Independent Banker - April 2024 - 55
In honor of Community Banking Month,
here are stories from six banks about how their
work helps customers achieve their dreams.
From the ripple effect of cashing two checks
from a non-customer to an innovative financing
plan for a community nonprofit, these banks
are showing the true meaning of community.
with heart
Plumas
Bank
Quincy, Calif.
By Katie Kuehner-Hebert
Photos by Lauren Casto
In Carson City, Nev., local nonprofit Friends in Service Helping (FISH)
provides not only subsidized housing to people in need but also an opportunity for a
career in the trades-thanks to a creative financing solution crafted by Plumas Bank.
The $1.6 billion-asset bank is based in California but has a growing presence on
the eastern side of the Sierras. Ty Nebe, Plumas Bank's senior vice president and
ag/commercial loan officer serving Carson City, is the one who helped to make the
project a reality.
FISH wanted to build a property that would contain space for housing and
transitional career training for adult students in medical, technology and trade
programs to help clients pull themselves out of poverty, as well as subsidized housing
for their families.
One principal donor contributed a substantial amount of money on
the condition that FISH maximize the required commercial building
in front of the two 18-unit apartment complexes. The nonprofit
was successful in raising a good bit of the $17.5 million total
construction cost, but it was having trouble obtaining financing
for the balance due to the disconnect between the appraised
value of the property and the actual cost to construct.
" Unfortunately, the [office building] comps in the Carson market
are dictated by the state of Nevada, because this is the capital city
and the state leases a lot of the buildings, and we were limited to
$1.45 per square foot, " Nebe says. " So, we had to get creative and do a line
of credit and tie it to FISH's existing facility a block north of the project that they owned
free and clear, so they could pull some equity. "
Plumas Bank extended a line of credit of $1.785 million, giving FISH an extra
$200,000 in case there were any cost overruns during construction. This funding
structure enabled the bank to make available the necessary $7.7 million for the project
to reach completion, and the bank also came forward with a $15,000 donation.
Once the project is completed, Plumas Bank will extend a permanent loan to FISH
that the nonprofit will use to pay off the line of credit. " The project is something
that's dear to my heart because it's helping our community and it's a new concept-a
hand-up, not a hand-out concept, " Nebe says.
independentbanker.org // 55
http://www.independentbanker.org
Independent Banker - April 2024
Table of Contents for the Digital Edition of Independent Banker - April 2024
Contents
Independent Banker - April 2024 - Cover1
Independent Banker - April 2024 - Cover2
Independent Banker - April 2024 - Contents
Independent Banker - April 2024 - 2
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