ISSUE 6 | 2020
Golden state of mind California rises to the occasion
In this issue Golden state of mind is more than an approachable phrase that embodies the Californian lifestyle. It’s an attitude that embraces optimism, fosters collaboration and welcomes diversity. While 2020 has been a year of uncertainty, we have seen the golden state of mind outlook applied more than ever through the CARES Act, charitable giving and meaningful corporate social responsibility. At California Bank & Trust (CB&T), we recognize that giving back isn’t a one-time project— it’s an ongoing priority. In this issue of In Your Corner magazine, we’re highlighting engaging nonprofits, our employees’ commitment to diversity, equity and inclusion, and some of CB&T’s philanthropic initiatives. As Californians, we can take pride in having more than laid-back vibes, we’re a state that rises to the occasion for those in need. ISSUE 6 | 2020
Diversity, Equity and Inclusion WITHIN CB&T
Creating a work environment that welcomes and embraces diversity, equity
and inclusion (DEI) efforts isn’t just a strategic business priority—it’s the right thing to do. DEI is a top priority at CB&T and the foundation of how we treat one another and conduct business. The heart of CB&T’s DEI program is our employee resource groups. These are self-supported, employee-led groups that increase DEI awareness among CB&T teams, future employees and clients. These groups provide a place to share ideas, network, raise awareness of diversity, promote inclusiveness, build a culture of allies, develop personally and professionally, and connect to the community. “My favorite part of CB&T’s DEI groups is that you can hear different perspectives,” said CB&T Employee Experience Program Manager, Megan Powell. “Allyship is a strong way to show your support because maybe I don’t have the same experiences, but I can be empathetic, put myself in other’s shoes and offer support.” Powell helped structure CB&T’s DEI program and employee resource groups early last year. According to McKinsey Global Institute, companies in the top quartile for ethnic and cultural diversity outperform those in the fourth quartile by 36 percent in profitability. “Businesses are more likely to be successful because employees are more reflective of their consumers and market,” said Powell. “With diverse employees, you’re likely to have higher representation, better engagement and better retention.”
HIGHLIGHTS
Seize the day with your Home Equity Line of Credit 05
Treat yourself to Bay Area takeout 08
Corporate responsibility: helping our communities prosper 16
Four tips to help avoid common fraud scams 22
Accion aids emerging entrepreneurs 26
CONTRIBUTORS Rachelle Dostie, Michelle Rapaport, Maurice Pendarvis, Andie Green, Ubaldo Plentywounds, Kathryn Busch-Guinn, Margaret Sweat, ClearVoice, Elissa Baly
VP | MARKETING MANAGER Angelia Hage COMMUNICATIONS OFFICER Kari Luu
PUBLISHER California Bank & Trust
EVP | DIRECTOR OF MARKETING Jathan Segur
COPY EDITOR Robyn Lee
VP | CREATIVE DIRECTOR Ron Gligic
In Your Corner magazine may contain trademarks or trade names owned by parties who are not affiliated with California Bank & Trust, Zions Bancorporation, N.A. or its affiliates. Use of such marks does not imply any sponsorship by or affiliation with third parties, and California Bank & Trust does not claim any ownership of or make representations about products and services offered under or associated with such marks. Articles are offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice.
© 2020 California Bank & Trust. All rights reserved. | A division of Zions Bancorporation, N.A. Member FDIC
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Diversity, equity &
One of CB&T’s employee resource groups, Pride@CB&T, was started for those who identify as LGBTQ+ or as an ally. The group’s chair, Eric Roos, embraced the importance of having a DEI platform to increase understanding of the LGBTQ+ experience in both the organization and the community at large. "I think this type of awareness is very meaningful in any organization, regardless of the size or industry,” Roos said. “It can be really eye-opening to understand different perspectives and better equip peers to be advocates and allies to others." This year, there has been an increased need for dialogue around recent social events and it has been even more critical to allow space for these discussions. DEI programs have helped initiate these conversations. The chair of another CB&T employee resource group, African Americans in Banking (AAIB), Aben Hill, believes having important conversations are strengthening bonds and forming allyship, which helps create an open environment to discuss uncomfortable topics. Hill recommends, “Take the time to slow down, pay attention and self-reflect. It’s a great time to be an active listener to hear different perspectives.” The benefits of all of our CB&T employee resource groups have been clear; by promoting a richness of diversity in the workplace, it can help teams to be more creative and productive at work—all while building deeper, more empathetic relationships with one another and our clients.
• Companies in the top quartile for gender diversity on executive teams are 25 percent more likely to have above-average profit ability than companies in the fourth quartile • Companies in the top quartile for ethnic and cultural diversity outperform those in the fourth quartile by 36 percent in profitability According to McKinsey’s 2020 report inclusion makes companies better
Cash may be hidden in your home and it’s not under the cushions. It’s the equity you’ve built over the years. Seize the day with your home’s equity 1
Glossary of terms
You can use it to do just about anything: Remodel your kitchen or build a home office Consolidate lingering high-interest rate debt Pay for educational expenses
DIVERSITY Empowering people by respecting and appreciating what makes them different—around age, gender, ethnicity, religion, disability, sexual orientation, education and national origin. (Global Diversity Practice) EQUITY Treating people in fair and just ways that also consider systemic discrimination and other structural barriers. (Tech Crunch) INCLUSION The act or practice of including and accommodating people who have historically been excluded because of their race, gender, sexuality or ability. (Merriam Webster) EMPLOYEE RESOURCE GROUP Employee-led groups that are formed based on specific traits that group members possess. These groups could be focused on race, gender, interests or any other defining characteristics that group members share. (Forbes) ALLYSHIP Process of building relationships based on trust, consistency and accountability with marginalized individuals and/or groups of people. (Forbes)
E
After the introductory rate ends, you may be eligible for an additional interest rate auto-pay discount 1 of 0.25% with automatic payments from your CB&T deposit account. Maintain two or more qualifying accounts with us to receive an ongoing relationship pricing rate discount 1 of 0.25%. You name it, your home’s equity can help you do it. For more information or to apply TeleLoan TM (800) 429-7685 calbanktrust.com/ heloc-offer
SPECIAL INTRODUCTORY APR 1 . 99 % - 2 . 49 % 1 Fixed introductory APR for the first six billing cycles
VARIABLE APR THEREAFTER 4 . 050 % - 6 . 425 % 1
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1. See page 29 for important details and disclosures.
