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National Cooperative Bank Arranges $6.5 million for Two California Healthcare Organizations

 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: 

NCB 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, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.