Local funding to drive economic development, job growth in Sacramento
SACRAMENTO, CA — December 18, 2018 — As one of three local banks involved in the Responsible Investments for a Stronger Economy program, also known as RISE, River City Bank received a $5 million deposit from SMUD which will be used to provide loans to local businesses. RISE was developed by Region Finance, a local non-profit that advocates for local economic development and job creation. As Sacramento’s premier business bank, River City Bank has committed to loan at least 50 percent of the designated funds to qualified applicants in the SMUD service area and will provide periodic updates to SMUD regarding the number of loans made and the projected number of jobs created.
“We are committed to investing in the growth of locally owned businesses and securing additional jobs as Sacramento’s stature grows on the national stage,” said Steve Fleming, President and CEO of River City Bank. “As a founding member of Region Finance and a firm supporter of the RISE program, River City Bank is excited to partner with SMUD to ensure the growth of our local economy, and our bankers look forward to leveraging this investment for the benefit of our entire region.”
River City Bank has been headquartered in Sacramento for more than 45 years and is heavily involved in the local community through its banking services and philanthropy. The bank recently announced that it is providing the loan financing for the new Fort Sutter Hotel in support of the Sacramento-based Paragary family. The 105-room boutique hotel is part of the Hilton Tapestry Collection and will open in Midtown Sacramento in 2020. With the recent launch of its Clean Energy Division, River City Bank also has taken the lead in servicing clients in this fast-growing space and is dedicated to expanding relationships with Community Choice Aggregation businesses such as Yolo County-based Valley Clean Energy and other players.
To learn more about River City Bank, visit RiverCityBank.com.
About Region Finance
Region Finance is a new trade association of Region Business for community banks and related institutions focused on advancing regional economic growth by improving access to capital for businesses in the Sacramento region. Region Finance advocates for government entities and regional corporations to keep money local through the use of local community banks whose business leadership, staff and customers are all located in the Sacramento area. Its mission is to catalyze success for the local business community by keeping and expanding the capital available in local banks that allow for a larger investment into the region. For additional information, please visit RegionBusiness.org/Region-Finance.
As the nation’s sixth-largest community-owned electric service provider, SMUD has been providing low-cost, reliable electricity for more than 70 years to Sacramento County (and small adjoining portions of Placer and Yolo Counties). SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies, and for its sustainable solutions for a healthier environment.
SMUD’s power mix is about 50 percent non-carbon emitting. For more information, visit SMUD.org.
About River City Bank
Named one of Sacramento Business Journal’s “50 Fastest Growing Companies” for each of the past two years, River City Bank is the Sacramento region’s premier business bank with assets over $2.1 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 RiverCityBank.com or call (916) 567-2600. Member FDIC. Equal Housing Lender.