New community banks are forming in California at a fast pace, the result of the continuing strong economy and dozens of big-bank buyouts. California still has plenty of branches of the multi-state mega banks, but community banks can provide greater flexibility and personal service to small businesses and high income individuals. Most people when they visit their bank want to talk to someone they know and who knows them. They want to talk to someone who can answer simple questions and are empowered to make decisions. Therefore, those deposits may be invested as loans outside of San Diego resulting in no economic benefit to San Diego.
Community banks tend to invest back into the local community.
Further, many of today's financial institutions have opted, as a cost-cutting move, to automate and centralize their operations. The customer has and is paying the price by having to call a centralized service center for information and is forced to wade through several options and often wait for several frustrating minutes for an automated answer to their inquiry. At 1st Pacific Bank of California, we are committed and responsive to the public. 1st Pacific Bank's Board of Directors and Management team consist of local banking, community and business leaders who have helped shape San Diego for many decades. We share the same vision along with over 430 local investors to bring back a high quality, caring community bank in which the people of San Diego County can be proud of once again.