What is Golden Pacific Bancorp?
Golden Pacific Bancorp (GPB) is a California corporation recently formed for the purpose of owning all of the stock of Golden Pacific Bank, to be located in Sacramento, California, and to acquire interests in other financial institutions. Its principal activity will initially be the ownership of all of the outstanding common stock of Golden Pacific Bank, a proposed federal savings bank regulated by the Office of Thrift Supervision. It will also be actively involved in fostering the formation of, and acquiring, other financial institutions.
The Company intends to 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.
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Why would you open a bank during these difficult economic times?
We believe this is a great time to start a new bank. With the current constraint on capital, many small businesses and consumers are having a hard time obtaining new credit. Because Golden Pacific Bank will have a clean balance sheet, without any problem loans, we are in a unique position to deliver solutions to these customers. This will allow us to quickly achieve a strong market share. We have the right team, the right plan, the right approach, the right location - and perfect timing.
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Does the leadership team have experience in the Sacramento market?
An organization is only as good as its people, and our people are committed and experienced in the Sacramento market. Our management team has more than 125 years of combined experience serving the banking needs of the 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.
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What is the long-term growth strategy of the company?
Initially, we will focus on serving 18 counties in an area surrounding the greater Sacramento market. This is a market which had previously been served by our management team at prior institutions. 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. 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. We will 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.
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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.
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Is this a federal or state chartered bank?
Golden Pacific Bank will be a federal savings bank, federally chartered by the Office of Thrift Supervision. Golden Pacific Bank's application with the Office of Thrift Supervision to become a federal savings bank is currently pending approval.
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Who comprises the management team?
Our management team is made up of experienced leaders who have more than 100 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. Krista Snelling, CPA, brings 12 years of banking, management and accounting experience to her role as chief financial officer. Treasury Solutions Officer Colleen Mahaffey brings 26 years of corporate cash management experience to her role. Harry Gunsallus will be chief information officer, bringing his 18 years of information technology experience to our unique bank. This team is, and has been, committed to serving the banking needs of the Sacramento market.
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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: Larry Kurmel, Robert Aguallo, Jr., Richard Claussen, Kirk Dowdell, Patricia Fong Kushida, Brice Harris, William Hauck, Robert Kittredge, Donna Lucas, Cassandra Walker Pye, Frank Washington and Allan Zaremberg.
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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). Sacramento needs a new community bank.
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What will differentiate you from your competition?
Our bank will begin operations with a clean, problem-free balance sheet. This will allow us to immediately meet the banking and credit needs of our customers. We have management making decisions locally. Our efforts will 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.
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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 the Sacramento region once we're operational. 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 in the local community.
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