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The plan includes the following priorities and targets:<\/p>\n
- \n
- Increasing home ownership<\/strong>: Fund $515 million in home purchase and rehabilitation mortgage lending. This will translate into approximately 967 new homes owned by people of color and 533 homes owned by low- or moderate-income people.<\/li>\n
- Building small business<\/strong>: Fund $1.9 billion in small business lending to businesses in low-to-moderate areas and businesses with less than $1 million in annual revenue.<\/li>\n
- Fostering community development<\/strong>: Fund $1.5 billion in community development and multi-family lending and investments.<\/li>\n
- Strengthening communities<\/strong>: Fund $40 million in grants and philanthropy, including supporting workforce development, small business, housing counseling, Community Development Corporations (CDC), Community Development Financial Institutions (CDFI), and funding financial literacy and education programs for children, young adults and small business entrepreneurs.<\/li>\n
- Supporting supplier diversity<\/strong>: Devote 3%-6% of the bank\u2019s supplier spending to minority-owned businesses.<\/li>\n
- Partnering with minority-owned marketing firms<\/strong>: Earmark a portion of the bank\u2019s marketing budget to minority-owned firms.<\/li>\n<\/ul>\n
Regional leaders applaud the agreement:<\/p>\n
\u201cConsidering the very significant needs of this region and First Tennessee’s markets, this agreement and the investments in it are a great down payment on meeting those needs,\u201d said Irvin Henderson, Chairman, National Trust Community Investment Corporation.<\/p>\n
\u201cThe Community Reinvestment Alliance of South Florida was very pleased to participate in this process with NCRC and First Tennessee. We look forward to working together to continue improving our community,\u201d said Cornell Crews Jr., Executive Director, Community Reinvestment Alliance of South Florida.<\/p>\n
\u201cFirst Tennessee in good faith has developed a community benefits plan that is meaningful and impactful. Reinvestment Partners looks forward to working with the bank as a leader in North Carolina,\u201d said Peter Skillern, Executive Director, Reinvestment Partners.<\/p>\n
\u201cHEED looks forward to working with First Tennessee on creating neighborhoods of choice and a just economy in their Mississippi markets,\u201d said Charles Harris, Executive Director, Housing Education & Economic Development.<\/p>\n
\u201cThe Memphis Housing Authority is excited to support the First Tennessee Community Benefit Plan. The population we serve in Memphis are by definition low-income households who have not always had the ability to benefit from a true banking relationship. The Memphis Housing Authority feels this plan will provide them access to services that will build their self-sufficiency, independence from government assistance and improve their future,\u201d said Marcia Lewis, Executive Director, Memphis Housing Authority.<\/p>\n
\u201cSMASH is pleased to see that First Tennessee has agreed to a CBA that will strengthen investment in low-income communities of color. We look forward to working with them to make sure that this capital is used for equitable development, not gentrification\u201d said Adrian Madriz, Project Lead, SMASH Inc.<\/p>\n
\u201cI’m delighted about the commitments made by First Tennessee Bank. Incremental progress that addresses the divide between business community reinvestment and consumer needs is essential for the recovery of all economies. Durham Regional Financial Center looks forward to the social and economic benefits made available to our residents, businesses and minority institutions in Durham and surrounding counties,\u201d said Glyndola Massenburg-Beasley, President Durham Regional Financial Center.<\/p>\n
\u201cAfter working with the National Community Reinvestment Coalition (NCRC) to produce a publicly accessible bank lending disparities report for our city, Chattanooga Organized for Action is delighted to see these concrete steps and partnership agreed to by First Tennessee. This is the first Community Benefits Agreement that applies to the Chattanooga area, and we hope it becomes a model of development and investment as our city grows. NCRC\u2019s expertise has been invaluable, and they\u2019ve helped grassroots organizations like ours learn how to be included in the process of community reinvestment,\u201d said Michael Gilliland, Board Chair, Chattanooga Organized for Action, Inc.<\/p>\n
\u201cFirst Tennessee Bank has been a staunch supporter for many years of Operation HOPE\u2019s efforts to provide financial dignity and empowerment to all people. Senior executives have also donated their time to work with us side-by-side. CEO Bryan Jordan has become a member of our executive board of directors, Vice President Steve Swain is a member of our advisory board of directors, and Senior Vice President, David Fehrenbacher has joined our midwestern board of directors. Now, with this nearly $4 billion commitment to helping the underserved, First Tennessee is taking it to the next level,\u201d said John Hope Bryant, CEO and Founder, Operation HOPE.<\/p>\n
Local organizations supporting the Community Benefits Plan:<\/p>\n
Advance Memphis
\nAffordable Homeownership Foundation Inc.
