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