OneCalifornia Bank and Foundation to Receive Prestigious Service Award
SAN FRANCISCO (August 4, 2010) – The University of San Francisco (USF) announced today that it has selected OneCalifornia Bank and Foundation to receive the 2010 University of San Francisco California Prize for Service and the Common Good. Focused on community development, OneCalifornia Bank and Foundation work to improve economic opportunity for low- and moderate-income communities throughout California. USF will honor OneCalifornia Bank and Foundation at a dinner gala on Thursday, October 21, on its campus in the heart of San Francisco.
"OneCalifornia Bank and Foundation shows us the tremendous positive impact socially responsible businesses can have on our society," said USF President Stephen A. Privett, S.J., announcing this year's recipient. Privett continued, "At a time when financial institutions are under fire, it is important to hold up OneCalifornia as an example of an organization that is doing it right."
The University of San Francisco California Prize recognizes significant service in pursuit of the common good of society, and comes with a $10,000 purse and handcrafted California Prize medal. The prize was created to recognize an organization or individual whose efforts benefit Californians, especially the poor and marginalized. Past recipients include Lynn Fritz, a social entrepreneur and founder of the Fritz Institute, and Alice Waters, renowned chef and champion of food grown locally.
OneCalifornia 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 OneCalifornia Bank, but accrue no economic benefit from their investment. They donated 100% of their economic rights in OneCalifornia Bank to OneCalifornia Foundation, the nonprofit organization designed to help the Bank with its mission.
"We are thrilled to be honored by the University of San Francisco with their California Prize," said OneCalifornia Bank Founder, Tom Steyer. Steyer continued, "We especially appreciate USF's recognition of OneCalifornia Bank and Foundation's commitment to harnessing business discipline on behalf of the common good. We share the belief that private, non-profit and government efforts need to unite to improve opportunity for all."
For more information about the University of San Francisco California Prize for Service and the Common Good, or for details about the October 21 dinner event, please visit www.usfca.edu/ca_prize/
About OneCalifornia Bank & Foundation:
OneCalifornia 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.
As a for-profit bank owned by its non-profit foundation, OneCalifornia 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.
For more information about OneCalifornia Bank and OneCalifornia Foundation, please visit www.OneCalBank.com and www.OneCalFoundation.org