News Details

SAN DIEGO--(BUSINESS WIRE)-- California Bank & Trust (CB&T), www.calbanktrust.com, is pleased to announce that during the first half of the year through investments and contributions totaling more then $3.6 million, the bank supported affordable housing initiatives in the state of California. Investments and contributions were made to various nonprofit and private agencies whose mission is to enhance affordable housing opportunities throughout California.

CB&T supported the development of more than 1000 units of affordable housing throughout the state of California through investments and contributions. "One of the principles that we adhere to at California Bank & Trust is supporting our communities. Given the economic difficulties many families are facing as it relates to housing, we found it particularly important to support affordable housing initiatives and have focused much of our charitable giving on this cause," said Steve Herman, vice president and community reinvestment manager for California Bank & Trust.

In Los Angeles, an investment in a fund sponsored by the National Affordable Housing Trust helped finance the renovation of affordable housing units owned by the Retirement Housing Foundation of Long Beach. Founded in 1961, the Retirement Housing Foundation (RHF) is one of the nation's largest nonprofit providers of housing and services for older adults, persons with disabilities and economically disadvantaged families.

Additionally, CB&T invested in the Rural Community Assistance Corporation (RCAC) loan fund. RCAC, a nonprofit organization headquartered in West Sacramento, provides technical and financial resources and training so that rural communities can achieve their goals and visions. RCAC finances development of affordable housing and community facilities; and water and wastewater systems in rural communities in 13 Western states. CB&T's investment will be used exclusively in California.

The Neighborhood Housing Services (NHS) and Community Housing Works will use CB&T contributions to support home ownership preservation programs. These programs promote foreclosure prevention through educational workshops, in-person counseling and community outreach. This three-pronged approach ensures that the NHS organizations are able to reach out to as many distressed borrowers as possible while providing individual, customized counseling.

"The donation California Bank & Trust made to Los Angeles Neighborhood Housing Services allows us to help many home owners who have been affected by the economy and are consequently in danger of foreclosure," said Lori Gay, president and CEO of LA NHS. "The generosity of businesses giving to LA NHS enables us to pursue our mission of building strong neighborhoods and improving the quality of life for families of modest means."

These are some of the affordable housing organizations CB&T Supported during the first half of 2009:

    --  Retirement Housing Foundation in Long Beach
    --  Local Initiative Support Corporation (LISC) San Diego
    --  Local Initiative Support Corporation (LISC) Los Angeles
    --  Neighborhood Housing Services Los Angeles
    --  Neighborhood Housing Services Orange County
    --  Community Housing Works San Diego
    --  Habitat for Humanity
    --  Resources for Community Development

About California Bank & Trust

California Bank & Trust, a subsidiary of Zions Bancorporation (NASDAQ: ZION), is one of the largest banks headquartered in California with over $10 billion in assets and more than 100 branches statewide. With local management and decision-making and an emphasis on relationship banking, CB&T provides financial solutions for businesses and individuals, that includes commercial as well as small business lending, cash management, international banking, wealth management, and online banking. Learn more at www.calbanktrust.com.

    Source: California Bank & Trust