Page 3 – River City Bank

October 17, 2024

River City Bank Reports Net Income of $16.2 Million for the Third Quarter of 2024, Net Income of $52.1 Million Year to Date, and a Quarterly Cash Dividend

River City Bank Reports Net Income for Third Quarter of 2024

SACRAMENTO, Calif. - River City Bank (the Bank) reported net income of $16.2 million, or $11.08 per diluted share, for the quarter ended September 30, 2024, compared to $16.3 million, or $10.94 per diluted share, for the same period in 2023. Net income was $52.1 million or $35.38 per diluted share for the nine months ended September 30, 2024, which compares favorably to the $43.6 million or $29.22 per diluted share for the nine months ended September 30, 2023. The Bank’s earnings for the first nine months ended September 30, 2024, represented a healthy 15.7% return on equity. The Bank’s book value per share rose to $324 as of September 30, 2024, from $276 per share as of September 30, 2023.

Significant items impacting quarterly net income for September 30, 2024, and the same period in 2023 include the following:

Higher loan balances and yields – Average loan outstandings were $475 million higher than the prior year quarter, and loan yields increased to 4.48% for the current quarter, compared to 4.08% in the prior year quarter.
Increased investment securities balances and yields – Average investment securities balances grew by $87 million and yields on investment securities increased from 2.67% during the same quarter a year ago to 4.57% in the current quarter.
Deposit growth – Average deposits grew by $638 million compared to the same period a year earlier, supporting growth in the Bank’s loans and liquid assets.
The provision for credit losses for the current quarter was a reversal of $2.0 million compared to an addition of $4.6 million for the prior year quarter. The Bank did not experience any credit losses during the current quarter or for the nine months ended September 30, 2024, and the Bank’s Allowance for Credit Losses for Loans was a robust 2.45% of Gross Loans as of September 30, 2024. For the nine months ended September 30, 2024, the provision for credit losses was $5.0 million compared to $12.5 million for the same period in 2023.
The Bank recognized a $6.2 million loss related to free-standing interest rate swaps during the current quarter compared to $2.4 million gain in the prior year quarter. These swaps were previously designated as cash flow hedges for the purpose of hedging interest rate risk associated with rising deposit costs. The Bank maintains these swaps as part of the Bank’s standard interest rate risk management program. For the nine months ended September 30, 2024, the Bank has recognized a $2.4 million gain related to these interest rate swaps.

“Our customers continue to appreciate the value the Bank provides with over 50 years of consistently exceptional service as evidenced by our significant growth in total assets to over $5.1 billion as of September 30, 2024,” said Steve Fleming, president and chief executive officer. “The Bank’s balance sheet remains liquid with $283 million in cash and $720 million in high-quality short duration investments (investment portfolio effective duration of only one year). At the same time, our loan quality remains pristine with virtually no delinquencies or non-performing loans. We believe we can continue to grow our commercial real estate loan portfolio as we focus on loans secured by multi-family, retail, and industrial properties, as well as expanding our geographic footprint to other western states outside of California. We will remain diligent with our monitoring of potential impacts to the office segment of our commercial real estate loan portfolio from the reduction in demand as employers continue to provide work-from-home opportunities for their employees.”

“Operational efficiency remains a core competency for the Bank, as evidenced by our 27 percent efficiency ratio for the nine months ended September 30, 2024,” said Brian Killeen, chief financial officer of River City Bank. “The Bank’s high-quality investment securities portfolio continues to perform well with relatively small unrealized losses of less than one percent and there are no investment securities categorized as held-to-maturity.”

Shareholders’ equity for River City Bank on September 30, 2024, increased $49 million to $467 million, when compared to the $418 million as of December 31, 2023. The Bank’s capital ratios remain well above the regulatory definition for being Well Capitalized, with a Tier 1 Leverage Ratio of 8.8% as of September 30, 2024.

Additionally, Mr. Fleming announced that the Bank’s board of directors has approved a cash dividend of $0.37 per common share to shareholders of record as of October 29, 2024, and payable on November 12, 2024.

October 7, 2024

Cyberfraud on the Rise in the CRE Industry

By Dan Franklin, Director of Commercial Real Estate, River City Bank

Large financial transactions are a routine part of doing business in the CRE industry, which has made it a prime target for a growing and sophisticated threat: cyberfraud, which has cost companies and investors billions of dollars with devasting financial and reputational consequences.

