East Palo Alto nonprofits say to bank: Please stay | June 3, 2011 | Palo Alto Weekly | Palo Alto Online |

Palo Alto Weekly

News - June 3, 2011

East Palo Alto nonprofits say to bank: Please stay

California Bank & Trust, the city's only bank, is set to close Aug. 26

by Sue Dremann

Several East Palo Alto groups this week reacted to the announced closure of the city's only bank by saying they won't let it happen without seeking all alternatives to save the branch.

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Staff Writer Sue Dremann can be e-mailed at sdremann@paweekly.com.

Comments

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Posted by resident
a resident of East Palo Alto
on Jun 3, 2011 at 6:01 am

The CLS effort is commendable, but the story completely missed the efforts of Northern California Urban Development. For years they have been working on issues of banking, affordable housing, predatory lending, and financial education in East Palo Alto. Already, the provide free credit and mortgage counseling. They were responsible for bringing the credit union to the community, and they have operated free financial education programs in the local schools for years.


Like this comment
Posted by tired of the BS
a resident of East Palo Alto
on Jun 3, 2011 at 2:33 pm

Did the credit union on Bay Road close? I just noticed a few weeks ago that the signs are gone?


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Posted by Not buying it
a resident of another community
on Jun 3, 2011 at 6:44 pm

The article says that the bank branch is not profitable...since when are businesses forced to lose money in order to serve a community? People don't bank accounts because they can't qualify for one (meaning that they have a record of handling a past bank account irresponsibly), not because there isn't a bank in their community. There could be 20 branches of various banks in EPA and it wouldn't make a difference. People go to check cashing outlets and payday lenders because they don't qualify for other options.


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Posted by Hmmm
a resident of East Palo Alto
on Jun 3, 2011 at 8:33 pm

There are PLENTY of us in EPA w/bank accounts. Some of us even have funds in ours, own homes & have jobs. Sheesh, check your assumptions! Yes, of course, there are those who don't have accounts, and go to check cashing places, etc. But I have seen many of my EPA neighbors banking in this area for many years - mostly outside of EPA as well as at the credit union in EPA.

The problem, Not Buying It, w/this current bank, is there aren't enough *businesses* who've signed on. I am not sure how many they need, or how big those businesses need to be, & I know many of the CBOs in EPA use this bank. I'd hate to see it go, but if there's not enough businesses in EPA using it, well, it may be ahead of its time, unfortunately.


Like this comment
Posted by Kevin
a resident of another community
on Jun 6, 2011 at 3:22 pm

You have to have money in order for a bank to work. There isn't enough money in EPA for a bank. But...there haven't been politicians in EPA who understand finance and banking for years, so this isn't surprising. Elect stupid and you get stupid.


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