California Bank & Trust

Balboa Thrift and Loan was organized as a California Industrial Loan Company under the laws of the State of California and opened in Chula Vista, on July 7, 1980. It was organized to provide financial services to businesses and consumers in our community. Balboa Thrift and Loan has since established branches in Claremont, La Quinta and Fresno Ca, to serve the financial needs of those communities. Balboa Thrift and Loan qualified for federal deposit insurance through the Federal Deposit Insurance Corporation and is now regulated by the FDIC. The FDIC guarantees the safety of your deposits in Balboa Thrift and Loan up to $250, 000 per depositor. When the first industrial loan companies (known more formally as thrifts) began in the early part of the 20th century they provided loans primarily to industrial workers. Banks tended to serve only businesses and middle-to-high-income individuals. Thrifts grew as they addressed a borrowing class considered unprofitable to larger commercial banks. Balboa's loan portfolio has continued to reflect this history. Balboa Thrift and Loan has historically granted numerous smaller real estate loans, automobile financing and small commercial loans to individuals and small businesses that other institutions didn't have the flexibility to make. Balboa Thrift and Loan is uniquely qualified to serve the credit needs of all communities. The Community Reinvestment Act (CRA) was passed in 1977 to mandate and encourage the nation's financial institutions to identify and help meet the credit needs of their local communities, including low-to-moderate-income neighborhoods. Consequently, Balboa Thrift and Loan supports the spirit and intent of the Community Reinvestment Act (CRA). Balboa grants loans to its customers, in the primary market areas of San Diego, Riverside, Fresno and portions of Los Angeles, San Bernardino and Orange counties.

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