One West Focuses Charity While Easing Foreclosures

In the last week of December 2009, One West Bank said that with its funds of $10 million it has set up a non-profit group to be of assistance to the communities that it serves.

One West bank is based in Pasadena. It recently took over IndyMac last March and set up a foundation with the object of actively investing in building affordable housing, health facilities, education, promotion of financial literacy and improving the condition of under served communities. Their priorities would be to focus on these issues. The bank has been campaigning to go beyond the failures of IndyMac.

The chairperson of the foundation Steve Mnuchin said in a statement. “We are very committed to supporting the community in meaningful ways through our charitable efforts, including significant contributions from our employees in community service activities.”

It has lately kept on hold all foreclosure sales as well as evictions during the holiday season. It has also extended moratorium for the borrowers at First Federal Bank based in Santa Monica. One West has also recently acquired this bank.

One West acquired the $6.1 billion as assets from the deal with The First Federal. One West was eager to expand and leave its impression on the area. It had 33 branches inclusive of branches in La Verne, Chino Hills and Pomona. Almost overnight it spread its wings to open 72 branches and consequently its assets swelled to $24 billion. It means its footprints will be impressive in Pasadena.

Till now the activities of the foundation based in Pasadena is being felt locally but there are optimistic plans to enlarge it.

The Executive Director of Foothill Unity Center, Joan Whitenack that has outlets in Monrovia and Pasadena said, “We’ve had a visit from them already. They gave us a check … not a huge one. But they indicated they are very serious, and that they very much want to partner with us on future projects and become a part of being a helping force in the community.”

Whitenack was all praise for the corporate bodies that were keen to be of help in the region especially at its greatest time of need. Towards the latter half of 2010 the foundation will busy itself with sanctioning grants, said the officials of the body.

It would do well for other banks to emulate the activities of One West especially in the matter of focusing on welfare activities rather than foreclosures and evictions.