Pasadena-based Community Bank has recently added a $700,000 equity investment in Class A stocks at Clearinghouse Community Development Financial Institution (Clearinghouse CDFI).
This is the bank’s second investment in the CDFI which now enhances Clearinghouse’s ability to address unmet credit needs in distressed areas throughout California.
“Community Bank’s significant investment strengthens our mission to finance community development projects in Southern California’s low-income neighborhoods,” Douglas Bystry, President and CEO of Clearinghouse CDFI, said. “We are grateful for this most recent investment from Community Bank, and we look forward to working closely with their outstanding staff to improve distressed communities.”
Clearinghouse CDFI will leverage Community Bank’s investment to provide financing for community facilities, affordable housing, small business loans, commercial real estate, and other projects in California’s low-income neighborhoods.
Over the course of 20 years, Clearinghouse CDFI said it has funded $1.3 billion in total loans for over 1,720 projects which have created or retained more than 15,000 jobs and benefit over 1.2 million individuals.
David Misch, Community Bank CEO, said they are pleased to strengthen the Bank’s support of Clearinghouse CDFI’s mission-driven lending projects for low-income and distressed communities.
“We believe this partnership will contribute to strengthening the financial health and well-being of the broader communities that we serve,” Misch said.
Community Bank is an independent and family-owned regional bank with assets of $3.5 billion and 17 locations throughout Southern California. Founded in 1945, Community Bank utilizes its experience, suite of financial services and unique Partnership Banking® approach to help its clients grow and succeed.
For more information about the bank, visit www.cbank.com.