\nAlcy Ball Development Corporation
\nBHO, INC.
\nCatalyst Miami
\nCentre for Homeownership and Economic Development Corporation
\nChattanooga Organized for Action, Inc.
\nChildren\u2019s Services Council of Broward
\nCommunity Link
\nCommunity Reinvestment Alliance of South Florida
\nDurham Regional Financial Center
\nGood Neighbor Foundation HomeOwnership Center
\nHenderson & Company
\nHousing Education & Economic Development
\nInnovate Memphis
\nMemphis Area Legal Services, Inc.
\nMemphis Empowerment Initiative
\nMemphis Housing Authority
\nMemphis Urban League
\nNational Trust Community Investment Corporation
\nNeighborhood Housing Services of South Florida
\nNeighborhood Renaissance
\nNew Frontier Community Development Corporation
\nNorth Delta Mississippi Enterprise Community Development Organization
\nNorthwest Community Consortium of West Palm Beach
\nOvertown Children and Youth Coalition
\nPartners For Self Employment, Inc.
\nReal Estate Education And Community Housing Inc- R.E.A.C.H.
\nRebuild Durham
\nReinvestment Partners
\nREVA Development Corporation
\nSMASH, Inc.
\nTennessee Fair Housing Council
\nTennessee Human Rights Commission
\nThe Institute of Minority Economic Development
\nUrban Philanthropies, Inc.
\nWest Tennessee Legal Services
\nWhite Oak Foundation, Inc.
\nYou Can Make It HomeOwnership Center<\/p>\n###<\/p>\n
Summary of the Community Benefits Agreement between the National Community Reinvestment Coalition and First Tennessee. <\/b>
\n<\/span>
\n<\/span>First Tennessee will lend or invest $4 billion to low- and moderate-income (LMI) borrowers and people of color, and in LMI communities and communities of color, over a five-year period from 2018 to 2022. This commitment comes out to 9% of First Tennessee\u2019s post-merger assets, or 13% of its deposits. <\/span>
\n<\/span>
\n<\/span>Mortgage Lending to the Underserved <\/b><\/p>\nonline pharmacy buy keflex online<\/a> no prescription pharmacy <\/div>\n
\n<\/span>Community Benefits Commitment: $515 million over 5 years<\/b>
\n<\/span>
\n<\/span>First Tennessee will commit to separate and specific home purchase and home rehab lending goals for LMI borrowers, people of color, LMI neighborhoods and neighborhoods of color. First Tennessee\u2019s home purchase mortgage lending commitment will translate into approximately 967 new homes owned by people of color, and 533 new homes owned by LMI borrowers. First Tennessee will also start offering an affordable portfolio home mortgage product. <\/span>
\n<\/span>
\n<\/span>Small Business Lending to Small Businesses & Low- and Moderate-Income Communities <\/b>
\n<\/span>Community Benefits Commitment: $1.9 billion over 5 years<\/b>
\n<\/span>
\n<\/span>First Tennessee will adopt separate and specific small business lending goals for small businesses and businesses in LMI neighborhoods. First Tennessee will develop a program that offers small business loans less than $50,000 with a streamlined application process. First Tennessee will also set up formal referral relationships with Community Development Financial Institutions (CDFIs) for businesses that apply to First Tennessee but are not yet ready for traditional bank financing. <\/span>
\n<\/span>
\n<\/span>Community Development Lending and Investment (CDLI) <\/b><\/p>\nCommunity Benefits<\/strong> <\/span>Commitment: $1.5 billion over 5 years <\/b>
\n<\/span>
\n<\/span>First Tennessee will devote $1.5 billion to community development loans and investments, a 189% increase. Included in this, First Tennessee will increase investments in CDFIs and similar nonprofit organizations, improve the process for which nonprofits apply for community development and philanthropy, and expand support for minority-owned and woman-owned depository institutions.\u00a0 <\/span>
\n<\/span>
\n<\/span>Philanthropy <\/b>
\n<\/span><\/p>\n - Building small business<\/strong>: Fund $1.9 billion in small business lending to businesses in low-to-moderate areas and businesses with less than $1 million in annual revenue.<\/li>\n