Arlington, VA (January 13, 2014)—National
Cooperative Bank (NCB), a leading financial services company dedicated to
providing banking products to cooperatives and socially responsible
organizations nationwide, recently completed $6.5 million in financing for two healthcare
organizations in California.
“NCB is proud to be a
financial resource for senior living and healthcare providers throughout the
United States for over 30 years. To date, we have arranged over $530 million in
loans to serve the needs of this industry,” said Ann Fedorchak, Senior Vice
President of NCB. “Our role in the
healthcare sector, whether as a sole lender or a partner with other financial
institutions, is critical to NCB’s mission and we look forward to expanding our
commitment in 2014.”
NCB provided a $4 million loan to Novata Behavioral
Health, a subsidiary of Mental Health Systems (MHS), to acquire the San
Diego-based autism organization Center for Autism Research, Evaluation and Service
(CARES). CARES works with individuals
with autism diagnoses in children and adults, and provides evaluation,
training, educations and a wide-range of services to participants.
The Bank also provided a $2.5 million loan to the Center
for Elders Independence (CEI), to refinance existing debt from the purchase of
its four-story corporate headquarters in the Oakland/Berkeley, California area.
CEI was founded 25 years ago, to offer a community-based
system of comprehensive health and related services to low-income frail elderly
residents of the East Bay region. Today, CEI serves over 580 members through
four different sites.
About National Cooperative Bank:
is dedicated to strengthening communities nationwide through the delivery of
banking and financial services, complemented by a special focus on cooperative
expansion and economic development. Headquartered in Washington, DC, the Bank
has offices in Alaska, California, New York, Ohio and Virginia. To learn more,
National Cooperative Bank on Facebook, or on Twitter @coopbanking.