How does it occur? Cyberfraud can take many forms, but a common scenario involves Business Email Compromise whereby the cybercriminal gains access to the victim’s email. This access is often gained via a phishing attack, which involves the victim accidentally revealing sensitive information (username and password) or installing malware. This tends to occur when the cybercriminal sends an email (but it can also be texts, phone calls, or other communications) that encourages an action, such as clicking a link, often by instilling a combination of fear and sense of urgency (e.g. “fraudulent activity has been detected in your bank account…click here to review transactions”).

Once the criminal intruder gains access, they tend to lie in wait, observing how you conduct business – who you work with, who approves transactions, what transactions are normal, etc. Once they gain sufficient knowledge about your activities, they strike! They might pretend to be an escrow agent and send you updated wire instructions for an upcoming closing. Or perhaps they’ll impersonate your company’s CFO or CEO, instructing you to execute a transaction. It can take many forms, and the criminals are sophisticated and creative. And if their deception works, you could lose millions.

Impact of Being Defrauded. In addition to the material loss of capital, you could also incur operational damages due to transactions not closing, the need to change account numbers, and simply being distracted from your core business in a major way. Furthermore, there could be reputational damages as your tenants, investors, and other business partners may have a deteriorated level of confidence in your firm.

Who are the Cybercriminals? The old stereotypes of a hacker being a young person in a basement or someone that composes an email full of misspellings and poor grammar are long gone. Instead, many modern cybercriminals are sophisticated organizations operating overseas that have training programs, collaboration between hackers, etc. They are organized, sophisticated, adaptive to changes in technology, and will only get better as they adopt modern technologies such as generative AI.

Trending the Wrong Direction. As depicted below, losses from cyberfraud have been trending upward. And for the uninformed potential victim, the threat is even more severe than the data suggests considering that during this same period, companies have been rapidly deploying campaigns to generate awareness of cyberthreats. In other words, we are losing the battle against cyberfraud as the criminals continue to gain more ground each year despite our efforts to counteract it.

What Can You Do?

Verify Wire Instructions Through Multiple Channels. Always confirm wire instructions through a secure, independent communication channel. If you receive an email with updated wire instructions, do not rely solely on that email. Instead, call the recipient using a verified phone number to confirm the details. Avoid using any contact information provided in the suspicious email, as it may be fraudulent.
Use Secure Communication Channels. Avoid discussing sensitive financial information, such as wire instructions, via email. Instead, use encrypted email platforms or secure online portals.
Educate Your Team. Human error was found to be responsible for 68% of incidents according to Verizon’s 2024 Data Breach Investigations Report. It is crucial to educate employees, partners, and key vendors (e.g. property managers) about cybersecurity risks and how to recognize potential scams. Turn-key training programs are available from reputable vendors such as KnowBe4.
Implement Multi-Factor Authentication (MFA). This security measure requires users to verify their identity using two or more methods, such as a password and a one-time code sent to their phone. This additional layer of security makes it much harder for cybercriminals to infiltrate your system.
Be Wary of Last-Minute Changes. Cybercriminals often rely on the sense of urgency that exists right before a transaction closes to make their move. Trust your gut and always verify changes independently as previously mentioned.
Monitor Financial Accounts.If fraud is discovered quickly, you may be able to recover some funds.
Cyberfraud Insurance. Consider purchasing a policy and make sure to review the coverage to ensure wire fraud and business email compromise incidents are covered.

What to Do if You’ve Become a Victim. Immediate action is crucial. Contact your bank and request a wire recall as soon as possible. Additionally, report the incident to the FBI’s Internet Crime Complaint Center (IC3) https://www.ic3.gov and local law enforcement. The sooner you act, the better your chances of recovering the stolen funds.

Cyberfraud is a serious threat to the CRE industry that is only getting worse. At River City Bank, we take it very seriously and have implemented operational best practices accordingly. However, safeguarding financial accounts is a team effort since cybercriminals will naturally gravitate towards the weakest link. Therefore, it’s vital that bank clients participate in the fight by taking certain actions such as those listed above to ensure an overall strong defensive position to this growing threat.

Dan Franklin manages all of River City Bank’s commercial real estate origination activity throughout California and the western United States. Since joining the bank in 2008, Dan has served in various commercial banking roles, including years as Commercial Banking Director, Business Development Officer, and Relationship Manager. A recipient of the Chartered Financial Analyst designation, Dan received his undergraduate and MBA degrees from the University of California at Davis.

