A new community-owned bank opened it´s doors in Sonora Friday.
The Mother Lode Bank bank has been more than 2 years in the planning and approval stages.The community-owned financial institution was started with seed money from a small group of local investors, then in April of this year the group was allowed to offered stock for sale.
“In 90 days we were extremely over subscribed and had to return a substantial amount of money,” recalled Bank President and CEO Pete Johnson. “We were over the maximum that was allowed.”
Johnson admitted he didn´t expect such a large outpouring of local support. He said they had expected about 300 shareholders. “We ended up with 800,” he said. “We have a very broad community support which we are very proud of.”
The Friday opening, as well as the entire month of August will allow the shareholders to come in, open accounts and look at the branch office on 172 Stockton Road .
The location is the former site of the El Capitan Bank branch.
A public grand opening is planned for the end of August and the first part of September. “We invite the public to come in and view our operation,” but Johnson quickly added, “They´re welcome to come in anytime.”
He said they´re looking forward to a very good reception from the community.