Community Reinvestment Act Statement of Activity
Torrey Pines Bank is highly committed to reinvest in the communities where we do business to ensure a brighter future for everyone. We strive both as a company and as individuals to improve the quality of life for area businesses and people. The Bank is committed to helping serve the banking and credit needs of its entire community, including low and moderate income individuals.
Our commitment to the community is achieved by supporting worthwhile projects through lending and deposit services, investments and charitable grants to organizations, homeownership loan programs for low and moderate income individuals, loans to small businesses and investments in institutions that support community development and cultural enrichment.
Services
Torrey Pines Bank provides a full line of credit products designed to meet the credit needs of the community. The Bank employs a business strategy that focuses primarily on commercial and real estate lending servicing businesses regardless of size within our assessment area. Our assessment area is defined as San Diego County.
Torrey Pines Bank has entered into an exclusive partnership with The Greater San Diego Business Development Council. The council is the local chapter of the National Minority Supplier Development Council, a not-for-profit professional organization, whose objective is to bring corporations and minority business enterprises together for the economic benefit of both parties. The partnership helps the Bank in providing minority business owners access to financing through a loan participation program. The GSDBDC will direct minority business owners to Torrey Pines Bank to access financing through term loans, revolving lines of credit, equipment loans and business banking services. There are currently 75 minority business owners in the San Diego chapter, whose annual sales range from $1MM to $50MM. Access to this group of business owners assist the Bank in making in-roads with the growing minority business market place, provides an exclusive referral source for credit and banking products as well as creates an opportunity to enhance the Bank’s CRA loan program and portfolio.
The Bank has also helped finance education forums for members as well as act as a referral source for new business opportunities.
Lending
One program of particular interest is the Bank’s Almost Home Program. This program works in partnership with the Federal Home Loan Bank of San Francisco WISH program, which provides down payment and closing costs assistant to low or moderate income borrowers. The program provides up to $15,000 in grant assistance for low income residents to purchase homes. Other benefits of the program include the Bank waiving of application and/or origination fees, waiver of property tax escrow requirements, and a gift cheque in the amount of $100.00 as a welcome to your new home gift.
Recently, our holding company, Western Alliance Bancorporation, hired a Director of Community Lending to work with for-profit and not-for-profit developers of multifamily affordable housing. Through competitively priced products such as our construction-to-permanent loan product and letter of credit enhancement product, Community Lending helps to ensure that developers have a vehicle to produce affordable rental housing with sustained long-term affordability in and throughout the neighborhoods and communities where we do business.
Investments
The Bank participates in the Community Reinvestment Fund. Our current commitment, as of December 31, 2007 is $1,064, 397.07 as well as a certificate of deposit in the amount of $101,443.64 as of December 31, 2007, with Neighborhood National Bank—a financial institution committed to community reinvestment.
Torrey Pines Bank is dedicated to providing support and assistance to our community through our Charitable Contributions Program, which is directed to 501c3 non-profit organizations that provide services and support in the low and moderate income areas.
The bank primarily focuses on organizations and programs that provide:
- Affordable housing for low and moderate income individuals
- Community services targeted to low and moderate income individuals
- Education to low income and at-risk students
- Economic Development
- Revitalization or stabilization of low and moderate income areas
- Cultural and Artistic enrichment in under-served communities
The Bank is actively involved with nonprofits throughout San Diego County. Our business model provides for cash back contributions to non-profits that are banking customers as a means of helping non-profits achieve their stated missions. In 2007, cash back contributions to non-profit customers totaled over $26,000.
Bank employees serve on the Board of Directors for several non-profit organizations and our corporate giving includes several YMCA and YWCA organizations, the Boys and Girls Clubs, Community Housing Works, Becky’s House, Home of Guiding Hands, to name a few. Our marketing efforts earmark funding for non-profits through our Base Hit Bonus promotion, where we provide monthly contributions to organizations that have changed the lives of those they serve and/or their family members. In 2007 the Bank provided over 1,000 hours of community service hours.
The Bank continues to be responsive to the banking, credit and community development needs of its assessment area. Within the Bank’s Board of Directors, of the ten Board members, four are on the CRA committee. The Bank has also developed a robust and active external advisory board of housing and community leaders to help make the Bank aware of CRA related issues and opportunities within San Diego County. The Bank’s continued commitment to the community is evidenced by its “Satisfactory” Community Reinvestment Act rating.
