{"id":48424,"date":"2017-11-03T17:33:55","date_gmt":"2017-11-03T21:33:55","guid":{"rendered":"https:\/\/ncrcdev.local\/?p=48424"},"modified":"2017-11-06T10:55:06","modified_gmt":"2017-11-06T15:55:06","slug":"community-leaders-celebrate-6-72-billion-commitment-community-development","status":"publish","type":"post","link":"https:\/\/ncrc.org\/community-leaders-celebrate-6-72-billion-commitment-community-development\/","title":{"rendered":"Iberiabank and NCRC celebrate $6.72 billion commitment to community development"},"content":{"rendered":"

Washington, DC \u2013<\/strong> IBERIABANK, a regional bank headquartered in Lafayette, LA, announced today a $6.72 billion community benefits plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and across the southeastern region of the United States.<\/p>\n

IBERIABANK, the 130-year-old subsidiary of IBERIABANK Corporation, announced today a community benefits plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and partners across the southeastern region of the United States.<\/p>\n

\u201cIBERIABANK has been actively engaged in meaningful conversations with our members to ensure that they are well positioned to meet the needs of underserved communities. This community benefits commitment is the gold standard and raises the bar for all banks on what constitutes a forward thinking community commitment,\u201d said NCRC President and CEO John Taylor. \u201cWe very much appreciate the strong collaboration demonstrated by IBERIABANK\u2019s executive leadership.\u201d<\/p>\n

The plan, beginning in 2018, includes mortgage and small business lending, community development lending and investments, philanthropy, and increasing access to financial services in low-and moderate-income communities, which includes people of color, and through two new branch locations in low and moderate-income neighborhoods.<\/p>\n

\u201cWe\u2019ve enjoyed a long-standing relationship with John Taylor and his community partners,\u201d said Daryl G. Byrd, President and CEO of IBERIABANK Corporation. \u201cWith our continued growth, a written plan provides a clearer understanding of our commitment to continue to invest in and low and moderate income communities within our service areas. We continue to be dedicated to improving our communities through strategic partnerships which promote financial literacy, affordable housing, small business development, and neighborhood revitalization.<\/p>\n

The plan will support communities in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South Carolina, and includes the following targets:<\/p>\n

\u00b7 Fund $2 billion<\/strong> in mortgage lending in low- to moderate-income areas and communities of color.<\/p>\n

\u00b7 Fund $3.2 billion<\/strong> in small business lending.<\/p>\n

\u00b7 Fund $1.5 billion<\/strong> in community development, including hurricane impacted areas.<\/p>\n

\u00b7 Fund $20 million<\/strong> in grants and philanthropy, including supporting workforce development, small business, housing counseling, CDCs, CDFIs, and funding programs for children.<\/p>\n

\u00b7 Create two new bank branches- one branch will open in an LMI census tract in Miami Dade, and one branch will open in Atlanta.<\/p>\n

 <\/p>\n

Local leaders applaud the agreement:<\/strong><\/p>\n

 <\/p>\n

\u201cNow more than ever, we recognize the need for all community partners to be present and engaged when disaster strikes. After Hurricane Katrina, IBERIABANK and other lenders played key roles in the efforts to rebuild New Orleans. With work still undone here and throughout the state, we are grateful that Iberia has made this forward-looking commitment. This investment will help New Orleans and the rest of Louisiana produce and preserve the affordable housing it so desperately needs and guarantee that our rebuilt communities are strong and equitable,\u201d Andreanecia M. Morris, President\/Chair, Greater New Orleans Housing Alliance (GNOHA).<\/strong><\/p>\n

\u201cThe Community Reinvestment Alliance of South Florida is pleased to have participated in this process with IBERIABANK. We look forward to engaging the community and IBERIABANK in a partnership that creates a greater standard of living in South Florida,\u201d Cornell Crews Jr., Executive Director, Community Reinvestment Alliance of South Florida.<\/strong><\/p>\n

