right locations - and perfect timing.
Does the leadership team have experience in Northern California banking?
An organization is only as good as its people, and our people are committed and experienced in banking the Northern California market. Our management team has more than 125 years of combined experience serving the banking needs of the greater Sacramento area. Our Board of Directors is comprised of experienced leaders and long-standing, devoted community advocates. They are business, banking and association leaders with extensive corporate and nonprofit board experience.
What is the long-term growth strategy of the company?
Initially, we are focusing on serving 18 counties in an area surrounding the greater Sacramento market. This is a market in which we are already established and has been extensively served by our management team. Ultimately, we anticipate expanding statewide, but these expansions will not always be branches. Community-based affiliated banks, either acquired or started by the community, will be supported by the operations of the holding company.
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Is this a retail or business bank?
Both. Our Gold Country Bank branches have been serving the needs of consumers and businesses for over 23 years. We will continue to focus on a full range of products and services that will be combined with personalized services for small to medium-sized businesses and commercial and industrial companies. We will engage in traditional mortgage and commercial banking activities with an emphasis on developing a business and professional clientele within the greater Sacramento region.
What type of client base will you pursue?
Our client focus will be on small and medium-sized local companies and niche markets, including the political industry, trade associations and professionals.
Is this a federal or state chartered bank?
Golden Pacific Bank will open as a branch of Gold Country Bank, which is a federally chartered national bank, regulated by the Comptroller of the Currency.
Who comprises the management team?
Our management team is made up of experienced leaders who have more than 125 years combined banking experience. Kirk Dowdell, chief executive officer, has more than 21 years of banking experience, most recently serving as the CEO and president of Western Sierra National Bank. Roy Malone, president, has worked closely with Mr. Dowdell for the past 10 years and brings more than 17 years of real estate lending experience. Chief Credit Officer Carol Corsetti will oversee credit administration and has 35 years of banking experience. Director of Treasury Solutions and Branch Operations Colleen Mahaffey brings 26 years of corporate cash management experience to her role. This team is, and has been, committed to serving the banking needs of the greater Sacramento and Northern California market.
Who comprises the board of directors?
Our diverse Board of Directors includes experts in banking; public accounting; the law; pension systems; government relations; and trade association, college system and corporate management. Directors include: Frank Washington, Rick Fowler, Robert Aguallo, Jr., Richard Claussen, Kirk Dowdell, Patricia Fong Kushida, Brice Harris, William Hauck, Robert Kittredge, Roy Malone and Allan Zaremberg. Larry Kurmel, Donna Lucas, and Cassandra Walker Pye serve as Advisory Board Members.
Can the Sacramento region sustain one more bank?
In the last 10 years, the Sacramento region has grown dramatically and our economy has become much more diversified, yet, our region has fewer community banks than any time in the last 10 years. In addition, many remaining banks are dealing with problems of their own (i.e., reduced earnings, higher losses, lower reserves and dramatically lower stock prices). The Sacramento region needs a new community bank.
What will differentiate you from your competition?
Our bank has a strong deposit base and loyal customers. We are well capitalized and ready to lend. This will allow us to immediately meet the banking and credit needs of our customers. We have management making decisions locally. Our efforts go toward sustaining the Sacramento region.
In addition, our technology efforts will give us a competitive advantage and serve as an important differentiator. Our new technology will enable us to facilitate more dynamic reactions to customer needs, enable customization of Internet and mobile banking services, and allow for creation of specially tailored products. We will have a largely paperless environment supporting green efforts and will be able to "take the bank to the customer," at work or at home in a highly scalable model.
Do you plan to contribute to the communities you serve through involvement in local charitable organizations?
Yes. We are committed to serving and supporting charities in each of the local communities our Banks operate in. Our board will give thoughtful consideration to where our resources can best be utilized to help others and enhance our region's quality of life. The board and management are currently involved in more than 30 community foundations and charity organizations locally.