IN YOUR CORNER ISSUE 6 | 2020
cash management SMALL BUSINESSES Growing a small business is an exciting endeavor but can come with challenges. CB&T Treasury Management Manager, Annette Isaacs , lays out some trends, common pain points and recommendations for small business owners faced with cash management obstacles. TRENDS FOR Views on
VENDOR PAYMENTS Business owner pain point:
INVENTORY TYING UP CASH FLOW
“Paying my vendors can be a time- consuming process that takes away from other important tasks.” Recommendation: By automating payables, you can achieve greater efficiency, cost reduction and even enhanced security for your organization. You’re able to significantly decrease the time and resources devoted to payments while mitigating fraud. Using ACH Origination is a helpful approach to tracking your payables. You can control the timing of fund disbursements to optimize liquidity and initiate electronic funds disbursements to your accounts or vendors and employee accounts for payroll and expense reimbursements. Most importantly, you can free up time to focus on strategic issues that elevate the success of your company.
Business owner pain point: “Due to the COVID-19 environment, I have a lot of inventory that isn’t selling as quickly.” Recommendation: Having cash flow available is vital to the success of your business. If other options haven’t worked (selling products at a low margin, etc.), consider a line of credit as a back-up resource to get you through tight cash flow periods. If you already have a line of credit, another option is a business credit card that can help you manage payment cycles while potentially earning rewards based on your spending activity. Every business is unique. We can help you find the right options 1 or resources tailored to the needs of your small business. Contact a banker today to learn more.
CASH FLOW STATUS Business owner pain point: “I always
CASH AVAILABILITY Business owner pain point: “My
worry about the cash position of my business and need help monitoring it.”
business is very cyclical and/or is being affected by an emergency circumstance. This is impacting my revenue.” Recommendation: Strive to maintain cash flow by using a business line of credit. 1 Lines of credit can help you meet short-term cash needs. We understand the challenge of navigating business and economic cycles and depending on your circumstances, we can help structure a customizable line of credit tailored to your needs.
Recommendation: There are digital resources to help you and your finance team watch your cash position daily, so decisions can be made based on available balances. Business Online Banking and Business Mobile Banking are helpful tools that provide a full picture of your bank account(s) and transactions. QuickBooks ® integration with Online Banking is also available.
1
u
CUSTOMER PAYMENTS Business owner pain point: “I don’t receive timely payments from my customers.”
Recommendation: Streamlining invoice processing and providing customers with convenient ways to make payments can help give you faster access to funds. With E-Invoicing and Payments , you can reduce your receivable cycle and days outstanding by providing an electronic invoice to customers with convenient ways for them to pay—checks, ACH, wire, online payments and cards with clean remittance information.
Listen to our educational webinars to help plan for the future.
calbanktrust.com/ economy
1. See page 29 for important details and disclosures.
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IN YOUR CORNER ISSUE 6 | 2020
Californians love good food and the experience that goes along with it—from the pier-side fish taco culture of Southern California to the farm-to-table vibes of wine country. We also appreciate the Bay Area as a destination for more than outstanding chefs and their creative culinary approaches. The MICHELIN Guide includes more restaurants in San Francisco (133, in fact!) than any other city in California. takeout BAY AREA TREAT YOURSELF TO
ALEXANDER’S STEAKHOUSE | CUPERTINO
For a classic American steakhouse with notes of Japanese influence fused into the menu, Alexander’s is more than a place for romantic anniversaries—it offers a robust takeout menu. Try the hearty 28-day dry-aged steak and marbled Wagyu (including Kobe) beef. For a special meal, consider the Take & Bake Prime Rib Family Special that serves six and comes with a bottle of wine. Don’t miss the six-pack of freshly made macarons. Other Alexander’s locations: the SoMA districts in San Francisco and Pasadena. FARMSTEAD AT LONG MEADOW RANCH | ST. HELENA Napa Valley is known for its seemingly endless vineyards that fill the valley and hillsides—along with award-winning restaurants. For a beautiful drive and homestyle cooking, head to Farmstead for your next takeout meal. Farmstead serves farm-fresh American cuisine, featuring seasonal ingredients from its farm, ranch and vineyards. Popular picks include the steak tartare, deviled eggs, and fan-favorite, cheddar biscuits. Check out the General Store for artisanal provisions such as local wine, freshly picked produce and other high-quality items.
Diners are continuing to expand their takeout repertoires for a variety of occasions—from Friday night takeout dinners to home-celebrated birthdays. Takeout and delivery meals have sustained many restaurants during the COVID-19 closures, and Bay Area residents and visitors are eager to continue supporting beloved restaurants while discovering new spots. The following are just a few among the thousands of Bay Area restaurants to consider.
DAUGHTER THAI KITCHEN | OAKLAND
LA TAQUERIA | SAN FRANCISCO San Franciscans are devoted to La Taqueria in the famed Mission District. Honored as an American Classic by the James Beard Foundation in 2017 for “quality food, local character, and lasting appeal,” this restaurant is so good it influenced fast-casual Mexican restaurants all over the nation. Expect your burrito to be proudly rice-free—and instead, filled with beans, meat and other good stuff. Pro-tip: order the secret dorado-style burrito for a crispy outer tortilla.
