East Bay College District To Divest From Big Banks

ALAMEDA (KCBS)— The board of trustees in charge of four East Bay community colleges voted this week to move its money from large, for-profit banks to community-based banks and credit unions.

According to trustees, the Peralta Community College District is acting on behalf of 45,000 students who attend Berkeley, Alameda, Laney and Merritt Colleges.

KCBS’ Anna Duckworth Reports:

Abel Guillen said he and fellow trustees have directed their staff to look at the $140 million annual budget and where appropriate, move the money from Wells Fargo and other big banks.

“It was a unanimous vote. There are seven trustees and seven of the trustees voted in favor of it,” he said.

Guillen said trustees wanted to take a practical step to affect the social change being demanded by the Occupy and Bank Transfer Day movements.

“Individuals have certainly taken action and as institutions,” he said.

He claimed responsibility in looking after all the district’s banking relationships and how they figure into impacting each of the local communities.

The Peralta trustee’s staff report is due on January 31.

Guillen said he expects the district’s money will be transferred to smaller banks by February 1st.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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