LAKE FOREST, CA – July 2, 2014 – Clearinghouse Community Development Financial Institution (CDFI), a mission-based lending institution serving low- to moderate-income communities in CA and NV, today announced the addition of Nevada State Bank as a new Class A company shareholder.
“Nevada State Bank is committed to helping our communities—it’s one of our Core Values, and every single colleague stands by it. That means showing our support by volunteering our time, sharing our expertise on a board—and now, our financial commitment to Clearinghouse CDFI—$250,000 in funding that will be used to make an impact with those who truly need it,” said Terry Shirey, Executive Vice President and CFO of Nevada State Bank.
The $250,000 equity investment made by Nevada State Bank constitutes Clearinghouse CDFI’s first investment ever received from a Nevada-headquartered financial institution. After expanding to Nevada in 2012 to bolster regional lending capacity and help create jobs, this inaugural investment represents a significant milestone for Clearinghouse CDFI.
“We are honored to name Nevada State Bank as Clearinghouse CDFI’s first Nevada-headquartered shareholder,” said Douglas Bystry, President and CEO of Clearinghouse CDFI. “Our relationships with local financial institutions continue to play a vital role in our mission to discover and finance projects that bring jobs and services to Nevada.”
Clearinghouse CDFI will utilize the $250,000 investment to finance affordable housing, commercial facilities, and small businesses throughout Nevada. To date, Clearinghouse CDFI has financed projects benefitting over 5,000 individuals and created or retained 500 permanent and construction jobs in Nevada.
Clearinghouse CDFI’s mission is to provide economic opportunities and improve the quality of life for lower-income individuals and communities through innovative financing that is unavailable in the conventional market. Throughout California and Nevada, Clearinghouse CDFI has funded a total of $1.1 billion in loans for 1,537 projects in distressed communities, benefiting over 813,000 individuals. Clearinghouse CDFI loans have created or retained over 10,800 permanent and construction jobs and developed or rehabilitated 9.4 million square feet.
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI)
Clearinghouse CDFI is a for-profit CDFI that addresses unmet credit needs in California and Nevada by bridging the financing gap between conventional lending standards and the needs of low-income families and communities. More information is available at: www.clearinghousecdfi.com.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank, with assets of more than $4.0 billion, is the largest state-chartered bank in Nevada. A full-service bank with 50 branches statewide, Nevada State Bank offers complete range of consumer, private and business banking services. It is a subsidiary of Salt Lake City-based Zions Bancorporation (Nasdaq: ZION), one of the nation’s premier financial services companies. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.
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Clearinghouse CDFI Welcomes New Investor Nevada State Bank