Local Nonprofits Choose Torrey Pines Bank, Benefit from Special Programs and Service Offerings By Crystal Watkins
Despite the general trend of lower corporate giving during these challenging economic times, Torrey Pines Bank continues to remain community-focused with the host of special programs to help San Diego 501(c) 3 nonprofit organizations elevate fundraising efforts, obtain competitive rates on lending services, and ensure the safety and security of their accounts with enhanced FDIC insurance.
In today's business environment, customers are looking for safety and security with financial institutions. This overall flight to quality has been evidenced by Torrey Pines Bank's strong deposit growth. Torrey Pines Bank's deposits grew $51 million, or 6 percent, in the third quarter of 2009, up 63 percent from the same quarter last year. Total deposits for Torrey Pines Bank are $887 million.
As part of the bank's efforts towards corporate philanthropy, nonprofit customers have the option to enroll in a cash back program when they open an interest bearing or non-interest bearing depository account. Annually, they can receive a contribution of 25 to 50 basis points prorated to the average daily account balance. As many boards of directors are considering reallocating their investment portfolios from stocks to cash, the program offers a viable option to continue to earn with low risk, one of the key reasons that many of San Diego's most prominent nonprofits, both large and small, choose to do business with Torrey Pines Bank.
Through its Charitable Organization Banking Program, Torrey Pines Bank customers can obtain deposit and cash management services with a business account, no monthly maintenance fee on personal accounts for board members and associates, the first order of standard checks at no charge for personal accounts, a Visa debit/ATM card with a plan for the bank to absorb up to $15 in transaction fees per month, and no fees on cashier's checks. Additional services include a free 3 inch by 10 inch safe deposit box, or $40 credit toward a larger box(subject to availability).
Lending services include commercial real estate, some backed by the SBA, lines of credit and equipment financing, as well as competitive rates for loans, business credit cards with reward points, and Pines Reserve overdraft protection (subject to credit approval).
Torrey Pines Bank has grown its presence in the nonprofit arena and is uniquely positioned as a key supporter of cultural enrichment, health and human services, affordable housing, children's programs and education. Torrey Pines Bank's roster of nearly 100 nonprofit customers includes Neighborhood House Association, Susan G. Komen for the Cure, National MS Society, It's All About the Kids, Bayside Community Center, Vista Community Clinic, San Diego Symphony, Old Globe Theatre, Community Housing Works, the LIAM Foundation and the Jenna Druck Foundation.
Susan G. Komen for the Cure recently signed up for Torrey Pines Bank's e-Deposit to enhance day-to-day receivables. According to Ruth Danielson, senior vice president, cash management manager at Torrey Pines Bank, the nonprofit found the e-Deposits product beneficial to streamline the fundraising process. This year, Torrey Pines Bank launched InterAct Checking, which provides customers access to Internet-direct banking and offers the ability to scan in and deposit checks via an e-Deposit scanner at their offices, as well as transfer money to and from that account to multiple other accounts, plus online bill pay.
Torrey Pines Bank continues to participate in the FDIC's Transaction Account Guarantee Program, which provides unlimited FDIC insurance for specific accounts. Under this program, through June 30, all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules. Accounts that are fully guaranteed are all noninterest bearing, IOLTA and NOW accounts that have an interest rate of .5 percent or less.
"The safety and security of the unlimited FDIC insurance provided by Torrey Pines Bank through the Transaction Account Guarantee Program is extremely beneficial to our program and is just one of the many reasons we choose to bank with Torrey Pines Bank, an amazing champion and supporter of our cause and other not-for-profits in San Diego," said Rudy Johnson, CEO of Neighborhood House Association, San Diego County's largest multipurpose human services provider and Torrey Pines Bank client. "Torrey Pines Bank's unique WALTree program, which provides additional layers of FDIC insurance coverage, is a direct benefit to us as a nonprofit client. As our board of directors considers strategies for continued growth of our assets, these two programs are invaluable options for us."
The bank's WALTree Deposit Program offers up to five times a single bank's FDIC coverage through the five affiliate banks of Western Alliance Bancorporation, one of the largest regional bank holding companies in the nation with the strength of $5.8 billion in assets.
"Working with our Torrey Pines Bank relationship manager Don Rickman, VP on the Charitable Organization Banking Group, has been extremely valuable to our organization. His insight and strategic advice have played a key role in shaping the strength of our financial platform and direction," said Johnson.
A key element of Torrey Pines Bank's strategic involvement in the community is predicated on the bank's advisory board, a group of nonprofit executive directors and CEOs who help guide the bank's strategic leadership. The advisory board consists of local business and nonprofit leaders such as Barry Schultz, attorney with Stutz Artiano Shinoff & Holtz, APC; Michael Brunker, executive director of the Jackie Robinson YMCA; and Elizabeth Makee with Accion San Diego.
In 2009, Torrey Pines Bank gave nearly 40 percent more in grants to charitable causes than in 2008, with a total of $275,000 in planned contributions for 2009. Its employees contribute hundreds of hours of volunteer services under the bank's corporate philanthropy and volunteer program for its customers. Torrey Pines Bank is a recipient of the Peak Performance Award from the National University School of Business & Management, and it is the only bank in its size category to ever win the "Best Place to Work" award from the Society of Human Resources Management.
In 2003, Torrey Pines Bank was founded with $20 million in capital, a single office and seven employees. As of Sept. 30, 2009, the bank has grown to $1.089 billion in assets from $1.025 billion in assets as of June 30, 2009, with seven strategically located offices and more than 150 full-time employees.
Torrey Pines Bank's financial strength was recently exemplified by the bank's listing as the No. 5 local bank, ranked by local deposits as of June 30, 2009, in San Diego by the San Diego Business Journal in the list published on Nov. 16, 2009.