September 15 2003
Operation HOPE, Inc. Announces $150,000
Commitment From United Commercial Bank
Los Angeles (September 15, 2003) – Operation HOPE, Inc. is proud to announce United Commercial Bank’s three-year commitment to provide small business and mortgage loans to low-to-moderate income individuals through the Oakland HOPE Center. As one of the founding partners along with Bank of the West and SBC, United Commercial Bank’s $150,000 commitment will help Operation HOPE offset the operating costs of managing the empowerment programs within the HOPE Center. With this financial commitment, Operation HOPE becomes the recipient of the largest non-profit contribution from United Commercial Bank.
Under the leadership of Chairman and Chief Executive Officer, Thomas Wu, and the support of Deborah Meng, First Vice President, and Rosana Yu, Vice President, United Commercial Bank joined Operation HOPE’s financial institution membership program earlier this year. With over $5 billion in assets and 46 offices in California, United Commercial Bank is more than committed to the work of Operation HOPE, Inc; they have consistently supported the youth literacy initiative, Banking on Our Future, with volunteers in Northern California, Southern California and New York. As part of the partnership agreement, United Commercial Bank will also provide donated space to the Bay Area Banking on Our Future Regional Manager.
Operation HOPE is a national non-profit self-help organization working to bring economic self-sufficiency to inner-city residents. The Operation HOPE mission is the eradication of poverty as we know it, and the empowerment of the wealth-less here in America. This done by utilizing education as the ultimate poverty eradication tool, a philosophy of practical “self-help,” real tools for economic empowerment, and ultimately the creation of mental, spiritual and economic wealth amongst individuals and communities. At Operation HOPE we call this body of work the Silver Rights Movement. With more than $176 million in outstanding commitments from its 115 bank and corporate partners for homeownership and small business loans, $113 million in funded loans and close to 500,000 customers served in economic education, financial and related services, Operation HOPE is a national leader in providing economic empowerment tools and services. Operation HOPE’s Banking on Our Future is the nation’s only urban delivery platform for economic literacy, having educated more than 114,000 youth in more than 500 schools and community and faith based organizations, using more than 1,000 trained HOPE Corps Members, in the basics of a checking account, a savings account, and the importance of credit and investment in their young lives. Operation HOPE national partners for economic literacy include the FDIC, the Federal Reserve System (District Banks), the Harry & Jeanette Weinberg Foundation, America’s Community Bankers, the American Bankers Association Education Foundation, Wells Fargo & Co. (online), Banco Popular, the William Jefferson Clinton Foundation in Harlem, New York, and the New York Bankers Association, amongst others.