Newport Capital Bancorp agrees to lead team for LifeQuest for Homes Affordable Housing Program
NEWPORT BEACH, Calif., Sept. 19, 2012 /PRNewswire-USNewswire/ -- Newport Capital Bancorp, LLC ("Newport Capital") announced today that it has agreed to lead a charitable housing program in partnership with LifeQuest World Fund ("LifeQuest"), a Denver based national non-profit organization. The program "LifeQuest for Homes" was initiated by LifeQuest to address the critical issues related to providing affordable housing. Reintroducing the inventory of homes found on the balance sheets of government institutions, large and small banks and other investment portfolios in a way that preserves the value of all homeowners in these communities is a key part of the overall objective. When coupled with post-closing services for financial literacy and other educational programs, LifeQuest stands apart from other groups that work to provide assistance with affordable housing programs.
"LifeQuest fits well with Newport Capital's vision to help minority neighborhoods and other hardest hit areas. Our experience in handling distressed homes will help these new homeowners get the most from the LifeQuest for Homes program and our efforts will truly benefit every member of their community," said John Vasquez, Chief Executive Officer of Newport Capital.
Once LifeQuest identifies homes that are accessible for their program, Newport Capital deploys a set of resources that cover the needs of a housing program from the time the home is identified until the new homeowner has the keys. The goal of every project is to reduce the time it takes to help these communities find new homeowners for these properties and prepare the homeowner to embrace the American Dream successfully.
"American families are struggling from the aftermath of the housing market's volatility. We have the relationships and the resources to help them and their communities rebuild. By working together with Newport Capital, we can help their neighborhoods recapture what was lost when things got bad for so many across the country," said TJ Agresti, Chairman and Founder of LifeQuest.
The first group of homes that LifeQuest has identified is in the Greater Chicago area. Many of these neighborhoods have been hit hard by unemployment, housing market volatility and a weak economy. Newport Capital has resources in the local market to provide the best possible results for LifeQuest and those whom they seek to help.
Newport Capital is a minority-owned company formed for the purpose of maximizing the value that can be delivered in dealing with distressed assets of banks, government and other institutions. Having successfully managed projects that total over $75 million in home value, Newport Capital stands ready to lead the team with LifeQuest wherever they are called to help communities find their way back to a brighter tomorrow.
Forward Looking Statements
This release contains forward-looking statements that are subject to certain risks and uncertainties and are subject to change at any time. Factors that could cause actual results to differ materially include, but are not limited to, costs related to the proposed tender offer and merger, the risk of failing to meet the minimum tender condition or obtain any required stockholder or regulatory approvals or satisfy other conditions to the transaction, the risk that the transaction will not close or that closing will be delayed, the risk that our respective businesses will suffer due to uncertainty related to the transaction and other risks related to our respective businesses. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the control of Newport Capital. We caution investors that any forward-looking statements made by us are not guarantees of future performance or events. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments, except to the extent required by law.
Media Contact:
Randy Gonzalez
Newport Capital Bancorp, LLC
Executive Vice President
[email protected]
Direct: (818) 941-6701
SOURCE Newport Capital Bancorp, LLC
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