Founded in 1903, the Savings Bank of Mendocino County is the only bank chartered in Mendocino County and the only financial institution with its headquarters in Mendocino County. The headquarters, decision-making, physical facilities, Board, management and employees all live and work in Mendocino or Lake Counties. The majority of the bank’s privately held shares are owned by shareholders that live in Mendocino and Lake Counties as well. The Bank has no institutional shareholders meaning that profits earned and dividends paid benefit local residents, not a hedge fund or investment bank in New York City. Since the founding of Savings Bank, they have retained more earnings relative to their asset size than 95% of community banks their size nationwide. This capital is the Bank’s own money that is reinvested in the community. We talked to Stacy Starkey, the President and CEO of Savings Bank of Mendocino County about what she sees for the future of Mendocino County.
How does your organization support economic development and business growth in Lake and Mendocino Counties?
Savings Bank of Mendocino County currently invests over $600 million in the economy in the form of loans, the vast majority of which are in Lake and Mendocino Counties. We also provide over $16 million in salary and benefits annually to employees that live, work and shop locally. We donate time and money to more than 150 local non-profits annually. These charitable organizations provide important economic support to our least advantaged citizens.
What is one resource you would like to share that would help businesses be more successful in Mendocino County?
West Center, of course! We have worked closely with West Center over the years. The training, support and resources you provide your clients are absolutely top notch. You provide honest, realistic input and help your clients understand how to make their businesses viable.