$400,000 equity investment will help to serve distressed communities in California, New Mexico, and Arizona
LAKE FOREST, Calif. – August 4, 2015 – Clearinghouse Community Development Financial Institution (CDFI) announced today a $400,000 Class A equity investment from BBVA Compass. This investment positions BBVA Compass as Clearinghouse CDFI’s fifth largest Class A Shareholder, and brings Clearinghouse CDFI Class A shares to more than $20 million. It will allow Clearinghouse CDFI to continue its mission of serving low-income communities in underserved areas.
“BBVA Compass has been a longtime supporter of Clearinghouse CDFI,” said Douglas Bystry, President and CEO of Clearinghouse CDFI. “We appreciate their latest investment and we look forward to a continued partnership benefiting the distressed communities served through our lending.”
Clearinghouse CDFI will leverage the $400,000 investment to finance community facilities, affordable housing projects, commercial real estate, and small businesses. Clearinghouse CDFI has been an industry leader for over 19 years. Clearinghouse CDFI has issued $1.1 billion in total loans which have created or retained more than 12,100 jobs and benefit over 998,924 individuals. Clearinghouse CDFI loans have developed or rehabilitated 10 million square feet of community-based real estate and constructed thousands of affordable housing units.
“BBVA Compass is and always will be dedicated to meeting the development needs of the diverse communities we serve across our footprint,” said Tiena Johnson-Hall, Community Development Finance Manager for BBVA Compass. “Our recent investment both elevates our partnership with Clearinghouse CDFI and strengthens our mission to help bring a brighter future to these communities.”
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CCDFI)
Clearinghouse CDFI addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States. Clearinghouse CDFI bridges the financing 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. Today, Clearinghouse CDFI has over $220 million in assets and equity exceeding $44 million. More information is available at: www.clearinghousecdfi.com.
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration, and its mobile app recently earned the Mobile Banking Leader in Functionality Award for the second consecutive year from Javelin Strategy & Research. Additional information about BBVA Compass can be found at www.bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
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2015 – BBVA Compass Equity Investment