Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) today announced its partnership with new shareholder Plaza Bank to finance impactful projects benefiting California and Nevada. Plaza Bank’s $250,000 “Class A” equity investment will allow Clearinghouse CDFI to finance community development loans in low- and moderate-income communities.
Douglas Bystry, President and Chief Executive Officer of Clearinghouse CDFI, stated, “Partnerships with local investors like Plaza Bank help us fulfill our mission to finance beneficial community projects bringing jobs and services to underserved areas. We are very excited to be working with Plaza Bank.”
Gene Galloway, President and Chief Executive Officer of Plaza Bank, agreed, stating that the investment is “a good opportunity for Plaza Bank and Clearinghouse CDFI to partner for community development.”
Clearinghouse CDFI will leverage the $250,000 investment to finance affordable housing, commercial facilities, commercial real estate, nonprofits, and small businesses throughout California.
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 benefiting over 813,000 individuals.
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 PLAZA BANK
Plaza Bank is full service community bank serving the business and professional communities in Southern California and Las Vegas, Nevada. The Bank is committed to meeting the financial needs of small to middle market businesses and professional firms with loans for working capital, equipment and owner-occupied commercial real estate financing and a full array of cash management services. Our bankers are experienced, professional and knowledgeable. For more information, visit www.plazabank.com or call President and CEO Gene Galloway at (949) 502-4309 or (702) 277-2221.