Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that current shareholder Pacific Western Bank has committed an additional $250,000 in equity to finance community development lending in underserved and low-income communities.
“Pacific Western Bank is proud to support Clearinghouse CDFI. They are a proven financial partner to low- and moderate-income families throughout California,” said Michael Schirm, Pacific Western Bank Regional President. “Our lending division, CapitalSource, has previously supported the organization, and we are happy to continue that relationship moving forward. It is through the commitment and motivation of groups like Clearinghouse CDFI that our California communities continue to grow and expand in meaningful ways. Pacific Western Bank is pleased to play a role in that endeavor, and this financial contribution is just one example.”
Clearinghouse CDFI will use the $250,000 investment to finance affordable housing, commercial facilities, commercial real estate, nonprofits, and small businesses.
“We appreciate the renewed commitment from Pacific Western Bank, who has been our community development partner for years,” Douglas Bystry, Clearinghouse CDFI’s President and CEO. “Their support will help Clearinghouse CDFI finance additional projects that create jobs and revitalize critically distressed communities.”
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. To date, Clearinghouse CDFI has financed a total of $1.1 billion in loans for 1,540 projects benefiting over 824,000 individuals. Clearinghouse CDFI loans have created or retained 11,540 jobs and developed or rehabilitated 9.9 million square feet.
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI)
Clearinghouse CDFI 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 PACIFIC WESTERN BANK
Pacific Western Bank is a Los Angeles-based commercial bank with over $15 billion in assets. Pacific Western provides commercial banking services, including real estate, construction, and commercial loans, to small and medium-sized businesses through 81 full-service branches located throughout the state of California. Its divisions, CapitalSource and Pacific Western Equipment Finance deliver the full spectrum of financing solutions nationwide across all industries and property types. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ: PACW). For more information about Pacific Western Bank, visit www.pacificwesternbank.com, or to learn more about PacWest Bancorp, visit www.pacwestbancorp.com.