September 24, 2024

Meet Lily Dabit

Meet Lily Dabit, River City Bank’s new VP, Deposit Relationship Manager. In this role, she is responsible for managing and developing deposit portfolios in our Commercial Real Estate Division. She previously spent 12 years with First Republic Bank and plans to provide her River City Bank clients with that same high end customer service-oriented approach for which First Republic was well known. We sat down with Lily to chat about her love for the San Diego area and the importance of cherishing every moment, given the fleeting nature of time.

Hometown: Chicago, IL

First Job: Bank Teller. I’ve been in banking for 23 years. When I started as a teller, it was something for me to do during the summer. I was still in high school when I started banking and continued working throughout my education. My plan was always to go to law school, but during the application process, I had second thoughts and continued with banking as my career path.

First Car: Red Monte Carlo

Favorite Quote: “The days are long, but the years are short.” I was told this when I had my first child. Now, I have three, and I cannot believe how fast time has gone by. I cherish this quote because it allows me to savor every moment with my children.

First concert: I saw Mariah Carey in concert when I was twelve. I cried as soon as she came out.

Favorite city to visit: Chicago, IL.

Favorite place to visit: La Jolla, which has a beautiful beach, and the weather is perfect. The Village is the best part, with lots of coffee shops, restaurants, and beautiful scenery. The area is also very special to me personally, as La Jolla Shores is where my husband proposed.

First site or app you check in the morning: E-mail. First, I check my personal emails, then I work through my work emails.

If you have an extra hour in the day, how would you spend it? Snuggling with my children or doing something fun with them.

What is something people would be surprised to know about you? I used to play the violin and flute. Unfortunately, I don’t play any longer.

What is your idea of perfect happiness? As long as my children are happy and thriving, I’m happy.

What did you want to be when you were a child? Teacher or attorney.

Which living person do you most admire? My mother. She seems to be able to do it all, flawlessly.

What is your current state of mind? Happy and excited.

What do you like best about working at River City Bank? The culture and people. River City Bank has hired phenomenal talent who are very intelligent and extremely pleasant to work with. The combination of the wonderful culture and fantastic colleagues provides a lovely work environment.

September 24, 2024

Client Profile: Murphy Austin

Celebrating 25 Years of Legal Expertise in Northern California

For Murphy Austin, it's not just business. It's also personal. The Sacramento-based law firm places the highest value on building meaningful relationships with their clients and within the community. Murphy Austin attorneys believe that deep trust between clients and attorneys is an essential part of delivering the kind of highly personalized service that helps businesses grow and prosper. By seamlessly integrating legal services from their complimentary practice areas, Murphy Austin is able to provide clients with the expertise and responsiveness typically found at larger law firms while nurturing the direct and personal relationships that often get lost in the mix.

We had the opportunity to speak with Vince Wong, a partner with the Real Estate Law Practice Team at Murphy Austin, to discuss what sets this local firm apart from others and how it distinguishes itself from larger law firms.

How long has Murphy Austin been serving the Sacramento Region?

We are happy to announce that Murphy Austin is celebrating its 25th anniversary this year. When Murphy Austin was formed in 1999, the founding partners left a large institutional Sacramento firm to carve a new path forward focused on service — service to each other, our clients, and our community.

Murphy Austin began with 20 attorneys. I joined the firm in 2017. Today, Murphy Austin has 37 attorneys with demonstrated experience across 14 practice groups, including business and commercial real estate transactions, construction and commercial litigation, healthcare, employment, nonprofit, corporate, and tax law. Our group unites an interdisciplinary team of attorneys, with each attorney bringing their unique expertise to the table to provide efficient and comprehensive service to our clients.

Vince Wong, Partner | Real Estate Practice

What makes Murphy Austin different from other law firms in the area?

Our emphasis on service and trust sets us apart. We focus on building lasting relationships with our clients that support their long-term goals. Our attorneys strive to deeply understand client goals and challenges. For us, this level of service involves much more than just making team members available to clients; we always aim to leverage our community connections to be the best possible resource to our clients. Whether it’s connecting clients to an accounting firm, an attorney who practices outside of our areas, or environmental consultants in the Sacramento region, Murphy Austin prides itself on going above and beyond for its clients.

