LAKE FOREST, CA – August 25, 2016 – Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a new $500,000 equity investment from Mutual of Omaha Bank. This substantial investment follows an original commitment to Arizona MultiBank, now a division of Clearinghouse CDFI. The bank’s new equity investment will further Clearinghouse CDFI’s mission to address unmet credit needs in disadvantaged communities throughout California, Arizona, and Nevada.
“Mutual of Omaha Bank and Clearinghouse CDFI are equally committed to revitalizing low-income neighborhoods throughout the Southwest,” said Clearinghouse CDFI President and CEO, Douglas Bystry. “We are proud to partner with a bank who shares our vision of bringing opportunity to these underserved communities.”
Mutual of Omaha Bank’s $500,000 equity investment increases Clearinghouse CDFI’s capacity to finance new projects that create jobs and services in low-income areas. These projects include community facilities, commercial real estate, small businesses, and affordable housing developments. Examples of such projects previously financed by Clearinghouse CDFI include:
- Apache Railway, Snowflake, AZ – A $2.5 million loan for the restoration of the historic Apache Railway—a critical piece of infrastructure in rural Arizona.
- Rebuilding Together Southern Nevada, Las Vegas, NV – A $175,000 loan for the construction of essential home repairs for 50 low-income homeowners.
- One World Beef, Brawley, CA – A $5 million loan for the acquisition of a sustainable meat packing facility to create jobs in a severely distressed area.
“Mutual of Omaha Bank is excited to increase our investment with Clearinghouse CDFI who is one of the leaders in the CDFI industry,” said Gregory S. Peterson, California State President and Regional CRE manager of Mutual of Omaha Bank. “Clearinghouse’s Southwest footprint fits very well with our banking operations in California, Arizona, and Nevada, helping us to further provide a positive impact on the underserved communities in these markets.”
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ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION:
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western U.S. Rated ‘AA’ Stable by Standard & Poor’s Ratings Services, Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities.
Over 19 years, Clearinghouse CDFI has funded $1.2 billion in total loans for over 1,650 projects which have created or retained more than 13,800 jobs and benefit over 1 million individuals. 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. As of June 30, 2016, Clearinghouse CDFI has $312 million in assets. More information is available at: www.clearinghousecdfi.com.
ABOUT MUTUAL OF OMAHA BANK:
Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. With more than $7 billion in assets, Mutual of Omaha Bank is a subsidiary of Mutual of Omaha, a highly-rated Fortune 500 insurance and financial services company founded in 1909. For more information about Mutual of Omaha Bank, visit www.mutualofomahabank.com.
Media Contact:
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
Phone: 310-614-1059
Email: rdemeter@vectisstrategies.com
Download the full announcement here: Clearinghouse CDFI Welcomes New Investor Mutual of Omaha Bank
