By Janet Goetze
For the Hollywood Star News
Albina will continue to operate as a separate, independent, locally managed financial institution, according to a news release from Cheryl L. Cebula, Albina’s president and CEO, and Joey C. Ingman, chief financial officer.
The recapitalization will strengthen the bank and return its regulatory capital ratios to the level required by regulators, the news release said.
“We are pleased to complete the recapitalization of Albina Community Bank because it means their mission and community focus will live on,” said Kat Taylor, CEO and co-founder of One PacificCoast Bank, which is headquartered in Oakland, Calif. Its subsidiary, One PacificCoast Bank, is certified as a Community Development Financial Institution, just like Albina.
The banks have similar commitments to local community banking and are dedicated to producing social justice, environmental well being and ensuring financial sustainability, Cebula noted.
“We have been investing in individual, families, businesses and local neighborhoods every day for the last 17 years,” she said, “and the new capital means we can continue to do that in the future.”
Existing management and staff will remain in place, and the bank will continue to operate with its own local board of directors, but two members of OPCB’s board will join Albina’s.