In the late summer of 2005, a group of prominent and successful business leaders from the Bay Area came together to organize a great new business bank. This would be the first new locally-owned and managed business bank formed in San Francisco in more than twenty years.
This group of twenty-one business and civic leaders became the Founding Organizing Group for the proposed bank. In order to finance the Bank’s founding and its application for State Charter, membership in the Federal Reserve System and FDIC deposit insurance, $2 million was raised from this group as seed capital.
The Bank’s Board of Directors was formed from a subset of the Founding Organizer Group. Significantly, six of the original eight Directors had prior bank board experience and the other two were highly accomplished in the area of financial services .
Shortly before opening the Bank on July 24, 2006, the Bank completed a hugely successful capital raising campaign. The $35 to $40 million common stock offering was materially oversubscribed and the Board elected to limit the size of the offering to $40 million. These monies, a record amount for a start-up bank in California, were contributed by approximately 375 local investors.
Presidio Bank offers successful small and medium-sized Bay Area businesses--including non-profit organizations, real estate investors and developers, professional service firms, and their owners, partners, executives, etc.--a comprehensive array of commercial banking products and professional services.
Because Presidio Bank is small, it can provide clients the highly-individualized professional service attributed to community banks. And because Presidio Bank has the capital base of a larger bank, it can serve the credit and financial needs of businesses ordinarily too large for a newly-established community bank.
This larger capital base also afforded Presidio Bank the latest in banking technologies, laying the foundation for consistent delivery of innovative and customized solutions for its client's growing financial needs.