ALICE’S RESTAURANT | WOODSIDE How about a scenic drive through the Santa Cruz Mountains? From Interstate Highway 280, exit State Route 84 (Woodside Road) and drive through the downtown area of Woodside to make your way up the winding road to Alice’s Restaurant. With a slogan of “you can get anything you want,” Alice’s restaurant is a local favorite. Afternoons and early evenings are known for burgers and chips, but a morning jaunt rewards you with a hearty breakfast like one of their three unique types of eggs Benedict.
This Southern Thai restaurant offers a level of spice you didn’t know you needed. Crafted by owner and head chef, Kasem Saengsawang, affectionately known as “Pop,” the cuisine showcases recipes handed down from generation to generation. Check out the Little Lao Table ($60, with a vegetarian option) for a party of two or more featuring a variety of deliciousness like flank steak, Hai Yai fried chicken, or spicy eggplant. You can top it off with two cold beers or Thai iced teas. Daughter Thai is the sister restaurant of Farmhouse Kitchen Thai Cuisine in Jack London Square, Oakland, and San Francisco.
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IN YOUR CORNER ISSUE 6 | 2020
City Heights San Diego nonprofit helps with affordable housing From families to refugees, the City Heights Community Development Corporation (CHCDC) has helped provide a place to call home for many residents living in City Heights. Through its 13 low-income affordable housing properties, a total of 406 units, they have helped provide a safe dwelling for families and individuals to rest a little easier. City Heights is an urban community in central San Diego, known for its ethnic diversity and many residents who are refugees and immigrants. The CHCDC is a nonprofit that started nearly 40 years ago to enhance the quality of life in City Heights, by working within the community to create and sustain high-quality housing, livable neighborhoods and foster economic self-sufficiency. “Affordable housing is part of our history and how we started and became a launch point for our work in the community,” CHCDC Executive Director, Laura Ann Fernea said. “In the early ‘90s, our organization began buying old apartment complexes and began renovating them to become quality affordable housing communities.” The nonprofit works diligently to provide fair-priced living while supporting the needs of the residents. The nonprofit’s services
In the past few months, the demand for rental assistance has been increasing. The CHCDC staff has received
basic needs, the organization has been making positive changes for residents. However, Fernea said the future socioeconomic situation is difficult to predict under the veil of COVID-19. “Most people were thinking in July that things were going to get better and we were going back to work soon,” Fernea said. “But right now, it’s really hard to predict what’s going to happen in the immediate future.”
20 to 40 calls a day, and have had to add another staff member to help handle the growing number of requests.
The organization is providing as much support as they can,
based on the amount of funding they receive from donors and foundations.
How CHCDC has made an impact
“Our emergency pantry for residents, which has canned foods and other goods, usually lasts a full year,” Fernea said. “But it was gone by May of this year, so we’ve been buying groceries and getting additional supplies from food banks.” The nonprofit has also been leading the charge with a popular garden for farmers called New Roots, which is helping fulfill the community’s need for fresh food. Affectionately dubbed “the first refugee garden,” this green spot in a concrete jungle has more than 80 plots leased to immigrants and residents in the community. The organization is planning for a $70 million affordable housing complex with 115 units in City Heights to be completed in the next two years. Fernea considers housing a basic right and emphasizes the continuous need for affordable housing in San Diego. “It is so needed right now,” Fernea said. “Currently, all of our properties have waiting lists that are five to 10 years long.”
FOOD ASSISTANCE • 1,892 meals delivered • 3,527 boxes/bags of food provided • 3,225 households with a total of 9,971 members assisted (includes duplicate households) RENTAL ASSISTANCE • 284 families assisted, totaling more than $200,000 in rental assistance given SMALL BUSINESS RELIEF • Funded 70 local businesses with grants between $4,000-10,000, totaling $440,000
are all- encompassing, including, but not limited to,
promoting local businesses, working to improve transportation and local planning and providing resident services. However, COVID-19 caused an economic ripple-effect across the nation and has especially battered low-income areas like City Heights. Fernea and her team have responded to the needs of the community by helping isolated seniors and providing food support, small business relief and rental assistance. "There are an estimated 100,000 people in City Heights with the vast majority being low-income and most have no assets, savings or a network of family and friends to provide them with money,” said Fernea. “Most of the residents are essential workers and if they don’t go into work, they don’t have income.”
*These numbers are the totals for July 2019–September 2020.
The CHCDC is a client of CB&T. To support our struggling neighbors, you can help by donating at cityheightscdc.org
The CHCDC’s impact in the community is life- changing for many. By working to help fill these
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IN YOUR CORNER ISSUE 6 | 2020
Streamline your
BUNDLE, OPTIMIZE AND SAVE As your small business evolves, Treasury Management Select is there to maximize your success.
business
MONEY IN RECEIVABLES SOLUTIONS Easily accept payments in ways that are convenient for your customers.
WHETHER YOU'RE STARTING OUT OR BUILDING UP
• Credit and Debit Card Processing - Accept card payments for in-person and online transactions • Remote Deposit - Save time by reducing the number of trips to your local branch for deposits
MONEY OUT PAYABLES SOLUTIONS Optimize cash flow with access to a range of electronic and automatic payment options to simplify your work.
• Direct Deposit - Process payroll more efficiently • Electronic Vendor and Tax Payments - Streamline your accounts payable process • Bill Pay - Pay invoices today or schedule future payments
MONEY MANAGEMENT INFORMATION MANAGEMENT AND FRAUD PREVENTION Manage cash flow and help protect your accounts against fraudulent check and Automated Clearing House (ACH) transactions.
