PALO ALTO, Calif.--(BUSINESS WIRE)--Palo Alto University (PAU), a private non-profit higher education institution, announced today that it has made its final mortgage payment to lender Comerica Bank, and is now debt-free. To mark the event, PAU is hosting a “mortgage-burning” ceremony on Tuesday, October 9 at 11:30am on its Allen Calvin campus in the Amy M. Wisniewski Hall.
“This is a historic moment for PAU, and could not have been done without the help of so many people, from our CFO June Klein, to our Trustees and our many donors who have given so generously over the years,” said Dr. Allen Calvin, President of PAU. “Because of this, we were able to pay off this debt in record time – in just four short years.”
PAU purchased the land for its current location in 2008 and moved to its new location after the completion of construction in the summer of 2009. William T. Phillips, Stanford University’s Senior Associate Vice President for Real Estate, helped PAU identify the land on Arastradero Road, where PAU’s main campus is located. PAU credits the move, the expansion of its degree programs and prestigious faculty for strengthening the university’s reputation, which has attracted more students and increased PAU’s financial security and reserves.
“I would be remiss if I did not also recognize Comerica Bank for believing in PAU at a time when lending rules were tightening,” continued Dr. Calvin. “They stood by us every step of the way and made the entire lending process seamless.”
Guest speakers at the event will include representatives from PAU and Comerica Bank, as well as Mr. Phillips of Stanford. For more information about the event, please contact the President’s office. All media inquires should be directed to Elena Arney at firstname.lastname@example.org.
About Palo Alto University
Founded in 1975 as the Pacific Graduate School of Psychology, Palo Alto University (PAU) is dedicated to improving lives through education and research anchored in psychology, clinical training and practice in a diversity of cultures, and service to communities around the world. PAU offers seven degree programs, ranging from Bachelor level to Ph.D., including a consortium with Stanford University and a Ph.D./J.D. dual degree program with Golden Gate University. The University’s faculty is ranked among the top 25 schools and universities for research productivity out of the 166 APA-accredited clinical psychology Ph.D. programs. Through the University's Kurt and Barbara Gronowski Clinic, PAU offers mental health services to the community at-large regardless of ability to pay. PAU is a charitable, non-profit institution.
Comerica Bank, founded 163 years ago, is a subsidiary of Comerica Inc., based in Dallas. Comerica focuses on relationships, and helping people and businesses be successful. Comerica's Western Market regional headquarters is in downtown San Jose, and offices in seven Bay Area counties provide a full range of financial services. Comerica's middle market group in San Jose specializes in serving manufacturers, distributors and wholesalers, especially those that are privately owned and/or owner-managed. The Technology & Life Sciences group, with its national headquarters in Palo Alto, serves technology, biotech and venture-backed companies. Retail Banking, Wealth Management, Treasury Management, Commercial Real Estate and Small Business Banking groups serve customers throughout the Bay Area.