What are the benefits of going to a smaller local law firm like Murphy Austin than to a larger, multi-location firm?

At Murphy Austin, clients always know who they will be working with, and that they’ll get the personalized attention they deserve. Assignments aren’t just pinned to a board to be picked up by whoever happens to be available, like they are in larger firms.

Along the same lines, while we serve all of California, we are firmly rooted in Sacramento. We have built and maintained relationships with community leaders, public entities, and other local decision-makers throughout the region. We are proud to be part of this community and we believe that this commitment to our region plays a big part in building trust with our clients.

What community organizations does Murphy Austin support?

Murphy Austin supports a wide range of community organizations, from longstanding relationships (like our longtime corporate partnership with the Crocker Art Museum and 100 Percent Club membership in the Sacramento County Bar Association) to many other causes that are important to those at the firm. In particular, Murphy Austin supports the growth of nonprofit organizations working to solve problems in our region and enhance our community's health, literacy, and culture. We support many nonprofits in the region, including Unity Bar, Sacramento Literacy Foundation, and PBS KVIE Public Television, to name a few. We also work with Capital Pro Bono, whose mission is to secure access to justice for low-income residents and the firm supports Legal Services of Northern California, which provides legal assistance to low-income families and individuals.

What would you consider the perfect day in Sacramento?

Monday through Friday, my perfect day is being in my office assisting clients however I can to help their businesses grow.

That said, my perfect day off starts with grabbing a coffee at Old Soul, then wandering around the Ice Blocks for a bit before grabbing lunch at Paesanos, Pazza Notte, or Drake’s, reading for a bit at Jackrabbit Brewing or Device, stopping by Incredipets to buy toys for my dog Emmy, and then rewarding myself for being so nice to Emmy with a 50/50 at Gunther’s.

Why River City Bank?

In our experience, River City Bank shares many of the same values as Murphy Austin. River City Bank has all of the resources to serve us while it still very much feels like a community bank. We never have to dial through a phone tree to get to someone who can help. In fact, I think it says a lot about River City Bank’s culture that we’ve been able to maintain such long-lasting relationships with so many of the same people. We look forward to many more years of the same!

To learn more about Murphy Austin and the services they provide, visit their website at www.murphyaustin.com.

September 24, 2024

L5 Investments Capital Cup: 10 Years and over $18 Million Raised

River City Bank's Steve Fleming, with daughter Angela, and Adham Sbeih of Socotra Capital Management

River City Bank’s President and CEO, Steve Fleming, played alongside the Bank’s Board Member, Eric Johnson, in the 10th year of the Capital Cup. This year’s event raised over $2.5 million for local charities, surpassing the goal of $2.0 million. Since its inception, the L5 Investments Capital Cup has been a beacon of hope for the Sacramento community, raising over $18 million for over 92 deserving charities.

The Capital Cup, with its adaptation of the historic Ryder Cup format, is not just a golf tournament. It’s a celebration of community pride, healthy competition, and philanthropy. By adopting this traditional format, the event brings together 32 business leaders from the Sacramento region in a shared mission to raise funds for the most deserving charities. Each year, the participants split into two teams for an exciting 3-day golf competition. Donors can support their favorite player (or their favorite charity), as each player is competing to benefit their favorite charitable organization.

For ten consecutive years, Steve Fleming has supported Easterseals of Superior California. Playing alongside his daughter Angela who caddied for him, Steve helped to raise $60,000 this year for Easterseals. His team, the River City Allies, also marched to victory on the golf course which resulted in even more money going to their charities of choice.

Special recognition was paid to River City Bank’s Board Member, Kerry Gordon, as he received the coveted purple jacket. There has only been one other recipient of the purple jacket: Curt Rocca, DCA Capital Managing Partner and Capital Cup Founder. The jacket reflects an extraordinary contribution to the Capital Cup since its formation a decade ago. The purple jacket is also intended to pay homage to the green jacket given to the winner of the Master’s golf tournament.

To learn more about the L5 Investments Capital Cup, visit https://capitalcup.mightycause.com/event/L5investments-2024.

RCB Board Member, Kerry Gordon, receiving the Capital Cup's purple jacket

September 24, 2024

Quishing is the New Phishing

Quick response codes - aka QR codes - have exploded in popularity because they are a convenient alternative to using a complicated web address. It is an easy way to access the information you need by opening your camera app; however, these codes must be treated with caution. Recently, the Federal Trade Commission (FTC) released a consumer alert warning people to be on the lookout for harmful links hidden in QR codes.