As your business grows, you need efficient, smart money management solutions—regard- less of your business industry or size. The suite of treasury management services available at CB&T can help you achieve greater operating efficiency with services that automate payables and receivables, optimize working capital and reduce risk and fraud at every stage of your business’s growth.
• Online Banking - View banking activity online anytime, anywhere your business operates • Positive Pay 1 - Identify and return unauthorized check or ACH transactions before final payment • Check Block - Designate accounts to accept only
INTRODUCING TREASURY MANAGEMENT SELECT
electronic or deposit activity and prevent the processing of paper-based check transactions
With Treasury Management Select, you have the flexibility to bundle services to simplify administrative tasks so you can focus on growing your business. As your business expands, you can easily add
services to support your evolving money management needs. When you add more Treasury Management Select services, you increase both your cost savings and the efficiency of managing your business.
Learn more about the Treasury Management Select options that are right for your business.
For more information visit
calbanktrust.com/ tm-select
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1. See page 29 for important details and disclosures.
IN YOUR CORNER ISSUE 6 | 2020
Creative arts IN TUSTIN COMMUNITY PLAYS PIVOTAL ROLE
As a grassroots nonprofit organization, TACFA’s lean operating budget of $40,000 goes a long way in the community. Without salaries to pay, all donations go straight to programming, art academies and student showcases, as well as other community organizations dedicated to the arts. Wong estimates their programs impact 10,000 kids and Tustin residents. Since so much of arts programming is delivered in-person and through public schools, gathering restrictions from COVID-19 have altered the type of creative arts that TACFA can support. “We had to rethink the way we look at funding,” Wong said. “It’s been challenging, but we’ve been fortunate. We’ve had generous sponsors and donors who allowed us to roll over their donations to next year, and we’ve raised a lot from online silent auctions.” Even during a pandemic, TACFA is pushing forward with its goal of bringing the arts to the greater Tustin area. The nonprofit is pivoting and mapping out ways to keep youth art enrichment going. Since March, the organization has provided college scholarships to eight students, hosted a face mask design contest for residents in the community and has even thrown around ideas for a master class featuring a world-class violinist.
concerts, art walks and cultural education. TACFA showcases the importance of the arts and recognizes youths through scholarships and student art showcases. “We don’t just do one type of art, we try to be very broad and make an impact in the lives of kids who want to be creative,” Wong said. “Kids look forward to this part of their day. How do you put a price tag on that?” Its signature program, Broadway in the Park, spans five days of performances and has at least 80 volunteers to keep the show running smoothly. Wong first got involved with TACFA as a Broadway in the Park volunteer because of his daughter. That was around the time he started to understand the community value of the arts.
We want to thrive and we want to be agents of joy again in our community. Tony Wong TACFA Board President
“I’m an immigrant in the tech field, and it wasn’t until my daughter got involved in theater that I started to see its importance,” Wong said. “The more I was exposed to it, [the more] I realized it made me better—even in the way I presented at work. If it weren’t for the arts, I wouldn't be as creative of a person.” It's this tie between the arts and innovation that makes TACFA’s programming for underprivileged youth so important. Wong served as a four-year board member and is now the Board President of TACFA.
“We want to get back to work and provide arts education in the community again,”
Wong said. “We want to thrive and we want to be agents of joy again in our communitey.” TACFA is a client of CB&T. To help maintain the cultural vitality and enriching art programs in Tustin, donate at tacfa.org/ donate
The nonprofit organization, Tustin Area Council of Fine Arts (TACFA), held a 100-person dinner on March 8 for their sponsors where they laid out plans for their mid-summer event, Broadway in the Park. This annual production features a professional cast offering affordable Broadway musical theater to residents. The team unveiled they were about to begin production for the beloved classic, The Wizard of Oz; however, due to COVID-19, these plans would soon be dashed.
“For the next month, we all carried a sickening feeling waiting to see what would happen next,” TACFA Board President Tony Wong said. “We thought the situation would be fine by the show’s premiere in August, but by mid-May, we made the difficult decision to cancel the show for everyone’s safety.” With an all-volunteer staff, TACFA has been enriching the Tustin community through the creative arts since 1992 with annual musicals,
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Photo courtesy of Tustin Area Council of Fine Arts
IN YOUR CORNER ISSUE 6 | 2020
Helping our communities prosper CORPORATE RESPONSIBILITY
At CB&T, we recognize that banking is a local business and to be successful, we must have strong ties to the communities we serve and strong relationships with our customers and employees. The events of this year have only reaffirmed our values in employing our resources to build strong neighborhoods and communities, invest in our employees’ growth—and as always, help customers achieve their financial dreams. CB&T is a division of Zions Bancorporation, N.A. and we’re proud to highlight some of our corporate responsibility numbers that reflect our commitment to our communities.
