Community Bank Invests $700,000 in Clearinghouse CDFI to Benefit Distressed Communities throughout California
January 11, 2017 --
Lake Forest, CA (PRWEB) January 11, 2017
Community Bank (OTC: CYHT), founded in 1945, is a family-owned Southern California regional community bank, with assets of $3.5 billion, and headquartered in Pasadena with 17 business centers.
The bank recently added a $700,000 equity investment in Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) Class A stock. This is Community Bank's second investment in Clearinghouse CDFI which enhances Clearinghouse CDFI's ability to address unmet credit needs in distressed areas throughout California.
“Community Bank's significant investment strengthens our mission to finance community development projects in Southern California's low-income neighborhoods," said Douglas Bystry, President and CEO of Clearinghouse CDFI. “We are grateful for this most recent investment from Community Bank, and we look forward to working closely with their outstanding staff to improve distressed communities."
Clearinghouse CDFI will leverage Community Bank's investment to provide financing for community facilities, affordable housing, small business loans, commercial real estate, and other projects in California's low-income neighborhoods.
“We are pleased to strengthen Community Bank's support of Clearinghouse CDFI's mission-driven lending projects designed to improve low-income and distressed communities," said David R. Misch, Chief Executive Office. Misch continued “We believe this partnership will contribute to strengthening the financial health and well-being of the broader communities that we serve."
About Clearinghouse Community Development Financial Institution (Clearinghouse CDFI)
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western U.S. Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities.
Over the course of 20 years, Clearinghouse CDFI has funded $1.3 billion in total loans for over 1,720 projects which have created or retained more than 15,000 jobs and benefit over 1.2 million individuals. Clearinghouse CDFI is also a B Corp-a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. At September 30, 2016, Clearinghouse CDFI has total assets of $339 million. More information is available at: http://www.clearinghousecdfi.com.
About Community Bank
Community Bank is an independent and family-owned regional bank with assets of $3.5 billion and 17 locations throughout Southern California. Founded in 1945, Community Bank utilizes its experience, suite of financial services and unique Partnership Banking® approach to help its clients grow and succeed. For more information on Community Bank, go to http://www.cbank.com Member FDIC.
Read the full story at http://www.prweb.com/releases/2017/01/prweb13968482.htm.