Organization provides funding in low- to moderate-income communities, helping over 750,000 people annually; Banc of California holds 8% ownership
IRVINE, Calif.–(BUSINESS WIRE)– Banc of California, Inc. today announced that it has made a $705,000 investment in Clearinghouse CDFI, a mission-based lending institution serving low to moderate income communities in California and Nevada. The Company’s investment was the single largest one-time purchase of shares in Clearinghouse CDFI.
“Clearinghouse CDFI makes a real difference in the lives of over 750,000 people. They have created 5,000 units of affordable housing, giving people homes that otherwise would not have them. I am proud of our investment,” said Steven Sugarman, President and Chief Executive Officer of Banc of California.
As a result of its investment, Banc of California now owns eight percent of Clearinghouse CDFI. In 2013, Clearinghouse CDFI funded a record level of community development loans totaling over $70 million. The loans include affordable housing, special needs housing, economic opportunity projects and community facilities.
Gary Dunn, Banc of California’s Senior Vice President & Community Development Officer, who has been involved with Clearinghouse CDFI since its founding in 1996, serves as a member of Clearinghouse CDFI’s Board of Directors. Banc of California was recognized at Clearinghouse CDFI’s 2014 Annual Shareholders Meeting in April for its commitment to the organization and Dunn was acknowledged for his efforts in support of the organization and its mission.
“This is the largest single investment in the history of Clearinghouse CDFI and comes at an extremely important time in our growth plan. We could not be more ecstatic or appreciative that Banc of California’s leadership has stepped up to take a significant ownership position and support our work, which helps change the lives of people every day,” said Douglas J. Bystry, President of Clearinghouse CDFI.
About Banc of California, Inc.
Banc of California, Inc. (NASDAQ: BANC) provides banking services to California’s diverse private businesses, entrepreneurs and homeowners. Today, Banc of California has over $4 billion in consolidated assets and over 80 banking and lending locations.
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.
Investor Relations Inquiries:
Banc of California, Inc.
Richard Herrin, (855) 361-2262
David Herbst, (213) 973-4113 x101
News Release Courtesy of Banc of California © 2014.