\u201cThanks to NCRC, our organization and others from IBERIABANK\u2019s footprint were given the opportunity to be part of a process that will impact our communities for years to come. I am encouraged by IBERIABANK\u2019s commitment to increased investment in low- and-moderate income neighborhoods. I look forward to continued engagement and increased commitment,\u201d Kate Little, President\/CEO, Georgia Advancing Communities Together, Inc.<\/strong><\/p>\n

\u201cWe appreciate IBERIABANK\u2019s commitment to work with Tampa Bay\u2019s underserved communities, especially in terms of community development investments, home mortgage lending and capacity building for nonprofit partners of the bank,\u201d Deborah F. Scanlan, President & CEO NEIGHBORHOOD HOME SOLUTIONS.<\/strong><\/p>\n

We look forward to looking for ways to work with IBERIABANK to link their bold goals to our community development, small business, and mortgage lending needs,\u201d Anthony Jones, Tampa Bay Community Reinvestment Alliance.<\/strong><\/p>\n

\u201cCDC of Tampa applauds the commitment of IBERIABANK to low and moderate-income communities, by focusing on housing counseling, workforce development, small business and affordable housing development. The renewed vigor will help continue creating neighborhoods of choice and economic opportunities for residents in Tampa Bay, Central Florida and South Florida,\u201d Ernest M. Coney, Jr., President & CEO, Corporation to Develop Communities of Tampa, Inc.<\/strong><\/p>\n

 <\/p>\n

Local organizations supporting the Community Benefits Plan:<\/strong><\/p>\n

 <\/p>\n

Affordable Homeownership Foundation Inc.<\/p>\n

Bright Community Trust<\/p>\n

Central Florida Community Development Corporation<\/p>\n

Community Based Care of Central Florida, Inc.<\/p>\n

Community Initiatives, Inc.<\/p>\n

Community Legal Services of Mid-Florida<\/p>\n

Community Reinvestment Alliance of South Florida<\/p>\n

Corporation to Develop Communities of Tampa, Inc<\/p>\n

Future Leaders Community Development Corporation (CHDO)<\/p>\n

Georgia Advancing Communities Together, Inc.<\/p>\n

Good Work Network<\/p>\n

Grand Avenue ECDC<\/p>\n

Greater New Orleans Housing Alliance<\/p>\n

Holden Heights Community Development Corporation<\/p>\n

Housing and Education Alliance<\/p>\n

HousingNOLA<\/p>\n

Jericho Road Episcopal Housing Initiative<\/p>\n

Kingsley House Inc.<\/p>\n

Lee County Housing Development<\/p>\n

Miami Beach Community Development Corp<\/p>\n

Mid City Redevelopment Alliance<\/p>\n

Multi-Cultural Development Center<\/p>\n

National Housing Counseling Agency<\/p>\n

Neighborhood Development Foundation<\/p>\n

Neighborhood Housing Services of South Florida<\/p>\n

Neighborhood Renaissance, Inc.<\/p>\n

Partners For Self Employment, Inc.<\/p>\n

Pinellas Opportunity Council, Inc.<\/p>\n

Puentes New Orleans<\/p>\n

Real Estate Edcuation And Community Housing Inc. (R.E.A.C.H.)<\/p>\n

South East Houston CDC<\/p>\n

Southern Mutual Help Association, Inc.<\/p>\n

St. Petersburg Neighborhood Housing Services, Inc. dba Neighborhood Home Solutions<\/p>\n

Struggle for Miami’s Affordable and Sustainable Housing<\/p>\n

Umoja Institute Of African American, Culture, Trade & Economic Development<\/p>\n

Urban Philanthropies, Inc.<\/p>\n

War on Poverty-Florida<\/p>\n

 <\/p>\n

About NCRC<\/strong><\/p>\n

buy zocor online zocor online<\/a> generic <\/div>\n

NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.<\/p>\n

Lyndsey Marie<\/span><\/a><\/p>\n

###<\/p>\n

Summary of the Community Benefits Agreement between the National Community Reinvestment Coalition and IberiaBank.<\/strong><\/p>\n

