Pacific Premier Bank Receives $2.94 Million from the Federal Home Loan Bank of San Francisco to Support Affordable Housing Pr...
July 16 2020 - 6:00AM
Business Wire
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding
company of Pacific Premier Bank, announced today that Pacific
Premier Bank has been awarded four grants totaling $2.94 million
through the Federal Home Loan Bank of San Francisco’s (“FHLBank San
Francisco”) Affordable Housing Program (“AHP”). FHLBank San
Francisco AHP grants support the development of low- and
moderate-income housing across California, Nevada, and Arizona.
“We congratulate our member Pacific Premier Bank on winning four
AHP awards this year,” said Marietta Núñez, Senior Vice President
and Community Investment Officer at FHLBank San Francisco. “Each of
these grants will help build an innovative housing solution in the
community where it is located, and all four will transform the
lives of vulnerable people who will have an affordable and
supportive place to call home.”
Pacific Premier Bank will direct the grants to four nonprofit
organizations to develop four distinct affordable housing projects
in California and Nevada, including:
- American Family Housing (Casa Paloma) – 48-unit modular
development to support homeless and low-income families and adults
in Midway City, California
- Mercy House (Aqua) – 57-unit renovation of a former hotel into
a permanent supportive housing complex for homeless individuals and
small families in Santa Ana, California
- Tenderloin Neighborhood Development Corporation (681 Florida
Street) – 130-unit mixed-use development with a dedicated community
arts space for low-income families in San Francisco’s Mission
District
- The Empowerment Center (Marvel Way Apartments) – 42-unit
multi-family affordable housing complex to support low-income
individuals recovering from drug and alcohol addiction in Reno,
Nevada
Pacific Premier Bank’s Chairman & Chief Executive Officer
Steve Gardner said, “We are grateful for the opportunity to support
the communities in which we work, live, and do business. Thank you
to FHLBank San Francisco for awarding these grants to Pacific
Premier, and to our nonprofit partners dedicated to creating and
maintaining affordable housing for our most vulnerable communities.
Partnerships such as these are integral to our Bank’s commitment to
addressing daily challenges within our communities, including those
related to poverty, health, economic disparities, housing,
environmental concerns, and more.”
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent
company of Pacific Premier Bank, a California-based commercial bank
focused on serving small, middle-market, and corporate businesses
throughout the Western US in major metropolitan markets in
California, Washington, Oregon, Arizona, and Nevada. Founded in
1983, Pacific Premier Bank has grown to become one of the largest
banks in the Western region of the United States, with over $20
billion in total assets. Pacific Premier Bank provides banking
products and services, including deposit accounts, digital banking,
and treasury management services to businesses, professionals,
entrepreneurs, real estate investors, and nonprofit organizations.
Pacific Premier Bank also offers a wide array of loan products,
such as commercial business loans, lines of credit, SBA loans,
commercial real estate loans, agribusiness loans, franchise
lending, home equity lines of credit, and construction loans.
Pacific Premier Bank offers commercial escrow services through its
Commerce Escrow division and facilitates 1031 Exchange transactions
through its RPM Exchange division. Pacific Premier Bank offers
clients IRA custodial services through its Pacific Premier Trust
division, which has approximately $14 billion of assets under
custody and approximately 45,000 client accounts comprised of
self-directed investors, financial institutions, capital
syndicators, and financial advisors. Additionally, Pacific Premier
Bank provides nationwide customized banking solutions to HOA and
Property Management companies. Pacific Premier Bank is an Equal
Housing Lender and Member FDIC. For additional information about
Pacific Premier Bancorp, Inc., and Pacific Premier Bank, visit our
website: www.ppbi.com.
About Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven
cooperative helping local lenders in Arizona, California, and
Nevada build strong communities, create opportunity, and change
lives for the better. The tools and resources we provide to our
member financial institutions—commercial banks, credit unions,
industrial loan companies, savings institutions, insurance
companies, and community development financial institutions—foster
homeownership, expand access to quality housing, seed or sustain
small businesses, and revitalize whole neighborhoods. Each year,
the Federal Home Loan Bank of San Francisco contributes 10% of net
income to the Affordable Housing Program, which provides grants to
support the acquisition, construction, or preservation of housing
affordable to low- to moderate-income families and individuals.
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version on businesswire.com: https://www.businesswire.com/news/home/20200716005260/en/
Pacific Premier Bancorp, Inc. Steven R. Gardner President/CEO
949-864-8000 or Brett Villaume SVP, Director of Investor Relations
949-224-8866
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