1st Capital Bank Invests $500,000 in Clearinghouse CDFI
LAKE FOREST, Calif. (PRWEB) April 10, 2018 -- Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a $500,000 Class A equity investment from 1st Capital Bank. A locally owned and managed community bank, 1st Capital Bank is headquartered in Monterey County. Both Clearinghouse CDFI and 1st Capital Bank are dedicated to enhancing the financial health and wellbeing of California's communities.
Clearinghouse CDFI will use this investment to benefit low-income and distressed communities along California’s Central Coast and throughout Western United States and Indian Country. The $500,000 investment will help Clearinghouse CDFI continue financing community facilities, affordable housing, commercial real estate, and other projects that create jobs and services in underserved areas. The resulting funds will enhance community development efforts along California's Central Coast.
"We are thrilled to invest in an organization whose mission is to provide economic opportunities and improve the quality of life for lower-income individuals in the areas we serve," said Michael J. Winiarski, Chief Financial Officer of 1st Capital Bank.
Community Development projects previously financed by Clearinghouse CDFI include:
- Tri-Counties Community Housing Corporation - Arroyo Grande and Atascadero, CA: Over $1 million in loans to create group homes for individuals with developmental disabilities.
- 2025 Union LLC - Paso Robles, CA: A $3.4 million loan to construct a 24-bed assisted living facility.
"1st Capital Bank and Clearinghouse CDFI share the same values when it comes to supporting communities," said Douglas J. Bystry, President and Chief Executive Officer of Clearinghouse CDFI. "$500,000 is a significant investment from a bank of their size, which reflects a genuine belief in the power of community development. These funds will be leveraged to make a difference in communities we serve."
Clearinghouse CDFI has funded $1.55 billion in total loans for over 1,820 community projects over the past 21 years. These projects have created or retained more than 18,000 jobs and benefit over 1.5 million individuals. This includes the rehabilitation of more than 15.1 million square feet of blighted properties. These projects have benefited over 610 separate underserved communities throughout California, Nevada, Arizona, New Mexico, and Native American Reservations.
About 1st Capital Bank:
The Bank's primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast Region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration ("SBA") and the U.S. Department of Agriculture ("USDA"). A full suite of deposit accounts is also furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, and San Luis Obispo. The Bank's corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank's website is http://www.1stCapital.bank.
About Clearinghouse CDFI:
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Indian Country in the Western United States. Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities. 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. For more information, visit: http://www.ccdfi.com.
Ron Demeter, Vectis Strategies on behalf of Clearinghouse CDFI, +1 (310) 614-1059, [email protected]
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