Replies to post #38 on Mechanics Bank of Richmond (MCHB)

[Enterprising Investor]

East Bay Leadership Council Honors Mechanics Bank with Corporate Philanthropy Award (12/01/16)

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Mechanics Bank has received the East Bay Leadership Council’s Corporate Philanthropy Award for its many contributions to East Bay communities. The award was presented at an event at the Blackhawk Museum on Nov. 3, 2016.

“Mechanics Bank’s generosity has been extraordinary,” says Jim Becker, Executive Director of Richmond Community Foundation. “We were honored to nominate them for this award.”

According to Kristin Connelly, President and CEO of the East Bay Leadership Council, "The EBLC was proud to honor Mechanics Bank with a 2016 East Bay Philanthropy Award because their generosity to 260 local nonprofits goes well beyond the dollars and cents. The Bank's work includes financial literacy training integrated into the curriculum of six public high schools and financial education to students in low-income communities. They also work closely with community partners to offer programs like the Individual Development Accounts for those saving to start a business, attend college, or buy their first home.”

The bank also sponsors and sends representatives focused on solving the most pressing problems in the East Bay community to the Northern California Summit on Children and Youth.

Recently, Mechanics Bank stepped up to purchase “Social Impact Bonds” (SIBs) issued by the City of Richmond to support the Richmond Community Foundation’s (RCF) unique program to rehabilitate abandoned homes and provide affordable homeownership in Richmond. SIBs blend private investments and charity to effect social change by providing low-interest loans to nonprofits to fund programs designed to address social issues. Investors only earn a profit if the programs succeed over a period of time, and initial profits are recycled to fund continuing work. Investor profits are capped, and are not guaranteed by taxpayers. In this case, Mechanics Bank is not collecting interest on the bonds.

“Mechanics Bank’s support of our housing rehabilitation program was courageous and has gone far beyond purchasing the bonds,” says Mr. Becker. “Not only did they purchase the bonds to finance this unique program, but they also have supported it with staff involvement throughout our launch. We are deeply grateful to them.”

Rauly Butler, Executive Vice President and Director of Retail Banking at Mechanics Bank, says, “It’s a great honor to be recognized by the East Bay Leadership Council. We truly believe that when communities prosper, we prosper. This is at the heart of true ‘community banking’ and it’s what Mechanics Bank has been doing for 111 years.”

About Mechanics Bank

Mechanics Bank, established in 1905, is an independent, full service community bank. With more than $5.4 billion in assets, it is the largest bank headquartered in the Bay Area’s East Bay region. Its 30 branch offices throughout Northern California and five locations in Southern California provide a highly personalized relationship banking experience that includes consumer and business banking services, commercial lending, commercial deposit and cash management services, and comprehensive trust and wealth management services.

Contacts
For Mechanics Bank
Hatti Hamlin, 925-872-4328
[e-mail]

http://www.businesswire.com/news/home/20161201006489/en/East-Bay-Leadership-Council-Honors-Mechanics-Bank

[Enterprising Investor]

Mechanics Bank Recognized for Going “Beyond the Check” (7/24/17)

San Francisco Business Times award honors Richmond Housing Rehab Program

WALNUT CREEK, Calif.--(BUSINESS WIRE)--An innovative program that renovates abandoned and blighted homes and provides affordable housing in Richmond, California, has won recognition for Mechanics Bank’s role in providing financing through the purchase of Social Impact Bonds (SIBs). The “Beyond the Check” award presented yesterday as part of the San Francisco Business Times’ Corporate Philanthropy Awards was one of just five given to Bay Area companies that “go to great lengths to share time and talent with nonprofits.”

Mechanics Bank teamed up with the Richmond Community Foundation (RCF), which runs the program, not only to purchase the entire $3 million bond issue that launched it, but to provide ongoing community relations and marketing support. Mechanics Bank also provided even better terms than proposed; the bonds are at zero percent interest, no coupon and funds are recycled for five years, as homes are sold, to allow more homes to be purchased and renovated.

“As a community foundation working with a community bank, this has been a perfect match of mission, vision and values,” said Jim Becker, CEO of RCF. “We couldn’t ask for a better partner than Mechanics Bank.”

“When we were offered the chance to participate in this effort, we jumped at it,” said Rauly Butler, Mechanics Bank Executive Vice President and Director of Retail Banking. “When our communities thrive, we thrive. That has been part of our business model for well over a century.”

Everything about the RCF program is designed to benefit the community. All workers hired to rehab the properties live in Richmond, so the project has pumped $150,000 in wages back into the local economy. To date, 17 homes have been purchased and two homes sold. (Becker thinks as many as 300 homes in Richmond might be suitable for this program.) RCF also partners with SparkPoint, a financial education nonprofit whose clients get a 10-day non-compete window to purchase homes that RCF puts on the market, giving these first-time home buyers an edge in the heated Bay Area real estate market.

“Mechanics Bank has perennially made the list of top corporate philanthropists; this year we were 50th out of 100 Bay Area corporations and one of a select few in the ‘1% club,’” said John DeCero, CEO of Mechanics Bank. “This is what community banking is all about; providing the communities we serve with the resources they need to succeed.”

Video about the program can be found here:

https://www.bizjournals.com/sanfrancisco/news/2017/07/19/corporate-philanthropy-beyond-check-mechanics-bank.html

About Mechanics Bank

Mechanics Bank, established in 1905, is an independent, full service community bank. With more than $5.6 billion in assets, it is the largest bank headquartered in Northern California’s East Bay region. With 30 branch offices throughout Northern California and five locations in Southern California it provides a highly personalized relationship banking experience that includes consumer and business banking services, commercial lending, commercial deposit and cash management services, and comprehensive trust and wealth management services. More information may be found at www.mechanicsbank.com.

http://www.businesswire.com/news/home/20170724006143/en/Mechanics-Bank-Recognized-%E2%80%9CBeyond-Check%E2%80%9D