Press Release

Novato—January 25, 2011

IOUs were first issued by the state in 2009 and Circle Bank immediately announced that it accept the IOUs.  In late 2010, when the budget crisis continued, Circle Bank again said vouchers, issued in “lieu of payment” to businesses for services provided by the state or through state agencies, would be accepted.  It continued the policy long after other banks ended their programs.

Circle Bank CEO/president Kim Kaselionis said that the offer will be available to all Circle Bank clients.

“If local businesses are issued IOUs by the state, we intend to honor them,” said Kaselionis.  “Our role as a local businessis to be a supportive partner to our clients during challenging times and to be flexible, innovative and to think outside of the box to fulfill our commitment.

“We are in a position to help them through what all hope will be a short term situation.    That is why our clients bank with us. They know we will listen to their needs and work with them to maintain their financial viability and to help build their businesses.”
Kaselionis said she is guardedly optimistic about the economic recovery in Northern California. “Local businesses are showing signs of recovery even as the state continues to struggle,” she said.  “Our role, whether as the area’s leading lender in the SBA market or by accepting IOUs, is to be as supportive as we can of local economies.”

Circle Bank also recently announced that it would continue to provide free checking services to business and consumers even as larger, regional and national banks announced that they were ending those programs and adding fees.

About Circle Bank
 
Circle Bank (www.umpquabank.com) is a full-service bank, providing a broad range of financial services to consumers and businesses.  It is headquartered in Novato, with branches in San Rafael, Petaluma, Santa Rosa and San Francisco’s Noe Valley. It will open a new branch in Corte Madera’s Town Center Mall in February.