LAKE FOREST, Calif., Oct. 17, 2019 /PRNewswire-PRWeb/ -- Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a $250,000 Class A equity investment from Citizens Business Bank. This investment, when combined with the bank's existing shares, brings Citizens Business Bank into the top 20% of Clearinghouse CDFI investors.
"All of us appreciate the extraordinary work that Clearinghouse CDFI continues to produce," says Christopher D. Myers, President & CEO. "At Citizens Business Bank, we aspire to make a positive impact in the communities we serve. Increasing our investment in Clearinghouse CDFI is an important step for us in achieving our goals."
Clearinghouse CDFI will use this investment to benefit low-income and distressed communities in California. The $250,000 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.
"We are proud to have a strong relationship with Citizens Business Bank and are grateful for their expanded investment," said Douglas J. Bystry, President and CEO of Clearinghouse CDFI. "We intend to use these funds to continue bringing positive change to the communities we serve."
Community development projects previously financed by Clearinghouse CDFI include:
- The Los Angeles Mission—$5.9 million loan to refinance existing debt and preserve the ongoing operation of one of the nation's largest homeless service providers.
- The Teen Project—$3.28 million loan to expand Southern California services and acquire five secluded, single-family homes to provide sanctuary and shelter for 30 homeless women.
- Numa Incorporated—$1.83 million loan to rehabilitate a 100+ year old historic building into a vibrant community space.
Clearinghouse CDFI has funded $1.8 billion in total loans for over 1,860 community projects over the past 23 years. These projects have created or retained more than 20,000 jobs and benefit over 1.8 million individuals. This includes the rehabilitation of more than 18 million square feet of blighted properties. These projects have benefited over 670 separate underserved communities throughout California, Nevada, Arizona, New Mexico and Indian Country.
About CVB Financial Corp: CVB Financial Corp. ("CVBF") is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with over $11 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services through 58 banking centers and 3 trust office locations serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California. Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol "CVBF." For investor information on CVB Financial Corp., visit our Citizens Business Bank website at http://www.cbbank.com and click on the "Investors" tab.
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 Indian Country in the Western United States. For over 23 years, Clearinghouse CDFI has helped 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. More information is available at: http://www.ccdfi.com.
SOURCE Clearinghouse CDFI
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