Banc of California (BANC) in Irvine has acquired an 8% stake in Clearinghouse CDFI, an institution that serves low- to moderate-income communities in California and Nevada.
The $3.6 billion-asset Banc of California said in a press release Friday that it invested $705,000 in Clearinghouse, marking the biggest one-time purchase of the CDFI's shares.
"Clearinghouse CDFI makes a real difference in the lives of over 750,000 people annually," Steven Sugarman, Banc of California's president and chief executive, said in the release. "They have created 5,000 units of affordable housing, giving people homes that otherwise would not have them. I am proud of our investment."
Clearinghouse CDFI funded a record level of community development loans last year, totaling more than $70 million. The loans include affordable housing, special needs housing, economic opportunity projects and community facilities. Gary Dunn, Banc of California's community development officer, is a member of Clearinghouse CDFI's board.
Banc of California recently agreed to buy the California operations of Popular (BPOP).