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Neighborhood National Bank asks FRMC to push San Diego Community Power to deposit reserves locally
Summary
Two speakers at public comment asked the finance committee to consider depositing agency reserves with Neighborhood National Bank, citing the bank's focus on low- and moderate-income lending and community impact.
Two public commenters urged the Finance & Risk Management Committee to direct San Diego Community Power to place local deposits with Neighborhood National Bank, arguing those deposits would support lending in low- and moderate-income communities in South County.
Mitch Johnson identified himself as a resident and said he serves on a community effort related to local banking access; he urged the committee to reinvest locally when possible. Scott Andrews, president and CEO of Neighborhood National Bank, told the committee the bank directed roughly 95% of its loan dollars last year to low- and moderate-income communities and that the bank has a robust pipeline of affordable housing and SBA loans. Andrews said the bank is seeking deposits to increase liquidity and that he believed the agency’s reserve accounts — which staff described in the meeting as over $350 million — were not currently held in San Diego-area accounts.
“We are the only bank headquartered here in South County, and we are doing the work of supporting low- and moderate-income communities,” Andrews said, asking the committee to support conversations with the full board and staff procurement processes to consider local deposits.
Committee members acknowledged the request and said staff would follow up; no formal action or motion was recorded on the floor regarding deposits.
