OnePacific Coast Bank & Foundation (formerly OneCalifornia) is a community development organization comprised of OnePacific Coast Bank and OnePacific Coast Foundation. The Bank and Foundation engage in charitable and educational activities including programs and grants to stimulate community development, encourage affordable housing, alleviate economic distress, and increase financial literacy for disadvantaged communities and organizations in California.
OnePacific Coast Bank FSB is an FDIC-insured community development bank that integrates its social mission to produce social benefits, positive environmental outcomes, and sustainable profits. The Bank is one of only 80 banks in the nation that is a certified Community Development Financial Institution (CDFI) by The U.S. Department of the Treasury. The Bank's mission is to improve economic opportunity for low-to moderate-income communities throughout California.
The Bank began operating as a federally chartered thrift in June 2007 with $22.5 million in capital provided by Tom Steyer and Kathryn Taylor, who believe strongly in the use of capital and financial literacy as empowering agents for change in low wealth communities. Steyer and Taylor retain mission focus and control of OnePacific Coast Bank, but accrue no economic benefit from their investment. They donated 100% of their economic rights in OnePacific Coast Bank to OnePacific Coast Foundation, the nonprofit organization designed to help the Bank with its mission. This is accomplished in a variety of ways, including performing R&D on products, creating social outcome measures, marketing, community support, and building alliances with community-based organizations.
OnePacific Coast Bank and Foundation believe positive economic change will come with the provision and promotion of beneficial banking in low-and moderate-income communities. Beneficial banking enhances community development by providing transparent and healthy financial products to local businesses and nonprofits that provide a solid basis for neighborhood stabilization and economic growth.
As a for-profit bank owned by its non-profit foundation, OnePacific Coast Bank's corporate structure is unique among federally chartered financial institutions. It represents a growing class of enterprises that unite efforts among the private, nonprofit and government sectors. These enterprises measure their success with a triple bottom line outcome - social, environmental and financial sustainability.