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What's Happening at First Choice Bank
FCB Additional Investment in Clearinghouse CDFI
In December 2020, First Choice Bank made a second investment of $1,500,000 in the Clearinghouse Community Development Financial Institution (Clearinghouse CDFI), with the first investment of $500,000 having been made earlier in the year, in January. The Bank's investments in Clearinghouse CDFI help the organization to fund loans for community projects that have created or retained more than 21,500 jobs and benefit over 1.9 million individuals. Over the past year, Clearinghouse CDFI financed 245
Paycheck Protection Program (PPP) loans totaling $7.5 million to help save small businesses during the COVID-19 pandemic. Over 90% of these borrowers were low-income and/or lacked adequate access to PPP and included minority-owned and women-owned businesses or businesses located in majority-minority areas. First Choice Bank is proud to support Clearinghouse CDFI in its efforts to assist those most in need in our communities.
FCB's 2020 Charity Fundraising
Due to ongoing concerns over the continued increase in COVID-19 cases, First Choice Bank has made the difficult decision to cancel this year’s Annual Charity Golf Tournament, originally scheduled for October 22, 2020. Although we won’t be gathering in person this fall, there is still a critical need to continue the Bank’s mission to raise money to support our 18 charitable organizations in need. To that end, we have set up a virtual fundraising page on our site where you can learn about the selected charities and the work they are doing in our communities, as well as donate, either online using a credit card or by sending a check. For more information, please click here: FCB's 2020 Charity Fundraising.
First Choice Bank Earns Outstanding CRA Rating
First Choice Bank is pleased to announce it has received the highest rating available, "Outstanding," during its most recent Community Reinvestment Act (“CRA”) examination by the Federal Reserve Bank (“FRB”) of San Francisco (press release).
First Choice Bank's 9th Annual Charity Golf Tournament
For almost 10 years, First Choice Bank’s Annual Charity Golf Tournament has supported charitable organizations in our local communities that help those most in need. After this year’s event in October 2019, a record-high $130,000 was donated by the Bank and the Much is Given Foundation to the selected 18 non-profit organizations throughout Southern California (press release). As well, the Bank presented its “Citizen of the Year” award to Chef Bruno Serato of Caterina’s Club for the amazing work he does with the at-risk youth in his neighborhood and the surrounding areas. One of First Choice Bank’s core beliefs is to always look for opportunities to make a positive impact on the communities in which we live and work, not because it is required, but because it is the right thing to do. We are grateful for the success of this year’s event and look forward to making an even bigger impact in 2020!
Providing Financial Literacy
The Macedonia CDC’s mission is to inspire, support and empower the people of the Watts Community by identifying and addressing disparities in education, mental health and economic opportunity. At the Access to Capital Summit event at the Macedonia CDC in September, First Choice volunteers not only provided financial literacy to the people of the Watts community but also introduced several small business products available to start-up business owners. We are excited to help new businesses find ways to succeed, grow and thrive.
Providing Financial Tools for Small Business Owners
First Choice recently volunteered at the PACE Seminar for Korean business owners, “Doing Business with the Utilities, the Government and the Private Sector.” This event was a great opportunity for FCB to answer questions and provide financial tools to small business owners to encourage long-term success for their companies.
Volunteering at the Los Angeles Regional Food Bank
Recently, several FCB employees and directors volunteered at the Los Angeles Regional Food Bank, helping to sort, inspect and package donated food items from stores and local food drives for community members in need. It was a great opportunity to directly impact those in need in our community and was a lot of fun, too!