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Veteran credit union executive Scott Waite has been named the first CEO of Public Bank East Bay in Oakland, Calif., which is expected to open in 2024 or early 2025.

PBEB is a wholesale financial institution that will enable cities and counties throughout the East Bay to invest their funds (money collected as taxes, fines and fees) through partnerships with credit unions, community banks and CDFIs to finance affordable housing developments, small businesses including marginalized entrepreneurs, and the renovation of existing buildings. The public bank also will allow local cities and counties to refinance their municipal debt locally.  PBEB will not accept retail deposits from consumers and will not compete with local financial institutions.

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