Quishing, or QR phishing, is a cybersecurity threat in which attackers use QR codes to direct victims to malicious websites or prompt them to download harmful content. This attack aims to steal sensitive information, such as passwords, financial data, or personally identifiable information (PII), and use that information for other purposes, such as identity theft, financial fraud, or ransomware.

This type of phishing often bypasses conventional defenses like secure email gateways. Notably, many secure email gateways perceive QR codes in emails as meaningless images, making users vulnerable to specific phishing attacks.

What are QR codes?

QR codes are two-dimensional barcodes that are easily scanned with a camera or a code reader application. The main component of a QR code is data storage. QR codes can store significant amounts of information, including URLs, product details, or contact information. Scanning technology allows smartphone cameras or code readers to easily and quickly access the website to which the URL points. QR codes are seen on flyers and advertisements to provide additional information, at restaurants and parking meters to offer a simple self-checkout process, at public places to enable access to free wi-fi.

How does quishing work?

Due to the ease and availability of QR codes, bad actors create fake QR codes which direct users to bogus websites where malware is installed on their devices, or their information can be stolen.

Typically, the attacker will embed the QR code in phishing emails, social media, printed flyers, or physical objects and use social engineering techniques to entice the victims. For example, victims might receive an email urging them to access an encrypted voice message via a QR code for a chance to win a cash prize. Once a victim is directed to a malicious site, they are prompted to enter secure information such as login credentials, financial details, or other personal information. Once this sensitive information is captured, attackers can exploit it for various malicious purposes, including identity theft, financial fraud, or ransomware.

How can you identify quishing attacks?

Think before you scan - It's best not to scan a QR code if it's from an unknown source. If you receive an unexpected email or text with a QR code, confirm the source, especially if it urges you to act immediately. Double-check physical QR codes for any signs of tampering (e.g., the QR code is a sticker, the QR code looks to be out of place, and instructions for the QR code don’t match the style and format of the larger display).
Trust, but verify - If a message seems legitimate, verify the sender's identity using a confirmed phone number or website. Be cautious with URLs and avoid sharing personal info or making payments through QR code-linked sites to reduce the risk of phishing attacks. Before accessing any website from a QR code, verify the legitimacy of the site.
Email domain does not match - If you receive an email with a QR code claiming to be from Company X, but the sender's email is from Gmail or an unfamiliar domain, it's likely a phishing attack.
Keep your OS current - The FTC recommends you protect your phone and accounts by updating them to the latest OS and placing strong passwords and multifactor authentication on them.

Legitimate companies will always send instructions for any necessary actions and will not send a QR code for account verification. Similar to SMS messages from unknown sources, these QR codes could conceal malicious intent and should be scanned with caution.

July 17, 2024

River City Bank Reports Strong Net Income of $17.2 Million for Q2 2024, Record Net Income of $35.9 Million Year to Date, Crossing the $5 Billion Asset Threshold, and Quarterly Cash Dividend

SACRAMENTO, Calif. — River City Bank (the Bank) reported net income of $17.2 million, or $11.66 per diluted share, for the quarter ended June 30, 2024, which compares favorably to the $14.4 million, or $9.65 per diluted share, for the same period in 2023. Net income was $35.9 million or $24.29 per diluted share for the six months ended June 30, 2024, which compares favorably to the $27.3 million, or $18.28 per diluted share, for the six months ended June 30, 2023. The Bank’s earnings for the first six months ended June 30, 2024 represented a healthy 16.6% return on equity capital and 1.41% return on assets. The Bank’s book value per share rose to $310 as of June 30, 2024 from $261 per share as of June 30, 2023.

Significant items impacting quarterly net income for June 30, 2024 and the same period in 2023 include the following:

Higher loan balances – Average loan outstandings in the current quarter were $520 million higher than the prior year quarter, helping to increase net interest income by $5.0 million over the same period in 2023 despite rising deposit costs.
Increased cash and investment balances – Average cash balances grew by $331 million and average investments balances grew by $118 million, when compared to the same period in 2023. The increased balances, at higher yields, provided a $9.7 million increase in income from cash and investments versus the prior year quarter.
Deposit growth – Average deposits grew by $946 million compared to the same period a year earlier, supporting the Bank’s loan growth while reducing higher cost borrowings and increasing liquid assets.
The provision for credit losses on loans for the current quarter of $3.0 million was lower than the $6.5 million that was recorded for the prior year quarter. The Bank continues to add provision for credit losses as the loan portfolio grows. During the quarter ended June 30, 2024, the Bank did not experience any actual credit losses and the Bank’s Allowance for Credit Losses for Loans was a robust 2.60% of Gross Loans as of June 30, 2024.

