“Exchange Bank has a long history of serving the community. Through their generous philanthropy, it’s clear that they care about the well-being of all people who call Sonoma County home.”—David Goodman, chief executive officer, Redwood Empire Food Bank
Exchange Bank has changed the hearts and lives of people all around the North Bay for decades, which is why they’ve won the Best Consumer Bank award from NorthBay biz multiple times. This year is especially significant, however, as it marks the centennial year of Santa Rosa Junior College (SRJC).
Exchange Bank is well known in the community for its connection to the Doyle Scholarship fund at the SRJC. The last will and testament of Exchange Bank’s co-founder and second president, Frank P. Doyle, stands out among his many accomplishments. Doyle wanted the bank to be a locally-owned and managed institution. So rather than giving his stock to his heirs, his controlling interest, about 50.4 percent of the common stock, was put into a perpetual trust. In his will, Doyle was clear in how the dividends should be distributed by the trustees to the Frank P. Doyle and Polly O’Meara Doyle Scholarship Fund for assistance to “worthy young men and women attending Santa Rosa Junior College.”
His generosity is still appreciated by young students today. “The Doyle Scholarship has had a transformational impact on Sonoma County,” says Frank Chong, president of the Santa Rosa Junior College. Since 1948, the past 70 years over 127,000 students have received more than $85 million in scholarships at SRJC. This scholarship is unparalleled in America!”
Headquartered in Sonoma County and founded in 1890, the bank holds assets of $2.2 billion. Exchange Bank is a premier community bank, providing a wide range of personal, business and trust and investment services with 18 branches in Sonoma County and a commercial and Small Business Administration (SBA) lending office in Roseville and Marin. The bank’s legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork.
After the October 2017 firestorm, Exchange Bank immediately donated $200,000 to nonprofit and service organization throughout the North Bay that would be called upon to assist those in need. And in December last year, Exchange Bank donated $20,000 to Redwood Empire Food Bank. “Exchange Bank has a long history of serving the community. Through their generous philanthropy, it’s clear that they care about the well-being of all people who call Sonoma County home. As a result of their generosity, and that of their customers, many lives are improved each and every day,” says David Goodman, chief executive officer, Redwood Empire Food Bank. “We are fortunate and grateful to have Exchange Bank with us in this most important work.” In addition to the Redwood Empire Food Bank, Exchange Bank gives more than $600,000 annually to local nonprofits within the community it serves.
According to Gary Hartwick, president and chief executive officer, giving back to community is an integral part of the bank’s culture. In response to the October firestorm, Exchange Bank has developed Community Rebuild Loan Programs to provide financing options to individuals whose homes were lost or damaged by the fires. “Many of our customers, employees, neighbors and friends were affected by the fires and for many, six months later, they are being confronted by the reality of not only the paperwork involved in rebuilding or repairing their home, but with the need to cover monetary gaps in financing for what it will take to rebuild or repair,” says Hartwick. “Exchange Bank wanted to do something to help minimize the stress of the rebuild process, and with the expertise and leadership of Kevin Smart, vice president, residential mortgage manager and Dennis Harter, community rebuild coordinator, the programs were developed. Not everyone’s situation or financing needs are the same, which is why five programs are offered. Our residential mortgage department and mortgage consultants are ready to provide assistance to help customers through the lending process.”
With scandals plaguing the banking world, it’s nice to see that when a local bank makes headlines, it’s a result of positive news. Exchange Bank continues to be a loyal part of the community, and with current growth it will continue to benefit the community for years to come.
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