Maria Kunac

It’s time consuming but it’s all consuming,” says Maria Kunac of the opening of San Diego’s newest de novo on the block, Downtown’s Embarcadero Bank.

Officially opened in December, Embarcadero was launched with a hefty stake of $21 million by a group of 36 investors, including CEO Steve Rippe and Chairman Jerry Suppa. Kunac came on board during organization, with a 30-something year career in San Diego banking. She’s one of two female bank presidents in San Diego; the other is Janice Kassebaum of San Diego Private Bank.

Kunac has specialized in commercial real estate lending during her career. She met Rippe at First National Bank, where he was president and Kunac managed the bank’s real estate portfolio. Before coming to Embarcadero, Kunac was chief lending officer at La Jolla’s Imperial Capital Bank.

Embarcadero opens in a fiercely competitive market and a chronically low interest environment, but Kunac says there’s an opportunity for a bank that is nimble and can adjust to market conditions.

“We have a following of clients from previous banks and they’re bringing us new clients,” she says. “Some of the other commercial banks have welcomed us in terms of cross-referring business.”

Embarcadero is growing its loan portfolio at a rate of about $1 million per month, and projects the bank should reach the break even point by the end of the year, says Kunac.

Kunac first realized she might want to become a bank president while at Home Federal, where she started out as a loan processor. She downplays the gender factor, saying good service is what most customers find attractive in a bank.

Embarcadero’s immediate challenge will be to grow its asset base by referrals or by getting clients to move their accounts.

“It’s very difficult to get someone to change a banking relationship,” she says. “But if I found you at the moment you were unhappy with your current bank or if your bank was sold, you might call me.”