BUILDING STRONG COMMUNITIES It’s part of what makes our company a great place to work and a great place to bank: we give back and we make a difference. Our employees are encouraged to be involved in local nonprofit organizations, volunteering their time and serving on boards. Here’s how they’ve gone above and beyond:
4 , 272 Total employee volunteer hours—that’s a 24% INCREASE from 2018 EMPLOYEE VOLUNTEERISM IN 2019
CORPORATE GIVING There are almost no limits to the ways that you can better your community—and our charitable giving decisions are made by each of our banks to invest in our neighborhoods and empower residents. In 2019, about 200 charitable groups received contributions from CB&T. 2020 CORPORATE GIVING INITIATIVES The COVID-19 pandemic has had a devastating impact on people, neighborhoods and small businesses. CB&T provided donations to 10 nonprofits, including: • Feeding San Diego • California Capital Financial Development Corporation
• Local Initiatives Support Corporation • United Negro College Fund (UNCF) in an employee donation-matching
campaign
Continued on pg. 18
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IN YOUR CORNER ISSUE 6 | 2020
GIGAWATTS (GW) CUMULATIVE CAPACITY GROWTH
FILL YOUR HOLIDAY WITH CHARITY AND CHEER
CB&T OAKLAND MAIN BRANCH • This three-story flagship achieved a LEED Certified rating in 2019. The project team, comprised of contractors, designers, engineers, the City of Oakland and the USGBC, partnered with CB&T facilities beginning in 2016 to establish the necessary goals to achieve the LEED rating. • The green team worked to create design concepts that minimized waste, reduced the consumption of non- renewable resources and created a healthy, productive and fully-realized facility. BOLSTERING ENVIRONMENTAL SUSTAINABILITY CB&T is continually working to benefit future generations by taking deliberate actions toward sustainability through energy conservation and benchmarking. We’re continuing to make progressive changes for a greener future, such as offering incentives for employees to use mass transit, financing green projects and supporting air quality efforts. GREEN BUILDING INITIATIVES • All CB&T building projects are designed to the CAL Green standard, complying with mandatory green building standards that reduce greenhouse gasses through energy conservation measures. • All CB&T projects are built to reduce indoor water use by 20% and construction waste by 50%. GREEN INITIATIVES
2017
0.8 Billion invested helped create 6.0 GW Cumulative Capacity
$
2018
1.3 $
Billion invested
helped create 8.9 GW Cumulative Capacity
2019
2.1 $
You could win $5,000 with your qualifying digital banking transaction as part of our Celebrate the Season Sweepstakes! Official rules apply 1
Billion invested
helped create 15.2 GW Cumulative Capacity
QUALIFYING TRANSACTIONS
• Add and pay a new bill • Set up an automatic or recurring payment • Pay a bill the same day
• Activate a new eBill • Send $5 or more to a new person using Zelle ®
FINANCING RENEWABLE ENERGY AND ENERGY EFFICIENCY Zions Bancorporation, N.A., the parent company of CB&T, created a special unit based in Los Angeles, California, that helps finance utility-scale renewable energy projects across the U.S. Their mission is to give residential and business customers the choice of switching to clean wind and solar power. • By June 30, 2019, the bank had financed more than 13.0 gigawatts (GW) of renewable energy capacity since the unit began. With each GW providing energy to 150,000 homes, the funding helps power more than two million households. • At the end of 2019, Zions had committed more than $700 million to wind and solar projects in the state. That amounts to 2.2 GW, which will provide power for 350,000 households. • Up to 90% of the unit’s financing volume is concentrated in solar- and wind-powered energy.
Visit www.calbanktrust.com/ celebrate for additional sweepstakes details
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IN YOUR CORNER ISSUE 6 | 2020
Complete a qualifying transaction between November 1, 2020 – December 31, 2020 to be entered.
1. See page 29 for important details and disclosures.
AMID A NEW ENVIRONMENT a festive spirit Keeping
TRY SOMETHING NEW Another great way to stay in the festive spirit is by embarking on a new adventure with your family. Whether near or far, get creative. Cross-state travel is out of the question for some of us, but there's plenty of options that are only a car ride away. While COVID-19 closures have prevented many of us from our typical exercise routines, why not hike a new trail to see some legendary California vistas from a whole new perspective? In the evening, drive through a new neighborhood to see holiday lights to get in the seasonal spirit. During time off, you could even take a road trip along Highway 101 to revel in the blissful ocean that's reliably beautiful all year long.
PRACTICE GRATITUDE The holidays can be challenging at the
The gathering of friends and family, the roar of laughter and the heavenly aroma of a giant seasonal roast floating out of the kitchen—it all may feel like a distant memory going into the winter season in the time of social distancing. But getting everyone together isn't the only way to feel warmth in California in the fall and winter. While gathering may be out of the picture this year, remember what matters during this season: gratitude, connection and tradition.
best of times. Social distancing restrictions can make them that much harder. If you start to feel down about the way things are, realize that you are not alone in this journey, and remember all the ways you're making the best of an unusual situation. Initiating a practice of gratitude is a proven way to boost your mood. All it takes is writing down a few things you're grateful for every day, no matter how small. You can use a notebook you already have or get yourself a festive journal to commemorate your new seasonal traditions. Whatever you choose, taking time to notice the good that's happening around you might help make these different approaches to celebrating a little easier. Even though we're calling this period the "new normal," it doesn't mean we can't still enjoy the fun and festivities of the fall and winter. Try these tips to keep your spirits lifted this year, and hopefully, it won't be too long until you can safely gather with friends and family again. By keeping yourself and others safe, it will be worth the wait. Distance makes the heart grow fonder, after all.
So how can we keep our spirits up this season? Here are some tips to feel closer to your loved ones when you're physically distant.
PUT PEN TO PAPER When was the last time you sat down,
UPHOLD YOUR FAVORITE TRADITIONS
pulled out a fresh sheet of stationery, grabbed your favorite pen and wrote a letter to someone special? Technology has been invaluable during this time of social distancing. Really, what would we do without texting or video calls for such a long stretch of isolation? But handwritten letters can provide deeper connection: the excitement of getting mail that's not a bill or catalog, the joy of reading the handwriting of a dear friend, the knowledge that someone took the time to write a letter to you. It's a simple and meaningful way to show someone you care. Plus, it makes a great keepsake that lasts longer than a Facebook message or a box of chocolates. So, go ahead— grab a sheet of paper or buy a card from a shop and share a special message with an old friend or family member.
