“We are excited to work with our Orange County neighbors, Pacific Mercantile Bank, to finance multiple projects that will improve lives in California’s underserved areas,” said Douglas J. Bystry, President and CEO of Clearinghouse CDFI.
LAKE FOREST, Calif. (PRWEB) March 25, 2019
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a $500,000 Class A equity investment from Pacific Mercantile Bank. Based in Costa Mesa, California, Pacific Mercantile Bank serves small to medium-sized businesses in Southern California. This is the bank’s first investment with Clearinghouse CDFI.
“We are extremely pleased to continue growing our relationship with Clearinghouse CDFI. Our investment in Clearinghouse CDFI demonstrates Pacific Mercantile Bank's commitment to helping support small businesses and provide additional opportunities for low and moderate-income or distressed communities within our assessment areas. We look forward to continuing this vital partnership,” said Maxwell G. Sinclair, Executive Vice President and Chief Compliance Officer, Pacific Mercantile Bank.
Clearinghouse CDFI will use this investment to benefit low-income and distressed areas throughout California. 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 communities. Similar projects previously financed by Clearinghouse CDFI include:
Bellaire Downtown, Los Angeles, CA—A $3.54 million loan for the renovation of a 212-unit, single room occupancy building into an economical, secure housing option in a severely distressed area
Ventura County Community Foundation, Camarillo, CA—A $4.6 million loan to help this nonprofit achieve financial stability and continue offering below-market rent for 16 additional nonprofits
Pinoleville Pomo Nation, Ukiah, CA—A $2.24 million loan to reacquire former tribal land and further tribal economic development
“We are excited to work with our Orange County neighbors, Pacific Mercantile Bank, to finance multiple projects that will improve lives in California’s underserved areas,” said Douglas J. Bystry, President and CEO of Clearinghouse CDFI. “We are grateful for their investment, which will be used for maximum community impact."
Clearinghouse CDFI has funded $1.73 billion in total loans for over 1,860 community projects over the past 22 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 662 separate underserved communities throughout California, Nevada, Arizona, New Mexico and Indian Country.
About Pacific Mercantile Bank
Pacific Mercantile Bancorp (NASDAQ: PMBC) is the parent holding company of Pacific Mercantile Bank, which opened for business March 1, 1999. The Bank, which is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business professionals and individual clients. The Bank is headquartered in Orange County and has seven locations in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. The Bank offers tailored flexible solutions for its clients including an array of loan and deposit products, sophisticated treasury management services, and comprehensive online banking services accessible at http://www.pmbank.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 Indian Country in the Western United States. For over 22 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.