Today techs Biden-Harris Administration Proclaims Historic Most well-liked

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OAKLAND, Calif., Sept. 21, 2022 (GLOBE NEWSWIRE) — Right now, Vice President Kamala Harris and US Treasury Secretary Janet L. Yellen introduced that the US Treasury Division accomplished $671 million today techs in most popular inventory investments in ten Group Growth Monetary Establishments (“CDFI”) or Minority Depository Establishments (“MDI”) headquartered in California underneath the Emergency Capital Funding Program (“ECIP”).

Bay Group Bancorp, (OTC Pink: CBOBA) (the “Firm”), beforehand introduced that its wholly-owned subsidiary, Group Financial institution of the Bay, (the “Financial institution”) a San Francisco Bay Space industrial financial institution and California’s first FDIC insured CDFI with full-service workplaces in Oakland, Danville and San Mateo, accomplished a $119.4 million funding from the US Treasury Division on June 7, 2022.

The Firm’s $119.4 million funding from the US Treasury Division was within the type of non-cumulative Senior Perpetual Most well-liked Inventory. For the primary two years from the date of issuance of the Senior Perpetual Most well-liked Inventory the dividend fee shall be zero % (0%) every year, and thereafter dividend funds start accruing with a most dividend fee of two % (2%) and the dividend fee could also be decreased to at least one half % (0.5%) primarily based on the extent of elevated certified lending undertaken by the Financial institution.

“President Biden and I are combating to construct a nation during which each individual, regardless of the place they begin, has a chance to succeed and thrive. Group banks are important to that aim,” mentioned Vice President Kamala Harris. “Small companies, non-profits, entrepreneurs, today techs and neighborhood organizations are utilizing the ECIP funds to create alternative and prosperity, not just for their neighborhood, however for our nation.”

“These important funds present alternative to underserved communities throughout the nation, serving to them to regain their footing following the pandemic and strengthening their resilience towards future shocks,” mentioned Secretary of the Treasury Janet L. Yellen. “Right now’s announcement is a big step towards increasing entry to the capital and companies to rebuild and gasoline long-term financial progress.”

For added info on the US Treasury’s ECIP funding announcement please go to:

https://residence.treasury.gov/information/press-releases/jy0968

About Bay Group Bancorp and Group Financial institution of the Bay

Bay Group Bancorp (OTCPink: CBOBA) is the father or mother firm of Group Financial institution of the Bay, a San Francisco Bay Space industrial financial institution with full-service workplaces in Oakland, Danville and San Mateo. Group Financial institution of the Bay serves the monetary wants of intently held today techs companies {and professional} service companies, in addition to their owner-operators and non-profit organizations all through the San Francisco today techs Bay Space. Group Financial institution of the Bay is a member of the FDIC, an SBA Most well-liked Lender, and a CDARS depository establishment, headquartered in Oakland, with full-service branches in Danville and San Mateo. It’s California’s first FDIC-insured licensed Group Growth Monetary Establishment and certainly one of solely three working within the Bay Space. The financial institution is acknowledged for establishing the Bay Space Inexperienced Fund to supply financing to sustainable companies and tasks and helps environmentally accountable values. Extra info on the financial institution is on the market on-line at www.BankCBB.com.

Ahead-Trying Statements

This launch might include forward-looking statements, similar to, amongst others, statements about plans, expectations and targets regarding progress and enchancment. Ahead-looking statements are topic to dangers and uncertainties. Such dangers and uncertainties might embrace however should not essentially restricted to fluctuations in rates of interest, inflation, authorities rules and normal financial situations, together with the true property market in California and different components past the Financial institution’s management. Such dangers and uncertainties may trigger outcomes for subsequent interim intervals or for your entire yr to vary materially from these indicated. Readers mustn’t place undue reliance on the forward-looking statements, which replicate administration’s view solely as of the date hereof. The Financial institution doesn’t undertake, and particularly disclaims, any obligation to replace or revise any forward-looking statements, whether or not to replicate new info, future occasions, or in any other case, besides as required by legislation.

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Contacts:
William S. Keller, President & CEO
510-433-5404
wkeller@BankCBB.com

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