CommerceWest Bank Made An Inaugural Equity Investment to Clearinghouse CDFI in the Amount of $250,000 to Benefit Distressed Communities in Southern California

IRVINE, Calif., June 9, 2016

"CommerceWest Bank shares our commitment to improving Southern California's distressed communities," said Clearinghouse CDFI President and CEO Douglas Bystry. "As a local bank, their investment is particularly significant. We are glad to partner with them."

Clearinghouse CDFI will leverage the investment from CommerceWest Bank to help finance loans for community facilities, affordable housing projects, commercial real estate, and small business projects throughout Southern California. Examples of similar projects previously financed by Clearinghouse CDFI include:

• American Legion Post 266 – $715,000 loan supporting the only designated blind and disabled veteran post in the nation. Members serve the community, share camaraderie with fellow Veterans, and honor the fallen.
• Worthington Square – $5.25 million loan to develop a mixed-use residential & community space in Imperial, CA, including a center with enrichment programs for 550 children, exercise programs for 300 seniors, and job training for 180 low-income individuals.
• Pier South – $10 million in New Markets Tax Credits for the development of a hotel that generated 300 construction jobs and over 30 permanent jobs.

Clearinghouse CDFI's new partnership with CommerceWest Bank strengthens its mission to finance projects that help revitalize distressed areas by creating jobs, services, and other measureable community benefits.

"We look forward to teaming up with Clearinghouse CDFI to further their mission of making a meaningful impact in disadvantaged communities in Southern California," said Leeann Cochran, Executive Vice President and CFO of CommerceWest Bank.

ABOUT COMMERCEWEST BANK

CommerceWest Bank is a California based commercial bank with a unique vision and culture of focusing exclusively on the business community. Founded in 2001 and headquartered at 2111 Business Center Drive in Irvine, CA. The Bank serves businesses throughout California with an emphasis on clients in Orange, San Diego, Los Angeles, and Riverside Counties. We are a full service business bank and offer a wide range of commercial banking services, including concierge services, remote deposit solution, online banking, mobile banking, lines of credit, working capital loans, commercial real estate lending, SBA lending, and cash and treasury management services.