Wilbur E. Hobbs, Jr., Appointed Chief Credit Officer at Oakland's Community Bank of the Bay

OAKLAND, Calif.--Community Bank of the Bay (OTCBB:CBYAA) has named Wilbur E. Hobbs, Jr., senior vice president and chief credit officer. Hobbs, who joined the Bank in July 2004, previously served as vice president and senior commercial loan officer.

"Wil brings leadership and industry knowledge to the bank which will greatly enhance and strengthen all facets of our lending capabilities," said Brian Garrett, president and chief executive officer. "As chief credit officer, Wil's expertise will be critical to our future growth as we build our loan portfolio, adhering to rigorous underwriting standards and focusing on credits originated in the local markets we know best."

"Our approach to making loans is different from most banks," said Hobbs. "We seldom consider scores on standardized ratings that treat borrowers as objects. We want to help our clients achieve their objectives, so what we look at is whether they are likely to succeed and be able to pay the loan back. Wherever we can, we want to help them to succeed. I'm looking forward to expanding the number of people and businesses that we can help."

Prior to joining the bank in 2004, Hobbs served as vice president in the Commercial Banking Division of Washington Mutual Bank. He previously worked for Community Bank of the Bay from 1999 through 2001 as vice president and senior loan administrator. Prior to 1999, Hobbs was vice president of finance for Douglas Broadcasting and president of Keystone Financial Advisory Services. Hobbs, a 36-year financial services veteran, began his career with Citicorp in 1969.

Hobbs holds a bachelor of science degree from Boston University and a masters of business administration from Columbia University. He serves on the board of directors of the Jack London Aquatic Center, Inc., and Inner City Advisors.

Community Bank of the Bay is located at 1750 Broadway, Oakland. The office is open from 9:00 a.m. to 4:00 p.m., Monday through Friday. Information on the bank and its services is available online.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.