Our Story

 

Bank of San Francisco opened its doors on August 1, 2005, with a clear mission: to combine the best of community bank virtues with the expertise and reach of larger institutions.

 

Founders Ed Obuchowski and Wendy Ross had both worked at banks that, over time, became increasingly centralized and policy driven. Decision-making moved farther from the client, and personal judgment gave way to rigid scoring models. “We wanted to create and build a bank where clients could get served well and quickly, without layers of bureaucracy,” recalls Wendy.

 

Equipped with extensive training, experience, and networks in the Bay Area, the founding team of 11 lined up on opening morning with one question: Will anyone walk through the door? At 9:00 a.m., their first client arrived with a million-dollar deposit. A longtime friend, client, and shareholder, he wanted account number one. “We knew then we were on our way,” says Ed.

 

 

The Bank’s early years were shaped by its affiliation with Capitol Bancorp, which provided back-office support and 51% of the $10 million in startup capital. The other 49% came from the founders and their families, friends, and former clients – reflecting the referral-based business model that still drives growth today.

 

When the Great Recession hit, Capitol Bancorp came under regulatory pressure to sell its affiliate banks. The founding team had previously offered to purchase the majority stake but were rebuffed since Bank of San Francisco was one of the most profitable affiliates. Rather than see their bank absorbed by a buyer who didn’t share their values, the team rallied to raise the capital needed to buy out Capitol’s 51% ownership at 1.5x book value.

 

It was an all-hands effort: nearly every employee became a shareholder, directors bought more stock, and clients invested. With steady guidance from Board Chair Joe Cristiano, the deal closed in record time, followed by a second close for future growth capital. “It was a true grassroots effort,” says Wendy. “We celebrated for about ten minutes, then rolled up our sleeves to build our own systems in a way that was seamless for clients – we did not want to disrupt service.”

 

 

 

From the start, Bank of San Francisco has been defined by long-tenured relationships with clients, colleagues, and the community. Many early clients followed the founding team members from prior banks, drawn to the entrepreneurial spirit and “do what’s right for the client” philosophy. As entrepreneurs working with entrepreneurs, Ed and Wendy saw banking as a shared effort – building their bank while helping clients build their businesses. Spouses also played a quiet but powerful role, introducing clients, investing, and even securing relationships.

 

The team’s persistence has been tested more than once: during the 2008 recession, in the sleepless weeks of the 2020 COVID-19 PPP lending program, and again in March 2023 during nationwide bank runs. In each case, their approach remained consistent: communicate openly, work side-by-side, and never lose sight of the people behind the accounts. “We sleep well at night when clients sleep well,” Ed often says. “We do well when our clients do well.”

 

 

Over two decades, the Bank’s business has broadened steadily and intentionally. From day one, it offered SBA loans as a preferred lender, building strong relationships with small businesses and nonprofits. Residential lending, including Tenancy in Common loans, followed in 2013 – championed by Board Vice Chair Roberta Achtenberg. In 2024, Private Banking brought new depth to the service model. The disruption of the 2023 bank runs created an opening for Bank of San Francisco to extend its longstanding reputation for stability into a more holistic private banking offering. Under Co-Heads Margaret Mak and Kellie Abreu, the Bank deepened relationships with trusted advice across business, home, family, and philanthropy.

 

Technology has played a role from the beginning. In lieu of a large branch network, the Bank built its model on personalized service supported by modern tools – reimbursing ATM fees worldwide, offering mobile and online banking, and adopting products early that make day-to-day banking easy, such as remote deposit capture. The heart of the model, however, remains the relationship managers and teams available whenever clients need them.

 

 

Through every chapter, the culture has remained rooted in humility, integrity, and a sense of ownership. “We like to say we’re the little train climbing the mountain – can do, we will!” says Wendy. “There’s no stopping us, and we want to be here for generations to come.”

 

Today, Bank of San Francisco is one of only two broadly owned banks headquartered in the city. Its growth is measured not just in assets, but in the loyalty of its clients and the dedication of its team – people who see banking as more than a job, but a commitment to serving clients and making a real difference in their lives.

 

As Ed puts it: “We’ve built this bank together with our team, our clients, and our community. That’s our proudest achievement.”