Bank becomes largest shareholder based in the state of Arizona
LAKE FOREST, Calif., November 14, 2017: Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a $2 million Class A equity investment from Western Alliance Bank. With this investment, Western Alliance Bank becomes Clearinghouse CDFI’s largest equity investor based in the state of Arizona.
Clearinghouse CDFI will use this investment to benefit low-income and distressed communities in the Western United States and Sovereign Nations. The $2 million investment will help Clearinghouse CDFI continue financing community facilities, affordable housing, commercial real estate, and other projects that create jobs and services in underserved areas. Specifically, these funds will go to areas serviced by Western Alliance Bank’s divisions.
Similar projects previously financed by Clearinghouse CDFI include:
- MSA Annex, LLC, Tucson, AZ—A $2.7 million loan for the construction of a new community retail and entertainment center to help create jobs and services in a low-income area
- Veteran’s Village, Las Vegas, NV—A $5.6 million loan to help create 204 affordable homes for veterans
- North Fork Community Development Council, North Fork, CA—$4.1 million in loans to create a bioenergy facility powering 800 homes annually with renewable green energy
“This generous investment makes Western Alliance Bank our largest Arizona-based shareholder,” said Douglas J. Bystry, President / Chief Executive Officer of Clearinghouse CDFI. “We are pleased to leverage these dollars tenfold to significantly and positively impact communities throughout the Western United States.”
Clearinghouse CDFI has funded $1.5 billion in total loans for over 1,820 community projects over the past 20 years. These projects have created or retained more than 16,500 jobs and benefit over 1.5 million individuals. This includes the rehabilitation of more than 15.1 million square feet of blighted properties. These projects have benefited over 610 separate underserved communities throughout California, Nevada, Arizona, New Mexico and Native American Reservations.
“We are so pleased to be partnering with Clearinghouse CDFI and we applaud the organization for its efforts to make a real impact in communities where help is most needed,” said Barbara Boone, Senior Vice President and CRA Officer for Western Alliance Bank.
About Western Alliance Bank:
With more than $19 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies and is ranked #4 on the Forbes 2017 “Best Banks in America” list. Its primary subsidiary, Western Alliance Bank, is the go-to bank for business and succeeds with local teams of experienced bankers who deliver superior service and a full spectrum of deposit, lending, treasury management, international banking and online banking products and services. Western Alliance Bank operates full-service banking divisions: Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank. The bank also serves business customers through a robust national platform of specialized financial services including Corporate Finance, Equity Fund Resources, Hotel Franchise Finance, Life Sciences Group, Mortgage Warehouse Lending, Public and Nonprofit Finance, Renewable Resource Group, Resort Finance, Technology Finance and Alliance Association Bank. For more information, visit www.westernalliancebancorporation.com.
About Clearinghouse CDFI:
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States. The first CDFI in the nation to be rated by Standard & Poor’s Ratings Services (AA-), Clearinghouse CDFI is an industry leader helping to bridge the 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. More information is available at: www.ccdfi.com.
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
Download the PDF: Western Alliance Bank Investment Announcement
View on PR Web: http://www.prweb.com/releases/2017/11/prweb14901669.htm