 <\/p>\n

IberiaBank will lend or invest $6.72 billion to low- and moderate-income (LMI) borrowers and in LMI communities over a five-year period from 2018 to 2022. This commitment comes out to 24% of IberiaBank\u2019s post-merger assets, or 33% of its deposits.<\/p>\n

Mortgage Lending to Low- and Moderate-Income Borrowers & Communities<\/p>\n

Community Benefits Commitment: $2 billion over 5 years<\/p>\n

IberiaBank will adopt a mortgage lending goal for LMI borrowers and neighborhoods of $2 billion. IberiaBank will create a portfolio loan product, and retain Sabadell United\u2019s key Latino loan originators in Miami. IberiaBank will also create a marketing budget to fund partnerships with CDCs\/non-profits\/credit counseling groups to support counseling efforts in bank assessment areas to low and moderate income borrowers.<\/p>\n

Small Business Lending to Small Businesses & Low- and Moderate-Income Communities<\/p>\n

Community Benefits Commitment: $3.2 billion over 5 years<\/p>\n

IberiaBank\u2019s lending goal for small businesses and businesses in LMI neighborhoods is $3.2 billion. IberiaBank will form a strategic plan to reach underserved small business communities in Miami Dade market. Subsequent to the implementation of the Miami small business plan, IberiaBank will develop a statewide Florida small business plan as well.<\/p>\n

Community Development Lending and Investment (CDLI)<\/p>\n

Community Benefits Commitment: $1.5 billion over 5 years<\/p>\n

IberiaBank will devote $1.5 billion to community development investments and lending. Included in this, IberiaBank will explore opportunities to support non-profit housing developers, especially in hurricane-impacted areas. IberiaBank will also look for opportunities to invest in more creative options such as Small Business Investment Companies (SBICs).<\/p>\n

Philanthropy<\/p>\n

Community Benefits Commitment: $20 million over 5 years<\/p>\n

IberiaBank will disseminate $20 million in grants over the next five years, a 97% increase. Philanthropic giving will focus funding on low and moderate income children, workforce development, pre-purchase housing counseling, CDCs, CDFIs, and commercial corridors with a focus on small businesses.<\/p>\n

New Branches<\/p>\n

IberiaBank plans to open two new branches in low or moderate income census tracts during the term of the plan. One new branch will be opened in an LMI census tract in Miami Dade, and one new CRA branch will be opened in Atlanta.<\/p>\n

Other Commitments<\/p>\n

IberiaBank will support, community land trusts, healthcare services and healthy living – such as financing grocery stores in food deserts, rural areas in Louisiana, and financial literacy education throughout every state in the bank footprint.<\/p>\n

Plan Governance<\/p>\n

IberiaBank will create a national community advisory board which will consist of approximately 18-20 members and will meet twice per year.<\/p>\n","protected":false},"excerpt":{"rendered":"

IBERIABANK announced today a community benefits plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and partners across the southeastern region of the United States.<\/p>\n

\u201cIBERIABANK has been actively engaged in meaningful conversations with our members to ensure that they are well positioned to meet the needs of underserved communities. This community benefits commitment is the gold standard and raises the bar for all banks on what constitutes a forward thinking community commitment,\u201d said NCRC President and CEO John Taylor. \u201cWe very much appreciate the strong collaboration demonstrated by IBERIABANK\u2019s executive leadership.\u201d<\/p>\n","protected":false},"author":926,"featured_media":48429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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announced today a community benefits plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and partners across the southeastern region of the United States. \u201cIBERIABANK has been actively engaged in meaningful conversations with our members to ensure that they are well positioned to meet the needs of underserved communities. This community…","_links":{"self":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/48424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/users\/926"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/comments?post=48424"}],"version-history":[{"count":0,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/48424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/media\/48429"}],"wp:attachment":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/media?parent=48424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/categories?post=48424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/tags?post=48424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}