Traditions bring us comfort and connection. It's more important than ever to find activities that are safe to do and bring us joy. Small group activities are a great way to experience your usual merriment without the risk of being in a crowded room. Set aside
some time with a loved one—in person or virtually—to cook your favorite seasonal recipes. Even without a gathering, the result of your favorite recipe will be just as sweet (or savory) as the quality time you get to
spend together. Plus, your delicious treat pairs even better with a handwritten card to a lucky someone.
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IN YOUR CORNER ISSUE 6 | 2020
Avoid common fraud scams TIPS TO HELP
INVESTMENT OPPORTUNITIES People searching for alternative revenue streams in this current economic environment means swindling efforts continue unabated. Recently, “investment opportunities” tied to COVID-19—especially those based on claims that a small company’s products or services can help stop the virus—have been on the rise. According to the Federal Trade Commission, Americans have lost $77.4 million 4 due to COVID-19 fraud since the beginning of the year. WHAT TO DO Do your research—If the opportunity seems too good to be true, it probably is. Fraudsters use different means to lure victims into scams, including glamorous promotional videos, social media, email, phone conversations and more. If you are interested in an investment opportunity, review it with someone you trust or a financial professional. They will be able to help you identify fraud and evaluate the best opportunities for your situation. Continued on pg. 24
emails or other digital communications are tailored to information from their social network profiles. These communications often request individuals to open a link or attachment that contains malware or a virus. Don’t take the bait. Many of these messages are well-written, feature official company logos and warn of dire consequences if users don't act immediately. WHAT TO DO Be critical—Don't take anything at face value. Phishing scams are often full of "DO NOW," "URGENT" and "RESPONSE REQUIRED" messaging that makes you feel pressured to act immediately. Do not respond, open any attachment or click any links in your email. If you’re unsure about the authenticity of an email, delete the email or open a new browser and go to the company’s official website to confirm the information you've received. Remember, CB&T or FDIC emails never request your sensitive information like bank account, credit and debit card, or Social Security numbers, or passwords.
Consumer fraud now tops more than $1.9 billion per year, according to AARP. 1 From charity cheating to phishing fraud, government impostors and online seller scams, it's easier than ever for consumers to get tricked into sharing their personal or financial information. But it is not all bad news. With the right approach, consumers can improve their chances of recognizing fraud and reducing risk, no matter what form it takes. Here are four common scam scenarios—and four-key tips—to help you avoid compromises and keep your data safe. COMMON SCENARIOS FOR SCAMS Scammers improve their techniques to maximize their chances of convincing consumers to provide financial or personal data. Despite changing conditions, these four fraud scenarios remain common: CHARITY CHEATS These scams often occur after natural disasters or in response to emerging social issues. For example, legitimate charity drives are common after California's wildfire season each year. Scammers leverage the disaster’s newsworthiness to create fake charities that take money but never provide aid to those affected.
This is a growing problem, according to the FBI. 2 The National Center for Disaster Fraud received more than 400 fraud complaints related to fake charities after hurricanes Harvey and Irma. In one case, a fraudster generated more than $650,000 in four years by creating a charity and funneling donations into his pocket. WHAT TO DO Double-check—When it comes to giving out personal information, donating money or selling items online, always verify the sources. Remember, it doesn’t hurt to ask questions. Find out how long the charity has been registered, where the donations go and what help they've offered to affected parties. The more information and sources you can find to verify the charity, the better.
PHISHING FRAUDS Phishing scams—emails
that appear legitimate and ask consumers for their personal or financial information—are becoming more common. In recent survey data, phishing attempts grew 65 percent in 2019 and, consumers opened 30 percent of the emails. 3 Unsuspecting victims are also subject to “spear phishing,” where
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IN YOUR CORNER ISSUE 6 | 2020
1 Ready to purchase a new home or refinance? It’s the perfect time to take advantage of our exclusive mortgage relationship pricing while interest rates are still at record lows. CB&T can help you maximize your savings with mortgage loan discounts available up to 0.50%. 2
Submit complaints, tips or referrals about suspected securities fraud or wrongdoing online at the U.S. Securities and Exchange Commission website. ONLINE SELLER SCAMS Online seller or "overpayment" scams are increasingly targeting seniors. As noted in Forbes , 82 percent of seniors now use online banking more frequently, and 91 percent are more comfortable with online communication. 5 Scammers take advantage of sellers by overpaying. They agree to buy items and send checks or money orders for substantially more than the agreed-upon price. They then ask sellers to forward the excess balance to someone else by wire transfer. Sellers deposit the money, send the balance difference and are then told by their bank that the original check or money order was fake, leaving them out of hundreds or even thousands of dollars. WHAT TO DO Proceed with caution—Some buyers may ask to pay with a payment app or check. Continue the transaction only with those you trust. Additionally, whenever possible, buy or sell from a website that offers protections to all parties involved. If a buyer or seller tries to persuade you to go outside the site’s usual process or payment methods, that’s a red flag. Scammers are doing everything they can to grab your personal information, solicit fake donations and even overpay for purchases to compromise your finances. Don't fall for their tricks. Always ask questions, think critically, get confirmation and double-check everything to stop them in their tracks.
If you’re considering buying a new home or refinancing, lower your monthly mortgage payment by taking advantage
of our relationship pricing today. To apply, use ZIP MORTGAGE , CB&T’s simple and fast online application that takes only 10 to 15 minutes.
SEE OUR EXCLUSIVE OFFERS: RECEIVE A DISCOUNT OF 0.0125% when you sign up for mortgage payments to be ACH auto-debited from a CB&T deposit account. 3 - OR - RECEIVE A DISCOUNT OF 0.25%
with ACH auto-debit from a CB&T deposit account 3 and by maintaining balances totaling $250,000 to $750,000. - OR - RECEIVE A DISCOUNT OF 0.50% with ACH auto-debit from a CB&T deposit a ccount 3 and by maintaining balances totaling over $750,000.
