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.
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Valley Industry Association (VIA) has partnered with Mission Valley Bank and the Santa Clarita Non-Profit Leaders Network to form a proposal that has been sent to Congressman Mike Garcia (R-Santa Clarita) that would provide funds to ease debt for eligible businesses in return for service to better the community. If approved, the proposal would make funding available to eligible Santa Clarita Valley businesses in crisis. These businesses are expected to maintain a clean criminal record, provide service through pre-approved organizations and programs, and maintain their presence in the Santa Clarita Valley for the foreseeable future, according to the document sent to Garcia. In the aftermath of the COVID-19 pandemic, many Santa Clarita small businesses have been left with consequential amounts of debt, with few options on how to survive and bounce back.
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.