$500,000 equity investment will help to serve distressed communities throughout California
LAKE FOREST, Calif. – August 25, 2015 – Clearinghouse Community Development Financial Institution (CDFI) announced today its partnership with new shareholder Pacific Premier Bank, who recently provided a $500,000 Class A equity investment to finance projects benefiting California’s underserved communities. This investment by Pacific Premier Bank, which brings Clearinghouse CDFI’s total equity to over $44 million, will help Clearinghouse CDFI continue its mission to serve distressed communities throughout the state.
“Clearinghouse CDFI and Pacific Premier Bank share a common goal to finance impactful projects that bring jobs and services to California,” said Douglas Bystry, President and CEO of Clearinghouse CDFI. “This partnership will help Clearinghouse CDFI continue doing exactly that. We are excited to be working with Pacific Premier Bank.”
Clearinghouse CDFI will leverage the $500,000 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 and is rated ‘AA’ Stable by Standard & Poor’s Ratings Services. Clearinghouse CDFI has issued $1.1 billion in total loans which have created or retained more than 12,100 jobs and benefit over 998,925 individuals. Clearinghouse CDFI loans have developed or rehabilitated 10 million square feet of community-based real estate and constructed thousands of affordable housing units.
“Clearinghouse CDFI plays a key role in providing financing that positively impacts communities and enriches the lives of individuals,” said Steve Gardner, President and CEO of Pacific Premier Bank. “We could not be more excited to partner with and support their important mission.”
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI)
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 $232 million in assets. More information is available at: www.clearinghousecdfi.com.
ABOUT PACIFIC PREMIER BANK
Pacific Premier Bank is a business bank primarily focused on serving small and middle market businesses throughout Southern California. Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and U.S. Small Business Administration loans, as well as specialty banking products for homeowners associations and franchise lending nationwide. Pacific Premier Bank serves its customers through its 16 full-service depository branches in Southern California located in the cities of Corona, Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, Riverside, San Bernardino, San Diego, Seal Beach and Tustin.
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
Download the full release here: Clearinghouse CDFI Announces Class A Shareholder Equity Investment from Pacific Premier Bank