About

Public banks are financial institutions that are owned by one or more public entities, such as a city, county, or joint powers authority. They can invest, lend, and provide banking services to the local community, and can partner with local financial institutions.

Unlike a privately owned bank, which prioritizes shareholder returns, public banks leverage their deposit base and lending power to benefit the public. This allows public banks to focus on pressing local needs, like affordable housing, small business loans, and public infrastructure projects such as rebuilding after wildfires. A public bank’s decisions may consider the needs of the community, and leverage public funds to meet those needs at a lower cost than the private sector.

The Mission of Public Bank Pomona Valley is to educate our local leadership and residents about the benefits of establishing a Public Bank in our region, and to encourage our municipalities to study business plans and legal analyses to determine the feasibility and suitability of such a bank. Public banks exist to support the socio-economic well-being of residents and communities by allowing municipalities to deposit funds in an institution that shares their values and that invests in local enterprises such as affordable housing projects, environmentally sound industry and infrastructure, that returns bank earnings to the local community, that supports community banks and local credit unions by sharing risk through co-lending, and that can lend at much lower cost than large for-profit national and international banks. Chartered under state law and managed by an independent board that will include experienced bankers and public service professionals, with policies set by elected leaders accountable to the people, a Public Bank will realize local values by supporting local needs such as providing banking services for the un- and underbanked population, refinancing current loans that have disadvantageous terms. fostering environmentally sustainable enterprises, and strengthening minority-owned and/or startup businesses. Public Banks are coming to California, and the Pomona Valley needs to know and realize the advantages of utilizing its financial power for local benefit.

Please see some introductory videos about Public Banking below. For more details about Public Banking, please see our Resources page.

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