LAKE FOREST, Calif., Aug. 26, 2021 /PRNewswire-PRWeb/ -- Clearinghouse CDFI announced today an additional $400,000 Class A equity investment from California Bank & Trust (CB&T). Combined with existing Class A equity of $651,000—which reflects combined investments from Zions Bancorporation entities—CB&T has become one of the largest shareholders in Clearinghouse CDFI with a total of $1,051,000.
"California Bank & Trust is excited to increase its investment with Clearinghouse CDFI. We share a common goal of improving the lives of families and businesses though lending and investing in community facilities, affordable housing, and small businesses in low- and moderate-income communities throughout California. For more than 20 years, CB&T has truly valued the partnership with Clearinghouse CDFI, and we look forward to many more years to come," said Steve Herman, Senior Vice President and Community Development Finance Division Manager, CB&T.
Clearinghouse CDFI will use this additional investment to benefit low-income and distressed California and Nevada communities. CB&T's 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 grateful to California Bank & Trust for their expanded investment in our company and for their strong support over the years," said Douglas J. Bystry, Clearinghouse CDFI President and CEO. "Working together, we will continue to deploy needed capital into underserved communities in California and Nevada."
Clearinghouse CDFI has funded $1.98 billion in total loans for over 2,250 community projects over the past 24 years. These projects have created or retained more than 23,000 jobs and benefited over 2.7 million people. Clearinghouse CDFI has also funded over 460 PPP loans that have helped save 1,600 jobs across 28 states. 63% of Clearinghouse CDFI's PPP borrowers are minority- or women-owned businesses.
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About California Bank & Trust:
California Bank & Trust has been helping Californians and their businesses grow and prosper for nearly 70 years. Today, it is among California's leading banks with more than 80 branch offices located throughout the state. A division of Zions Bancorporation, N.A. (NASDAQ: ZION) with more than $80 billion in assets, CB&T has been voted "Best Bank" by the San Diego Union Tribune for 10 consecutive years, and "Best Commercial Bank" for seven years in a row. Readers of The Orange County Register have also voted CB&T as the county's "Best Bank" for seven consecutive years; and the group has consistently won the Greenwich Excellence Awards for achievement in Middle-Market and Small Business. CB&T provides a full array of financial solutions for businesses and individuals, including commercial banking, business banking, small business lending, treasury management, international banking, and wealth management. Its experienced and professional bankers are backed by major resources yet maintain local decision-making authority and regional market and industry expertise. Each is committed to providing clients with valuable economic insights and connecting them with the beneficial business relationships they need to succeed. To learn more, visit http://www.calbanktrust.com.
About Clearinghouse Community Development Financial Institution (Clearinghouse CDFI):
Clearinghouse CDFI addresses unmet credit needs throughout the U.S. and in Indian Country through direct lending, equity investments, and financial assistance. For 24 years, Clearinghouse CDFI has helped bridge the gap between conventional lending standards and the needs of low-income, distressed, and communities of color. 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.
Media Contact
Ron Demeter, Vectis Strategies on behalf of Clearinghouse CDFI, 310-614-1059, [email protected]
SOURCE Clearinghouse CDFI
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