Last year saw the implosion of Silicon Valley Bank and First Republic Bank, two Bay Area financial institutions that catered to the tech industry, startups, and high net worth individuals. Now Five Star Bank has moved in. Headquartered in Rancho Cordova, Calif., in late September 2024 it opened its first branch in the city’s financial district, on the 28th floor of 345 California Street.
Five Star Bank was launched by a group of entrepreneurs in 1999. Today it aims to woo new clients as well as those unsatisfied with their current financial institutions, (including those who used to be with Silicon Valley Bank and First Republic Bank) with concierge banking services. Their client base is composed mainly of businesses, nonprofit organizations, and real estate investment firms with $5 million to $300 million in annual revenue. Now they aim to capture tech with their venture banking team.
“We believe in San Francisco,” says DJ Kurtze, senior vice president of Five Star Bank.
The bank’s presence may also be a symbol of a changing economic atmosphere in San Francisco. Could the dreary days of empty office buildings, low foot traffic, and overall pessimism about the city’s future really be in the past?
DJ Kurtze, senior vice president, San Francisco Bay area region president Five Star Bank believes so.
“We have a lot of optimism,” says Kurtze. “There is a general sense in the business community that the situation has bottomed out here. Interest rates have been cut. Everybody’s looking to find out where they can get a good deal, especially in commercial real estate.”
The energy is palpable in the Five Star Bank branch. Although there is currently no requirement for employees to work from the office, they are voluntarily coming in. When we visited the branch, which showcases expansive views of the city’s downtown area, the person-to-person busyness felt decidedly pre-Covid.
Moreover, says Kurtze, this is just the beginning. Although the Five Star Bank branch has only recently moved into the building, they’re already looking at potential expansion in the suite next over.
“We believe in San Francisco,” says Kurtze, from his office that overlooks some of the financial district’s most iconic architecture, including the recently renovated Transamerica building. “It has rebounded every time.”
Updated: Thursday, Oct. 3 at 12:27 p.m.