TOTAL DISCOUNTS
UP TO 0.50%
calbanktrust.com/ zip Visit
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1., 2., 3., 4., 5. See page 29 for cited sources.
calbanktrust.com/ inyourcorner
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1., 2., 3. See page 29 for important details and disclosures.
IN YOUR CORNER ISSUE 6 | 2020
Accion aids emerging entrepreneurs CHAMPIONS OF THE MICROFINANCE INDUSTRY
Accion has helped an array of businesses get started or expand—including Shore Buddies, a San Diego company that recycles water bottles to create ocean- themed stuffed animals, and J&T's Gourmet Sauces, a Riverside company with a secret barbecue sauce recipe, oozing with potential success. The nonprofit stays true to its roots and strengthens the foundations of emerging entrepreneurs, which then creates positive social and economic change in communities. In the past 25 years, Accion has lent over $43.5 million, which includes more than 4,700 loans to 3,300 businesses.
help these entrepreneurs have additional tools to help them succeed.”
The CB&T Community Reinvestment team, Steve Herman and Lisa Brooks, have been working closely with Accion for more than eight years to help deliver educational seminars around small business credit and banking. “We are proud to support entrepreneurs in underserved areas across the state with educational programs to help them learn about alternate micro-financing options they need to grow their business,” Herman said. “As a result of our success with Accion, we are now expanding our support to include other organizations that offer a similar program in Northern California.” Like most organizations, Accion has faced some challenges with COVID-19. Many of their clients are being heavily impacted by the current climate—requiring some entrepreneurs to pivot their business model. Accion is doing its part by offering a lower- interest loan product, restructuring loans and, even deferring payments, if
“Our portfolio has $8.5 million in outstanding loans and serves
entrepreneurs from service and retail industries to farmers' markets and legal services,” she said. “These small businesses are 68 to 70 percent ethnic- or minority- owned, 50 percent women- and men- owned (each), and 68 to 70 percent low- to- moderate- income-owned.” In addition to micro-loans, Accion provides guidance and training programs for entrepreneurs to help grow and develop their business. “We are coupling access to capital with education and other resources so there is ultimately long-term success for these small businesses,” Schott said. “By providing resources such as workshops, marketing assistance and social media expertise, it can
For Accion Southern California CEO, Elizabeth Schott, the excitement and enjoyment she feels for her job shine through in the words and actions of her nonprofit organization. Accion helps provide education and financing to new entrepreneurs and current business owners in the community. “I am a huge believer in the power of small business,” she said. “I love seeing the ripple effect of its impact on the community through its support for families and jobs.” Recently celebrating its 25th year in
operation, Accion is a nonprofit, mission- based micro-lender, whose primary goal is to support low-to-moderate-income entrepreneurs and minority business owners to grow a healthy business. Its micro-lending program ranges from $300 to $100,000 and helps those who don’t qualify for traditional sources of credit or don’t meet the specific criteria that most lenders require. “With our more flexible criteria, we can support them with a loan that provides the capital they need to start or grow their business,” Schott explained.
necessary, to free up client cash flow for emergency purposes, as well as restructuring over 50 percent of its portfolio to date. Schott noted that enhanced technology increased the nonprofit’s efficiency, but the loss of in-person interactions between Accion employees and entrepreneurs remains an issue.
Continued on pg. 28
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IN YOUR CORNER ISSUE 6 | 2020
Important Disclosures
acceptance and use not specifically provided herein are the responsibility of the winner. 2. Must have a bank account in the U.S. to use Zelle. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. See your Zelle Payment Service Agreement for more details. Standard text and data rates from your mobile phone carrier may apply. Available services are subject to change without notice. Zelle is intended for sending money to family, friends and people you know and trust. It is recommended that you do not use Zelle to send money to people you don’t know. Neither California Bank & Trust nor Zelle offer a protection program for any authorized purchase made with Zelle. Zelle and Zelle related marks are wholly owned by Early Warning Services, LLC. and are used herein under license. THIS PROMOTION IS IN NO WAY SPONSORED, ENDORSED, ADMINISTERED BY OR ASSOCIATED WITH EARLY WARNING SERVICES, LLC OR ZELLE®. 4 Tips to help avoid fraud scams (Page 22-24) Sources: 1. AARP - Consumer Fraud Complaints Hit Record High 2. FBI - Bogus Charity Operator Sentenced 3. Retruster - 2019 Phishing Statistics and Email Fraud Statistics 4. CNBC - Americans lost $77 million to Covid-19 fraud—and that’s just the ‘tip of the iceberg’ 5. Forbes - Seniors Beware: Scam Artists Want Your Money Mortgage Relationship Pricing/Zip Mortgage (Page 25) 1. Loans subject to credit approval. Certain terms, conditions and restrictions apply; contact bank for details. Zions Bancorporation, N.A. NMLS # 467014 2. Applicable for new or existing deposit and/or investment account balances totaling a minimum of $250,000. 3. The relationship discount program is available to all new and existing customers on new refinance and purchase portfolio loans. Exceptions are: the 3/1 ARM and Employee loans. Zions Direct accounts, Business operating accounts, and CD’s are ineligible deposit account types. Relationship discount program subject to change at any time. calbanktrust.com/credit-holiday for full details. Customers who use their personal CB&T Visa® credit or debit Card during the sweepstakes period of October 19, 2020 and January 10, 2021 will automatically be entered into the sweepstakes drawing with an opportunity to win $10,000. One (1) entry allowed per transaction made. Only one (1) prize will be awarded in the amount of $10,000. Official rules apply. No purchase necessary. Must be at least 18 years old and a legal resident of California. CB&T employees, affiliates, immediate family members and individuals living in the same household with such employees are not eligible to enter. All applicable tax liabilities, including federal, state or local, are the sole responsibility of the winner and the winner may receive an IRS 1099 for the value of the prize. See Official Rules for alternative method of entry. CB&T Credit and Debit Card Sweepstakes (Page 32) 1. Credit card rules. See Sweepstakes Official Rules at
“The human touch is necessary to understand our clientele’s needs,” Schott said. “There was a lot of guidance and hand-holding to help our clients complete their applications, and we’ve pivoted to offer this digitally. We also haven’t had the same visibility to help reach out in person to these business owners, but we've been working closely with local chambers, business associations and other community partners for grassroots outreach.” By empowering home-based and main street businesses, Accion helps fuel growth in underserved communities across the United States. “Our goal at the end of the day, as a mission- based community organization, is to get business owners the help that best suits their individual needs,” Schott emphasized. Accion serves the Southern California counties of San Diego, San Bernardino, Riverside and Imperial Valley. CB&T is proud to be a partner and supporter of Accion Southern California.
