September 22, 2000
Washington Mutual has hired a community development lending veteran to head its community economic development activities in San Diego. Art Rivera, who has 18 years of experience in the financial services industry, is responsible for managing the company's community lending efforts and serving as Washington Mutual's liaison with community and nonprofit organizations.
"San Diego is an important marketplace for Washington Mutual, and one that has many community development needs," said Bob Flowers, president, Washington Mutual Community Investment & Development. "Art's role is to make sure that we are meeting our community development commitments in San Diego."
In 1997, Washington Mutual committed to lending $2 billion for community development activities in the San Diego area within 10 years. The commitment includes residential lending, multifamily lending, consumer and small business lending and charitable contributions. To date, the company is on track to exceed this goal.
Rivera began his career as a real estate appraiser in the savings and loan industry. In 1985, he joined Fannie Mae as an associate underwriter in the multifamily loan department. He was promoted to investment officer in 1987. In 1992, Rivera joined Fannie Mae's affordable housing group where he worked to develop investment opportunities for the corporation, marketed lending products and trained lenders.
Prior to joining Washington Mutual, he owned and operated his own commercial loan brokerage company.
Rivera is a graduate of Loyola Marymount University. In 1999, he earned San Diego State University's prestigious Community Economic Development certificate for completing a yearlong program that prepares students to play a vital role in community redevelopment.
Rivera is very active in his community, serving on the Board of Trustees for the Centro Cultural de la Raza and the Board of Directors for the Barrio Logan College Institute. He previously served as the Executive Director of Neighborhood Opportunities Corporation (NOC), a nonprofit subsidiary of the community development bank-holding company, Neighborhood Bancorp.