California United Bank Receives “Outstanding” CRA Rating
LOS ANGELES--(BUSINESS WIRE)-- California United Bank (“CUB” or “the Company”), a subsidiary of CU Bancorp (NASDAQ:CUNB), today announced that it received an “Outstanding” rating – the highest rating possible – from the Federal Deposit Insurance Corporation (FDIC) for its performance under the under the Community Reinvestment Act (CRA).
Corrine McLaurin, CUB’s First Vice President / Community Reinvestment and CRA Officer noted that, “In the Public Disclosure and Performance Evaluation, the FDIC cited CUB as being ‘a leader in making community development loans, using innovative and flexible lending practices to serve assessment area needs.’”
“Since our founding in 2005, one of our core values and missions has been to be a positive influence and give back to the communities in which we do business,” said David Rainer, Chairman and Chief Executive Officer of California United Bank and CU Bancorp. “We are proud of our ongoing lending and service commitment to our community, as reflected in our third consecutive ‘Outstanding’ CRA rating. We are especially excited today, as CUB’s 9th Annual Charity Golf Tournament is being held at the Sherwood Country Club; this annual event has raised more than $1.4 million for local nonprofit organizations.”
The CRA (Community Reinvestment Act), enacted by Congress in 1977, is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations.
About CU Bancorp and California United Bank
CU Bancorp is the parent of California United Bank. Founded in 2005, California United Bank provides a full range of financial services, including credit and deposit products, cash management, and internet banking to businesses, non-profits, entrepreneurs, professionals and investors throughout Southern California from its headquarters office in Downtown Los Angeles and additional full-service offices in the San Fernando Valley, the Santa Clarita Valley, the Conejo Valley, Los Angeles, South Bay, Orange County and the Inland Empire. California United Bank is an SBA Preferred Lender. To view CU Bancorp’s most recent financial information, please visit the Investor Relations section of the Company’s Web site. Information on products and services may be obtained by calling 818-257-7700 or visiting the Company’s Web site at www.cunb.com.
David Rainer, 818-257-7776
Chairman and CEO
Source: California United Bank