Home Equity Line of Credit (Page 5) 1. Subject to credit approval. Terms and conditions apply. Minimum line amount is $10,000.00. Minimum draw amount is $300.00. Properties for sale are not eligible. Property insurance required. Contact your local branch for further loan details. Collateral must be owner occupied single family residential property, including condos, townhomes, and duplexes located in California with a maximum 80% loan-to-value. Annual Percentage Rates (APRs): Advertised HELOC introductory APRs are 1.99% FIXED APR for Owner Occupied 1st Lien property types or 2.49% FIXED APR for Owner Occupied 2nd Lien and 2nd Home/Vacation Home 1st and 2nd Lien property types for the first six (6) billing cycles from account opening, variable APR of 4.050% - 6.425% thereafter. The variable APR is subject to change without notice and is based on Prime Rate as published in The Wall Street Journal plus a margin and credit-worthiness. To qualify, applicant must have a minimum FICO® score of 750 and LTV of 60% or less at the time of application. If the variable rate adjusts, it will not exceed 16%. Advertised rates are effective 09/29/2020. Relationship Pricing and Auto-pay: To qualify for the Relationship Pricing discount, customers must have a California Bank & Trust DDA or Interest Checking Account, and one other account with a balance or activity in it other than the HELOC being applied for. The other account must be from a different account type/category. Product terms and conditions apply. Please refer to the Deposit Account Agreement, Account Disclosure, Deposit Rate Sheet and Personal Account Schedule of Fees, or speak with a banker for more details. Advertised variable APRs may include the auto-pay discount of 0.25% and the relationship pricing discount of 0.25%. Auto-pay from a CB&T deposit account is required. Fees: No third-party closing costs for lines of $500,000 or less if property is the primary residence. For lines over $500,000 secured by a primary residence, and all lines over $250,000 secured by a secondary residence, investment property or rental property, borrower is responsible for third party closing costs which may range from $250-$4,000, depending on the line amount and other factors. Early closure fee of $500 will apply if the line is closed within 36 months of the initial loan closing date. Offer subject to change. See a banker for full details.
“I am a huge believer in the power of small business. I love seeing the ripple effect of its impact on the community through its support for families and jobs.” Elizabeth Schott CEO, Accion Southern California
ACCION’S 2019 PORTFOLIO AND IMPACT
Views on cash management (Pages 6-7)
1. Credit cards and lines of credit are subject to credit approval. Certain terms, conditions and restrictions apply.
Treasury Management Select (Pages 12-13) 1. Positive Pay: Positive Pay service is used in conjunction with CB&T’s full account reconciliation service, requiring that you submit issued check files to the bank. Zelle - Celebrate the Season Sweepstakes (Page 19) 1. Celebrate the Season Sweepstakes. Official Rules Apply. NO PURCHASE OR PAYMENT NECESSARY TO ENTER OR WIN. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. Sweepstakes starts on 11/1/20 at 12:00:01 a.m. ET and ends on 12/31/20 at 11:59:59 p.m. ET. Open to legal residents of the 50 United States and Washington D.C. including the territories of Guam and Saipan who are 18 years of age and older and are registered accountholders at a participating financial institution. Void where prohibited. For complete Official Rules including details on how to enter by mail, visit calbanktrust.com/celebrate. Sponsor: Fiserv Solutions, LLC, 255 Fiserv Drive Brookfield, WI 53045. Winners are solely responsible for any taxes on the prizes and will be issued an IRS Form 1099 for the Grand Prize value. As a condition of winning, the potential winner will be required to complete a W-9 Tax Form and will be required to furnish his/her social security number for the purpose of preparation of any tax forms as required by law. All costs and expenses associated with prize
LOANS BY SIZE 8% $300-$4,999
INDUSTRY TYPE 53% Service
OWNER ETHNICITY 49% Hispanic 32% White 10% African American 5% Asian 3% Other 1% Pacific Islander and Native American
LOW-TO-MODERATE INCOME (LMI) 68% LMI 32% Non-LMI
34% $5,000-$9,999 22% $10,000-$19,999 36% $20,000-$49,999 10% $50,000-75,000
20% Food 15% Retail
8% Professional 4% Contractor
To help small business owners, visit us.accion.org/region/southern-california
CB&T has supported Accion with financial expertise, philanthropic support for grant funding, and educational workshops that it co-hosts with Accion. These workshops are usually held two to four times annually, in English and Spanish, on various financial topics such as loan preparation, documentation, lending options and qualification criteria. Accion’s local board of directors includes CB&T’s Executive Vice President and Chief Financial Officer, Chikako Tyler, and retired CB&T executive, Gene Louie.
A division of Zions Bancorporation, N.A. Member FDIC © 2020 Zions Bancorporation, N.A.
Equal Housing Lender | SBA Preferred Lender | NMLS# 467014
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