For Immediate Release
August 1, 2000

Port of Oakland, Bank of America and Community Bank of the Bay, Sign Agreement on Banking Services for Small Local Businesses
(A vote and signing ceremony at the Board of Port Commissioners meeting Tuesday, August 1, 2000 at 3 p.m.)

The Port of Oakland joins hands with Bank of America and Community Bank of the Bay, to help small businesses, especially those historically disadvantaged. The partnership will provide banking services to local small enterprises. The Port will also establish a bond guarantee program of two million dollars.

"The Port of Oakland is committed to utilizing local small businesses in its construction projects," said David Kramer, President of the Board of Port Commissioners. Kramer added, "The new agreement for bonding and banking services is a key step in our partnership with the community. We're grateful to the Bank of America and Community Bank of the Bay for making this happen, along with the help of Merriwether & Williams Insurance Services."

The goal of the program is to provide lines of credit, partially guaranteed by the Port, at discounted rates for mobilization financing -- one of the key obstacles to small contractor participation in Port-scale public works projects. The banks agree to work with Merriwether & Williams Insurance Services to develop a common application, which will save small contractors considerable time and money.

"With the addition of the financing assistance program, small and local business enterprises will have help in obtaining working capital for Port of Oakland contracting opportunities," said Ingrid Merriwether, President & CEO of Merriwether and Williams Insurance Services, Inc. "This, along with the Port's bonding assistance, will help to eliminate two historical obstacles in public contracting." Merriwether added," The Port of Oakland should be commended for addressing the needs of local and small businesses." In this agreement, the Port backs up the lines of credit for its small contractors with up to a 50% guarantee to the banks for amounts that exceed their normal borrowing capacity. The payments to the small businesses' for contracts or subcontracts with the Port of Oakland will provide security for these loans.

"We're so pleased for the opportunity to help local small businesses play an important role in the ongoing development of the Port of Oakland," said Ximena Delgado, market manager, Northern California Community Development Banking, for Bank of America. "We look forward to joining Community Bank of the Bay in providing the financial resources needed to help small business enterprise and the Port of Oakland flourish."

"Community Bank of the Bay is delighted to participate in this program in partnership with the Port, The Bank of America, and Merriwether & Williams. We believe it will help us fulfill our mission of creating jobs and reinvesting in the local community," said Philip Palmer, Co-founder and Vice President Marketing, Community Bank of the Bay.

List of attendees: David Kramer, President-Board of Port Commissioners; Port Commissioners Ayers-Johnson, Kiang, Protopappas, Scates, Tagami, and Uribe; Craig Hemphill, Bank of America Vice President Business Loan Center Manager; Ximena A. Delgado, B of A V.P. Community Development Banking; Silvina A. Salazar, B of A V.P. Market Manager; Wilbur Hobbs, Community Bank of the Bay Vice President; Philip Palmer, Community Bank of the Bay V.P. Marketing; and Ingrid Merriwether, Merriwether & Williams Insurance Services President and CEO.

For more information, call Michael Steinback, Program Manager, at the Port of Oakland, at (510) 627-1628.

Contact:
Harold Jones
(510) 672-1564
hjones@portoakland.com

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