Support of Clean Energy clients rooted in community-first values
SACRAMENTO, CA — May 22, 2018 — Taking the lead in providing banking services for clean energy companies throughout California, River City Bank has officially launched its new Clean Energy Division. The prominent business bank has taken a bold lead in this fast-growing space, and it has already earned an award from the City of Davis for its beneficial environmental quality contributions and dedication to helping Community Choice Aggregation (CCA) businesses provide locally-supported clean energy. With the launch of its new Clean Energy Division, River City Bank will continue to service its existing CCA clients and focus on expanding relationships with other players within the clean energy sector while supporting California’s climate action goals.
“Seeing the positive impact of CCAs in California since the launch of Marin Clean Energy in 2010, we were able to gain first-mover advantage in this space,” said Steve Fleming, President and CEO of River City Bank. “Part of the reason for the launch of our new Clean Energy Division is the cultural fit between River City Bank and the CCAs. Specifically, CCA entities prefer to work with community banks which are committed to supporting renewable energy, consumer choice and local decision making.”
The Clean Energy Division will be based in the Bay Area under the leadership of Rosa Hilmarsdottir Cucicea, Vice President & Clean Energy Division Manager, who has managed and grown the Bank’s clean energy portfolio over the past few years. “I’m honored to play a role in making California a cleaner and greener place through the services we provide to CCAs and clean energy related companies,” said Cucicea.
River City Bank currently supports a number of clean energy clients, including depository, cash management and lending needs for 12 different CCAs. Notable clients include Valley Clean Energy in Yolo County, Clean Power Alliance in Los Angeles County, Marin Clean Energy and Monterey Bay Community Power. Given its experience in the complexities and nuances of this specialized field, River City Bank is able to provide CCA clients with custom-tailored solutions spanning start-up capital, lines of credit, renewable energy project financing and custodian “lockbox” accounts.
“When we looked for someone to help our business mature rapidly, River City Bank stood out for its track record for helping companies like ours navigate the nuances of the industry,” said Ted Bardacke, Executive Director of Clean Power Alliance. “Having direct access to CEO Steve Fleming and relying on Rosa’s team’s expertise is exactly what we need to become California’s largest CCA, with approximately one million eligible accounts.”
For its beneficial environmental quality contributions in the state related to Community Choice Aggregates, and specifically with Valley Clean Energy and the City of Davis, River City Bank was recently honored with a City of Davis 2018 Environmental Recognition Award by the Natural Resources Commission in the Business category.
To learn more about River City Bank, visit RiverCityBank.com.
About River City Bank
Named one of Sacramento Business Journal’s “50 Fastest Growing Companies,” River City Bank is the Sacramento region’s premier business bank with assets over $2.0 billion. River City Bank offers a comprehensive suite of banking services, including loans, deposits and cash management tools to the business, consumer and commercial real estate sectors. With tailored, executive-level service and a Five Star “Superior” financial rating from the nation’s leading independent bank-rating firm, Bauer Financial, River City Bank redefines the banking experience and every touch point that surrounds it. River City Bank is the largest, independent, locally-owned bank in the Sacramento region with an office in the San Francisco Bay Area and a growing presence in Southern California. For additional information, please visit www.rivercitybank.com or call (916) 567-2600. Member FDIC. Equal Housing Lender.