Bank of the Orient relocates its branch to the heart of Oakland Chinatown

(Oakland) While anti-Asian violence has been on the rise and become a concern to the community since the pandemic, the Bank of the Orient has full confidence in Oakland Chinatown. The bank held a grand opening ceremony on September 9 to celebrate the relocation of its branch to the heart of Oakland Chinatown.

The 52-year-old Bank of the Orient was established in San Francisco in 1971. Its Oakland Chinatown branch opened in 1981. The branch was relocated from the 12th Street site to Pacific Renaissance Plaza on 9th Street which is the center of Oakland Chinatown.

Wellington Property Company, an Oakland-based owner and manager of commercial real estate assets, announced the new location of Bank of the Orient's Oakland Chinatown branch in July. Wellington signed 10-year leases with Bank of the Orient for 4,700-square-foot ground floor retail banking space and 5,200-square-foot office space at Pacific Renaissance Plaza.

Oakland Mayor Sheng Thao issued a statement to acknowledge Bank of the Orient. “We are excited to see Bank of the Orient reaffirm its continued commitment to Oakland by signing a new long-term lease in the Pacific Renaissance Plaza," said Thao.

"This is just the latest business to demonstrate its confidence in Downtown Oakland, and another example of how Oakland’s vibrant, diverse, and resilient community remains attractive to employers," Thao added.

In addition to its headquarters in San Francisco downtown financial district, currently Bank of the Orient operates five branches in the Bay Area. The branches are mostly located in the Asian neighborhoods including Chinatown, Sunset and Richmond Districts in San Francisco, Oakland Chinatown and Millbrae.

“Bank of the Orient’s move to the Pacific Renaissance Plaza enables us to position ourselves in the heart of Oakland’s Chinatown area, which will make things more convenient for our existing long-time valued customers plus give us the opportunity to better reach those community businesses and consumers that we do not already serve," said John Curtis, CEO of Bank of the Orient.

"We look forward to being at one of the most prestigious business addresses in Oakland with great exposure for the next ten years and beyond,” said Curtis.

Carl Chan, Oakland Chinatown leader and past President of the Oakland Chinatown Chamber of Commerce, was also excited to join the ribbon cutting ceremony on September 9. "The commitment of the Bank to Oakland Chinatown is so significant for the future of our Chinatown," said Chan.

"There are 12 banks located in the small area of Oakland Chinatown with a total assets of $3 billion. It is a very significant number," Chan continued. "It is not only about deposits, the banks also provide loans and other services to the small businesses. Bank of the Orient has moved into the heart of Oakland Chinatown where it is more convenient to the merchants and customers."

When asked about the violence in Oakland Chinatown, Chan believed that the presence of the Bank of Orient would also be helpful to deter crimes. "Bank of the Orient would have security guards work inside and out of the bank. They also would keep an eye on Oakland Chinatown. It is an advantage for the community to have more people watching out for each other," Chan said.

HSBC Banks moved out of the San Francisco and Oakland Chinatown market last year. Chan was so glad to see Bank of the Orient took over the lease at the Pacific Renaissance Plaza left by HSBC.

“Wellington remains committed to Downtown Oakland and is excited to welcome Bank of the Orient to Oakland Chinatown’s Pacific Renaissance Plaza,” said Rick da Silva, a partner Pacific Renaissance Plaza,” said Rick da Silva, a partner with Wellington. “These new leases represent an acknowledgement by Bank of the Orient of the ongoing and long-term economic strength of Oakland’s historic Chinatown community.”

In response to the violent crime situation in Oakland Chinatown, Bank of the Orient said in a statement, "We strongly denounce the surge in violent incidents targeting the Chinese community in Oakland and other areas across the U.S. Recognizing the urgency of the situation, we have strategically relocated our branch to the center of Oakland's Chinatown."

"This move enables us to forge stronger relationships with community organizations, local law enforcement agencies, and volunteers, all with the aim of collectively combating the rise in anti-Asian hate crimes," Bank of the Orient said. "Our commitment to the Oakland Chinatown community remains steadfast, as we continue to invest in its future and work diligently to ensure the safety and well-being of the residents."