“The Bank crossed an important milestone in our history as we ended the quarter with over $5 billion in total assets. Our customers continue to appreciate the value the Bank provides with over 50 years of consistently exceptional service as evidenced by our significant growth in total deposits from $3.6 billion at June 30, 2023 to $4.5 billion as of June 30, 2024,” said Steve Fleming, president and chief executive officer. “The Bank’s balance sheet remains highly liquid with $377 million in cash and $726 million in high-quality short duration investments (investment portfolio effective duration of only 1 year). At the same time, our loan quality remains pristine with virtually no delinquencies or non-performing loans. We believe we can continue to grow our commercial real estate loan portfolio as we focus on loans secured by multi-family, retail, and industrial properties, as well as expanding our geographic footprint to other western states outside of California. We will remain diligent with our monitoring of potential impacts to the office segment of our commercial real estate loan portfolio from the reduction in demand as employers continue to provide work-from-home opportunities for their employees.”

“The Bank’s high-quality investment securities portfolio continues to perform well with relatively small unrealized losses of 1.7 percent and there are no investment securities categorized as held-to-maturity,” said Brian Killeen, chief financial officer of River City Bank. “Operational efficiency remains a core competency for the Bank, as evidenced by our 26 percent efficiency ratio for the six months ended June 30, 2024.”

Shareholders’ equity for River City Bank on June 30, 2024, increased $29 million to $447 million, when compared to the $418 million as of Dec. 31, 2023. The increase was driven by growth of the current year’s retained earnings. The Bank’s capital ratios remain well above the regulatory definition for being Well Capitalized with a Tier 1 Leverage Ratio of 8.7% as of June 30, 2024.

Additionally, Steve Fleming announced that the Bank’s board of directors has approved a cash dividend of $0.37 per common share to shareholders of record as of July 25, 2024, and payable on Aug. 8, 2024.

June 19, 2024

River City Bank’s 2024 Executive Forum Series

Picture 1: Photo of three women at a table. Picture 2: Photo for two men and two women with microphones

River City Bank's Executive Forum Series is an exclusive program tailored for senior executives. The Forum is designed to provide valuable knowledge and insights from business leaders and executives across different businesses and industries. Handpicked for their expertise on relevant topics for today’s businesses, panelists offer guidance and recommendations based on their professional experiences. The presentations are followed up with roundtable discussions with attendees to discuss key takeaways from their experiences.

With two successful programs already under its belt, River City Bank's 2024 series is off to a solid start.

March 27, 2024 – “The Growth Engine: Driving an Employee Development Culture"

Organizations that offer quality professional development and training opportunities can reap additional rewards when those programs result in significant performance improvement. When employees feel valued by their employer, the result is often improved loyalty, productivity, and engagement with their organization.

The March Executive Forum, "The Growth Engine - Driving an Employee Development Culture," offered a compelling overview of the importance of professional development and training in an organization. Moderated by Eric Anderton, CEO of Construction Genius, the all-star panel was comprised of Mary Teichert, President of Teichert Construction, Sue Weiler-Doke, Senior Consultant of D. Brown Management, and Pat Lewis, Chief Operating Officer of River City Bank. These experts discussed how creating open conversations with employees and balancing a supportive work culture with continuous learning can benefit employers and employees alike.

May 30, 2024 – “How to Effectively Structure a Finance Department”

The Executive Forum in May focused on structuring finance department roles and responsibilities for growth and success. The conversation centered around how companies develop, nurture, and maintain an airtight finance team to improve the bottom line.

The discussion, led by Moderator Rod Barbour from Lawson Mechanical Contractors, underscored the Finance Department's strategic role as a unifying factor across different parts of an organization. Panelists Rebecca Freeman of Chordline Health, Lorie Symon of Aerometals, Inc., and Brian Killeen from River City Bank shared their insights on how these essential roles within Finance can be harnessed for organizational success.

