Poppy Bank’s expansion into San Diego is in full bloom.
“We are thrilled to be opening our second branch location in the San Diego area, specifically in Del Mar,” said Poppy Bank President and CEO Khalid Acheckzai. “We are also excited to open additional branches in Carlsbad and Scripps Ranch as part of our expansion plans for 2024. We look forward to deepening our relationships in this community and providing the best products and service to support our clients.”
The now open Del Mar branch at 2673 Via de la Valle – an official ribbon cutting ceremony will be held Jan. 23 – is the bank’s second branch in the region, joining the bank’s existing La Jolla branch.
Acheckzai described San Diego as a “great market” for the bank.
“We opened in La Jolla, which was our first branch in San Diego County, and now we just opened one in Del Mar. We’ve got Carlsbad coming around April and then Scripps Ranch in July. We’re in the permitting process and the construction process. Those are our timelines right now,” he added. “We’re also looking for another location in San Diego closer to downtown. That may happen at the end of ’24 or early ’25.”
Poppy Bank’s recent expansion push throughout the state includes 12 new branches — five of which are now open. Besides Del Mar, other recently opened locations include Laguna Hills, Sacramento, Folsom and Elk Grove.
“We got about seven more to go,” Acheckzai said, listing Santa Monica, San Jose, Calabasas, Brea, Pasadena and the two more San Diego branches planned for Scripps Ranch and Carlsbad.
The bank expects to have 40 branches throughout California at the end of 2024.
Fast Growing Bank
Poppy opened its first bank branch in 2005, but under a different name.
“We used to be known as First Community Bank and we changed to Poppy Bank, named after the state flower, to be a name that would distinguish us from others. There are so many banks with the word ‘community’ in their name or the word ‘first,’” explained Acheckzai , and added that at the time of the name change, there were 13 banks across the county called First Community Bank. “So we wanted to go to something that was really unique. Some people like it some people don’t but everybody remembers it.”
Since opening the first branch, Poppy Bank has grown to nearly $6 Billion in assets with branches across the San Francisco Bay Area, Sacramento Area, and Southern California. Poppy also has loan production offices in California, South Carolina, Texas, Utah, Nevada, Arizona, and Washington.
Poppy has been ranked one of the best banks in the country and has a five-star rating by BauerFinancial Inc., one of the nation’s leading independent bank and credit union rating firms.
Poppy specializes in creating personal deposit portfolios with a full spectrum of competitive products and services including treasury management — and commercial, construction, and SBA/USDA lending.
The bank is also one of few in the nation to offer C-PACE (Commercial Property Assessed Clean Energy) financing.
“C-PACE is something that a lot of banks don’t offer so that’s unique. We were actually the first bank in the nation to be approved as an administrator in California. There’s a lot of nonbanks in that arena, but we were the first bank to get approved,” Acheckzai said, adding that “a couple years ago” Poppy Bank facilitated a $103 million C-PACE transaction, which at the time was the largest ever in the country.
CEO: Khalid Acheckzai
HEADQUARTERS: Santa Rosa, California
BUSINESS: Commercial lending bank
ASSETS: $6 billion
NOTABLE: Poppy Bank is five-star rated by BauerFinancial, the nation’s leading independent bank and credit union rating firm.