We are grateful for this additional investment from Opus Bank—our neighbor in Orange County
Lake Forest, CA (PRWEB) September 27, 2018
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a $250,000 Class A equity investment from Opus Bank (Opus). An existing shareholder, this contribution is Opus’ third investment in Clearinghouse CDFI since 2011.
Kevin Thompson, Executive Vice President, Chief Financial Officer, stated, “We are pleased to increase our investment in and strengthen our ongoing partnership with Clearinghouse CDFI. As an existing shareholder, we are ardent supporters of their unique programs, which connect small businesses with unmet credit needs to alternative funding sources. The much needed capital funding provided by Clearinghouse CDFI increases the potential for these businesses to grow and generate more economic opportunity in the low-income or distressed communities in which they operate and serve.”
Clearinghouse CDFI will use this investment to benefit low-income and distressed communities in California and throughout Western United States and Indian Country. 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 grateful for this additional investment from Opus Bank—our neighbor in Orange County,” said Douglas J. Bystry, President and CEO of Clearinghouse CDFI. “The bank’s commitment to strengthening and engaging the communities they serve has been a cornerstone in our seven-year partnership."
Community development projects previously financed by Clearinghouse CDFI include:
- Junior Achievement of Southern California, Los Angeles, CA—A $3.35 million loan to help this nonprofit to continue inspiring and empowering students through financial literacy programs
- Pinoleville Pomo Nation, Ukiah, CA—A $2.24 million loan to reacquire former tribal land and further tribal economic development
- Mercado San Agustin, Tucson, AZ—A $2.4 million loan to preserve the operations of a sustainable small business marketplace providing local goods in a distressed area of Tucson
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 16.9 million square feet of blighted properties. These projects have benefited over 610 separate underserved communities throughout California, Nevada, Arizona, New Mexico, and Indian Country.
About Opus Bank:
Opus Bank is an FDIC insured California-chartered commercial bank with $7.2 billion of total assets, $5.1 billion of total loans, and $5.9 billion in total deposits as of June 30, 2018. Opus Bank provides superior ideas and solutions, and banking products to its clients through its Retail Bank, Commercial Bank, and Merchant Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy and performance improvement through its Merchant Banking division and its broker-dealer subsidiary, Opus Financial Partners, LLC, Member FINRA/SIPC. Opus Bank’s alternative asset IRA custodian subsidiary has $14 billion of custodial assets and approximately 49,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank operates 48 banking offices, including 29 in California, 16 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona and one in Portland, Oregon. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: http://www.opusbank.com.
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 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. More information is available at: http://www.ccdfi.com.