With the ongoing support of our sponsors, Bender Insurance Solutions, BFBA, LLP, and Murphy Austin Adams Schoenfeld LLP, we are excited to present more insightful programs for the business community.

June 19, 2024

Meet Olivia Gray

Woman with curly red hair wearing a white colored shirt in front of a window

Olivia Gray serves as an AVP/Portfolio Manager for the Bank's Clean Energy Division. In this role, she underwrites and manages a loan portfolio of clients involved in the clean energy industry, such as Community Choice Aggregators, renewable project operators, and companies engaged in clean tech solutions. She also oversees one of the Bank’s largest deposit portfolios, assists clients with day-to-day deposit needs, and ensures clients are benefiting from River City Bank’s competitive deposit account products. Liv joined the Bank in 2019 after graduating summa cum laude from UC Davis with a Bachelor of Arts Degree in Economics and minors in Environmental Horticulture and European History. Liv, a passionate cinephile, shared her favorite spots in her hometown of San Francisco, her love for reptiles, and why she believes that slow and steady progress will always win the race.

Hometown: I was born in San Francisco, CA, but frequently moved between Northern and Southern California while growing up.

First Job: After working various odd-and-ends jobs in high school (e.g., tutoring, babysitting), my first job was at the UC Davis Campus Plant Nursery while in college.

Favorite Quote(s): I often find myself saying, “Drop by drop is the water pot filled,” which is a partial quote I read a while back. That saying is very encouraging to me, particularly in situations that seem frustrating or daunting. Knowing that with slow and steady progress, anything can be completed.

Favorite Movie(s): Watching movies is one of my favorite pastimes, so it’s a pretty even tie between Metropolis (Fritz Lang, 1927), Nosferatu (Werner Herzog, 1979); Blade Runner (Ridley Scott, 1982), and Arrival (Dennis Villeneuve, 2016).

Favorite song: “Passenger” by Iggy Pop, will always be special to me.

First concert: The Black Keys with my dad and brother. My dad and I used to play covers of songs from The Black Keys' El Camino album (me on piano and him on guitar), so that was a meaningful outing.

Favorite city to visit: I’m biased, but San Francisco! There are so many unique, diverse parts of the city to explore, and the food is beyond compare.

Favorite place in Sacramento/Bay Area/Southern California: I really love the coastal drive from San Francisco to Pacifica, especially on a foggy day.

First site or app you check in the morning: Either my e-mails, Instagram, or The New York Times (Connections, anyone?).

Woman in a jacket standing in front of a blue sky and a field of purple flowers

What are you reading right now? I’m about to start a short story that was highly recommended online: “The Invention of Morel” by Adolfo Bioy Casares. Short stories make prioritizing reading a bit more manageable, especially with a busy schedule!

Morning ritual: A few sun salutations, stretching, and coffee!

If you have an extra hour in the day, how would you spend it? Practicing my instruments, swimming, playing tennis, or learning a new art craft.

Favorite podcast(s)? My favorite podcasts are currently Ologies with Alie Ward and The Partially Examined Life. With Ologies, I love the deep dive into very niche scientific and biological studies, especially since those aren’t fields I am exposed to on a daily basis. For the latter, I really enjoy the discussions that merge traditional philosophical concepts with modern-day, pop culture examples.

Who is your favorite hero/heroine of fiction? Tank Girl, a 1980s cartoon character. She rebels against the greedy corporations that prevent equitable, public access to water and electricity, which leaves many to fend for themselves in a post-apocalyptic setting. This is quite fitting for being part of RCB’s Clean Energy Division; the division supports the expansion of renewable energy projects, green tech, energy equity and resiliency, and community-led energy programs nationwide – all of which hopefully will help keep that dystopian scenario fiction!

Which talent would you most like to have? It would be incredible to either pick up new languages naturally or have a knack for playing instruments by ear.

What is something people would be surprised to know about you? I really love reptiles! I had a lovely 5-foot ball python for a while, and hope to one day have a pet chameleon.

What is your greatest extravagance? It isn’t truly extravagant, but binge-watching any Gordon Ramsay or Food Network series on the weekend is a guilty pleasure of mine.

What is your current state of mind? Gratitude! I’m very appreciative of my current work and personal life and thankful for the family and people who supported me along the way.

