Clearinghouse CDFI will use funds from the $2 million investment to support affordable-housing and economic development projects in communities and Native American reservations in California, Nevada and Arizona.
The company hired Kevin Thompson, a CFO with big-bank experience, to take over its top financial post. Once a fast-growing bank, Opus has spent recent months cutting costs and exiting certain business lines.
The election of Democrat Phil Murphy as New Jersey's next governor is being hailed as a victory for advocates of state-owned banks. But challenges remain — namely, stubborn opposition from mainstream banks.
Here's a look at the 12 housing markets with the largest percentages of mortgages over $500,000 — the new threshold House Republicans have proposed for the mortgage interest deduction in their tax plan.
With marijuana sales set to become legal in California soon, a working group there says that a state-backed financial institution should be among the measures weighed to address the lack of banking services available to the pot industry.
Capital Corps, led by Steven Sugarman, aims to provide financing to homeowners and small businesses that it believes are overlooked by banks. The firm features several former Banc of California executives.