F&M Bank Makes $2 Million Commitment to Community Development
F&M Bank Makes a Significant Investment
Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) has announced a $2 million capital investment in Clearinghouse Community Development Financial Institution, a leading lender focusing on underserved communities. This investment is designed to further enhance Clearinghouse CDFI's ability to provide essential financing to low- to moderate-income areas, thereby fostering economic development.
Why This Investment Matters
This moment marks the largest capital raise in Clearinghouse CDFI's managed history. President and CEO Douglas J. Bystry remarked that this investment will support increased lending to vulnerable communities across the nation. Bystry's commitment to community growth is echoed by F&M Bank's longstanding collaboration with Clearinghouse CDFI, a partnership that spans nearly three decades.
Understanding Clearinghouse CDFI's Mission
Since its inception in 1996, Clearinghouse CDFI has been committed to providing financial opportunities that conventional banks often overlook. With a total of $2.7 billion in loans issued, they have funded over 2,732 community projects that have positively impacted more than 5.1 million individuals. This financial help has led to the establishment of 13,548 affordable housing units, showcasing their dedication to creating lasting economic changes.
F&M Bank's Commitment to Economic Growth
The investment by F&M Bank underlines its pledge to community development. CEO W. Henry Walker notes that their mission aligns with that of Clearinghouse CDFI, emphasizing the belief that financial institutions can play a crucial role in uplifting communities in need. This shared vision reinforces their relationship and enhances the impact of their investment.
Track Record of Excellence
F&M Bank recently received an “Outstanding” rating in its Community Reinvestment Act examination for 2022, showcasing its strategic commitment to serving underrepresented neighborhoods. This high rating further affirms the bank's dedication to making a tangible difference in communities where it's needed the most.
About Farmers & Merchants Bank of Long Beach
Founded over a century ago, Farmers & Merchants Bank is known for its strong community-oriented approach. With 27 branches and a comprehensive range of financial services that include commercial banking, business loans, and consumer banking products, F&M Bank serves diverse clients across the region. Their ability to deliver tailored financial solutions confirms their status as a vital player in California's banking sector.
About Clearinghouse Community Development Financial Institution (Clearinghouse CDFI)
Clearinghouse CDFI excels in addressing financial gaps in underserved markets, operating under the guiding principle of creating economic opportunities for low-income individuals and communities. With the esteemed B Corp certification, it reflects the organization's commitment to responsible business practices, social equity, and sustainable development.
Frequently Asked Questions
What is the purpose of F&M Bank's investment?
The investment aims to enhance Clearinghouse CDFI's capacity to lend to low- to moderate-income communities, fostering economic growth and stability.
How has Clearinghouse CDFI impacted communities?
Since its founding, Clearinghouse CDFI has provided $2.7 billion in loans, positively affecting millions of individuals through affordable housing and community projects.
What does the B Corp certification mean for Clearinghouse CDFI?
The B Corp certification signifies that Clearinghouse CDFI meets high standards of social and environmental performance, transparency, and accountability.
What services does F&M Bank provide?
F&M Bank offers a wide range of services, including small business banking, commercial loans, home financing, and consumer banking products.
Why is community investment important?
Community investment is crucial for economic growth as it provides financial resources to underserved areas, improving quality of life and stability.
About The Author
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