Mission Valley Bank
Mission Valley Bank opened for business in July 2001. At the time, a long series of mergers and acquisitions among banks in California’s San Fernando Valley had resulted in declining service and a lack of access to credit. In response, a group of local business and community organizers came together to form the first new independent bank in the region in over four years. Since then, Mission Valley has become a critical resource for the community with a focus on promoting small business development and entrepreneurship.
Community Development Financial Institutions, or CDFIs, are utilizing all resources at their disposal to help small businesses stay afloat as the novel coronavirus spreads throughout the U.S. CDFIs serve customers typically overlooked by mainstream financial institutions. Beneficial State Bank, an FDIC-insured CDFI that provides commercial banking services to underserved communities, had received 500 phone calls a day about PPP two days before the program even launched on April 3, Interim CEO Randell Leach said. CDBA members Bank Plus, Mission Valley, NOAH Bank, Peoples Bank, and Sunrise Banks are also mentioned in the article.
Mission Valley Bank, located in Sun Valley, CA, has just announced that 2017 was its most profitable year to date. "As the founding President of Mission Valley, I am pleased to share that 2017 was another strong year for our organization," said President & CEO Tamara Gurney. Net earnings totaled a 2% increase over those of 2016. As of December 31, 2017, total assets reached $330 million, up $5 million from December 31, 2016.