IRVINE, Calif.--(BUSINESS WIRE)--Banc of California, Inc. today announced that it has made a $705,000 investment in Clearinghouse CDFI, a mission-based lending institution serving low to moderate income communities in California and Nevada. The Company’s investment was the single largest one-time purchase of shares in Clearinghouse CDFI.
“Clearinghouse CDFI makes a real difference in the lives of over 750,000 people annually. They have created 5,000 units of affordable housing, giving people homes that otherwise would not have them. I am proud of our investment,” said Steven Sugarman, President and Chief Executive Officer of Banc of California.
As a result of its investment, Banc of California now owns eight percent of Clearinghouse CDFI. In 2013, Clearinghouse CDFI funded a record level of community development loans totaling over $70 million. The loans include affordable housing, special needs housing, economic opportunity projects and community facilities.
Gary Dunn, Banc of California’s Senior Vice President & Community Development Officer, who has been involved with Clearinghouse CDFI since its founding in 1996, serves as a member of Clearinghouse CDFI’s Board of Directors. Banc of California was recognized at Clearinghouse CDFI’s 2014 Annual Shareholders Meeting in April for its commitment to the organization and Dunn was acknowledged for his efforts in support of the organization and its mission.
“This is the largest single investment in the history of Clearinghouse CDFI and comes at an extremely important time in our growth plan. We could not be more ecstatic or appreciative that Banc of California’s leadership has stepped up to take a significant ownership position and support our work, which helps change the lives of people every day,” said Douglas J. Bystry, President of Clearinghouse CDFI.
About Banc of California, Inc.
Banc of California, Inc. (NASDAQ: BANC) provides banking services to California’s diverse private businesses, entrepreneurs and homeowners. Today, Banc of California has over $4 billion in consolidated assets and over 80 banking and lending locations.
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