Dellums said in a prepared statement that Bank on Oakland is part of the statewide Bank on California initiative announced by Schwarzenegger in December 2008, and Oakland will be one of the first cities in the state to participate.
The idea behind the state's program is to help people open starter bank accounts and help more low- and middle-income people establish savings, build a credit history, gain access to lower-cost sources of credit and invest for the future.
According to Dellums, on average, American families without bank accounts spend more than $800 in fees each year to access their money through alternative banking services establishments.
The mayor said that in the current difficult economic environment, it is important for Oakland residents to receive access to financial education and mainstream financial products and services through Bank on Oakland.
Dellums and Bank on Oakland partners will hold a news conference at 1 p.m. Wednesday at the Lion Creek Crossing development at 881 69th Avenue at San Leandro Street in Oakland.
There will also be a free resource fair, financial education classes and free tax preparation from 12:30 p.m. to 4:30 p.m.