What do you consider the most overrated virtue (or underrated detriment)? I think there’s a certain level of conformity that can unintentionally occur in large group settings, whether at work or socially. Provided it’s the time, place, and appropriate, it’s important for people to respectfully voice their opinion, even if it differs from the status quo. Sharing different perspectives can encourage beneficial growth and change rather than falling into stagnancy.

What was the best piece of business advice you were given when you were starting out? Like the rules of improv, “Just say yes!” Take the meeting, respond to the prospect, and volunteer to help internally when feasible. You never know where an opportunity will lead.

What do you consider your greatest achievement? Most recently, I’m honored and proud to be the newest inductee into River City Bank’s esteemed President’s Club!

What do you like best about working at River City Bank? Although this is my first professional job, I can’t imagine any other company does “it” like River City Bank! I appreciate management’s attention to employee valuation, and offering of flexible remote working options. The benefits and healthy work culture may partly be due to the high caliber of employees – everybody I’ve worked with is so hardworking, motivated, dedicated, and kind. Lastly, the day-to-day work with the Clean Energy Division is engaging and mentally stimulating; there’s never a dull moment when you combine banking with the energy industry!

June 19, 2024

Pig Butchering: What It Is and How to Protect Yourself

Image of a pig standing near a cell phone

In 2023, the Financial Crimes Enforcement Network (FinCEN)^[1]." issued a critical alert about a virtual currency investment scam known as "Pig Butchering." According to most recent estimates, pig butchering schemes cost victims $3.3 billion in 2022, the most recent year that data was available.

What is "Pig Butchering"?

Pig butchering is a type of online investment fraud where scammers create fake personas to trick victims into fraudulent investment schemes by building trust over time. Scammers use various tactics to deceive victims into parting with their money. They establish an emotional connection and gain the trust of their victim over the long term. Unlike other scams that involve smaller, frequent transactions, pig butchering typically aims for a large, single payday that can drain victims' life savings.

Charcteristics of Pig Butchering

Gaining trust: Scams often begin with casual conversations initiated by the scammer, who may pretend to have received the victim's contact details accidentally or through a mutual acquaintance. These initial interactions are designed to build trust and may involve the use of attractive profile images to lure victims.
Introducing the investment: As trust is established, the scammer introduces the victim to a fraudulent investment scheme, promising significant returns in a short period. The scammers use persuasive tactics and counterfeit investment portfolios to convince victims of the scheme's legitimacy.
Collecting money: After convincing the victim to invest, scammers collect funds, often through digital payment platforms or cryptocurrencies, to complicate tracking and tracing of the transactions.
Disappearance of the scammer: Once a substantial amount has been collected, or when victims attempt to withdraw funds, scammers become unreachable, delete their online presence, or create new identities, leaving the victims with no way to recover their funds.

Investors need to be vigilant and conduct thorough due diligence before investing in cryptocurrency or any other investment scheme. Be wary of unsolicited investment offers and approach overly promising investment proposals skeptically. Review these actions to protect yourself:

Be careful who you trust: Fraudsters do their best to create emotional connections with their victims. Think critically before letting your guard down with someone you just met. They use your social media information and anything they can get you to share to manipulate and take advantage of you.
Beware of red flags: Never rush into any investment. Only use well-known and reliable trading platforms, including Cryptocurrency exchanges.
Don’t fall for FOMO: Fraudsters try to get victims to feel the Fear Of Missing Out (FOMO). Be very skeptical if a new acquaintance tries to get you to invest fast so you don’t miss an opportunity. That is often a trick to get you to give them money before your judgment kicks in.
Trust your instincts: Think twice before investing - if it seems too good to be true, it probably is.
Keep your information to yourself: Do not provide details about your financial positions or share sensitive information online or on unverified sites.
Verify Information: Validate individuals you meet online are trustworthy through mutual friends or acquaintances. Verify investment opportunities by conducting independent research and seeking advice from trusted financial professionals to ensure legitimacy.

Be Cautious and Conduct Your Due Diligence

"Pig butchering" continues to pose a significant threat to investors. Don’t make rash financial decisions with too-good-to-be-true promised results with people you meet online. If you suspect you are involved in a cryptocurrency scam or fraudulent activity, immediately report it to authorities and your financial institution. Always be cautious and conduct due diligence when considering investment opportunities.

Learn More. Read ‘Pig Butchering' Scams: What They Are and How to Avoid Them | FINRA.org.

[1] FinCEN is a bureau of the U.S. Department of the Treasury. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.