ShoreBank Pacific acquisition complete

ShorebankPacific CEO Dave Williams will retire in February.

It’s official: After an announcement last summer that ShoreBank Pacific would be acquired by OneCalifornia Bank, the two banks said this week the deal has been finalized. The result is a new bank to be called One PacificCoast Bank, which aims to expand mission-driven banking on the West Coast.

As part of the transition, ShoreBank chief executive Dave Williams said Tuesday he will retire in late February, with OneCalifornia Bank CEO Harry Haigood taking the top spot at the new bank.

The banks first announced the acquisition in August, after Chicago-based ShoreBank, which was owned by the same holding company as Ilwaco, Wash.-based ShoreBank Pacific, was taken over by federal regulators. ShoreBank Pacific’s solid financial footing allowed it to avoid closure, Williams told Sustainable Industries.

With about $300 million in assets, One PacificCoast Bank says it will leverage the strengths of each institution to reach new markets.

“Together we can bring the value of sustainability to a broader audience and provide greater opportunities for employees, as well as the communities that OneCalifornia Bank and ShoreBank Pacific serve,” Williams said in a statement.

ShoreBank Pacific and OneCalifornia Bank are both community development financial institutions. While ShoreBank Pacific has focused on building sustainable rural communities in the Pacific Northwest, Oakland-based OneCalifornia Bank targets underserved communities in the San Francisco Bay Area.

“Our banking staff has expertise in green building, small business lending, nonprofit finance and serving the credit needs of rural communities. Through our relationship with the OneCalifornia Foundation, our profits will go toward supporting mission-aligned organizations that foster affordable housing, increase financial literacy, and support environmental conservation,” Haigood wrote in a letter to stakeholders. 

Integration of the two banks is expected to be completed in March.