- \n
- $31 billion for home purchase mortgage loans<\/strong> to LMI borrowers, LMI geographies, minority borrowers and\/or majority-minority geographies<\/li>\n
- $7.8 billion for <\/strong>lending to small businesses, to support the growth of businesses with revenues less than $1 million.<\/li>\n
- $17.2 billion in Community Development Lending<\/strong> (CDL) supporting affordable housing development, small business growth and lending to nonprofits that support the LMI community<\/li>\n
- $3.6 billion in Community Reinvestment Act (CRA)<\/strong> Qualified Investments and Philanthropy, of which $120 million will be designated for CRA-qualified philanthropic giving<\/li>\n<\/ul>\n
<\/p>\n
The plan was developed through direct participation in six input and listening sessions held in urban and rural communities throughout the bank service areas, as well as input from participants in the regulator-hosted public meetings. It focuses on affordable housing and small business development, economic stability and mobility, workforce development and public safety.<\/p>\n
\u201cMany bank mergers proceed without any detail on how communities will benefit from the combination,\u201d said NCRC CEO Jesse Van Tol. \u201cHowever, BB&T and SunTrust showed tremendous leadership by participating in a collaborative process with NCRC and our community-based member organizations to establish the largest-to-date community benefits plan. This plan spells out a substantive and detailed commitment of loans, investments and services to LMI people and neighborhoods across 17 states and the District of Columbia.\u201d<\/p>\n
Under the plan, the banks also committed to opening at least 15 new branches in LMI and\/or minority communities and to work with a community advisory board made up of representatives from community organizations that work within LMI neighborhoods, to provide updates on the progress of the plan. Truist will work with NCRC to mutually identify proposed members of the Community Advisory Board.<\/p>\n
\u201cThis plan will provide a much-needed influx of investment into critical programs that improve affordable housing, mortgage lending, small business development and economic development projects to LMI people and communities across most of the eastern half of the country,\u201d said NCRC President and Founder John Taylor. \u201cWe very much appreciate the strong collaboration demonstrated by the executive leadership of BB&T and SunTrust banks, as well as the critical role our members played in our discussions with the banks.\u201d<\/p>\n
In February 2019, BB&T and SunTrust announced a proposed merger that would result in the sixth-largest U.S. commercial bank based on assets and deposits. The merger is expected to close in the third or fourth quarter of 2019, subject to customary closing conditions, including regulatory approvals and approval of both companies\u2019 shareholders.<\/p>\n
Since 2016, NCRC has negotiated community benefits plans with seven banking groups for lending, investments and philanthropy worth a combined $150 billion in the communities served by the banks.<\/p>\n
\u201cThe Community Benefits Plan exemplifies what Truist will stand for and how it will support local communities in the years to come,\u201d said BB&T Chairman and Chief Executive Officer Kelly S. King. \u201cBoth BB&T and SunTrust have a long legacy of serving the community, but together as Truist we will be uniquely positioned to invest in ways we never could on our own. We are committed to building growing, diverse and vibrant neighborhoods in the regions where we work and live.\u201d<\/p>\n
\u201cTruist is creating the premier financial institution to serve the diverse needs of our clients and communities, and this plan is an initial stake in the ground as to our values and commitments. Our legacy companies share a strong history of being more than members of the communities we serve, but also partners in developing affordable housing, promoting financial literacy, and promoting access to critical programs and services. Today\u2019s announcement is a reflection of that history and a look ahead at what we can collectively achieve as one combined institution,\u201d said SunTrust Chairman and Chief Executive Officer William H. Rogers, Jr.<\/p>\n
NCRC Member Quotes:<\/strong><\/h2>\n
online pharmacy https:\/\/ofa.org\/wp-content\/uploads\/2020\/11\/tenormin.html<\/a> with best prices today in the USA <\/div>\n\u201cWe are very excited to be announcing this significant, new community benefits plan,\u201d said NCRC Board Chair and Executive Director of Birmingham Business Resource Center Robert Dickerson, Jr. \u201cNot only will my community benefit from this plan, but countless others will too, all thanks to the willingness of bank executives and community groups to do what we do best and negotiate for all of our mutual benefits, putting our people and communities first.\u201d<\/p>\n
“BB&T has been a leader in community development for 30 years and SunTrust has made significant progress in community development tax credit investment. The NCRC CBA highlights the capacity of the combined banks to address the community investment and development needs of low-wealth communities, while also developing the capacity of community groups to implement these investments,\u201d said National Trust for Historic Preservation Trustee Emeritus Irvin Henderson.\u00a0 \u201cIt is a model of history, commitment and innovation leading to relationships that serve the underserved and builds community. I applaud the leadership of the banks and the community.\u201d<\/p>\n
“Given the historical redlining and hypersegregation of communities of color in Baltimore City, the focus on racial equity in this Community Benefits Plan with Truist is an important step forward,\u201d said Maryland Consumer Rights Coalition Executive Director Marceline White. \u201cThe Maryland Consumer Rights Coalition looks forward to working with Truist to expand homeownership for black borrowers and entrepreneurs, and establish bank branches in current bank deserts.\u201d<\/p>\n
“This plan is a win for the bank, and for the community, especially the growing Latino community,” said Executive Director of Ceiba in Philadelphia Will Gonzalez. “We look forward to working with Truist on maximizing the impact of this plan.”<\/p>\n
\u201cFirst, I want to thank Jesse Van Tol, Kelly King and Bill Rogers for working with the community to create this plan. It is forward-looking and inclusive in its focus and commitments to the diverse communities within the 17 states impacted by this merger,\u201d said S J Adams Consulting CEO Stella Adams. \u201cTruist is committing significant resources to meet community needs, through lending, investments and philanthropy to LMI, majority\/minority and rural communities. Also, I want to thank Truist for its forward-looking commitment to ensure continued access to financial services and the development resiliency plans for its customers and staff members impacted by natural disasters such as Hurricane Barry.\u201d<\/p>\n
\u201cBB&T and SunTrust listened and responded affirmatively to the concerns and requests of community leaders,\u201d Reinvestment Partners Executive Director Peter Skillern said. \u201cThe plan demonstrates how one plus one equals more than two with commitments for higher levels of investments, loans and services for low-income communities.\u201d<\/p>\n
\u201cBB&T\u2019s renewed commitment to CRA and its increased investment goals are great first steps in making sure that the merger with SunTrust will benefit LMI and traditionally underserved people in New Jersey and across the banks\u2019 expanded footprint,\u201d said New Jersey Citizen Action Executive Director Phyllis Salowe-Kaye. \u201cNew Jersey Citizen Action is eager to continue the good relationship we have established with BB&T since it came New Jersey, and we look forward to working with the new bank, and with NCRC and our coalition partners to ensure that the goals outlined in this plan are achieved and, we hope, surpassed.”<\/p>\n
“This community benefits plan is a significant victory for communities of color. The investment of billions of dollars is an important step to stabilizing neighborhoods devastated by the recession. I applaud NCRC for its efforts to bring together community groups and banks around a common agenda of prosperity for all,” said Stephen Glaude, executive director of the Coalition for Nonprofit Housing and Economic Development in Washington, D.C.<\/p>\n
\u201cThe Community Reinvestment Alliance of South Florida is extremely proud to have the opportunity to participate in the negotiations with NCRC for this landmark plan,\u201d Community Reinvestment Alliance of South Florida Executive Director Cornell Crews Jr. said. \u201cWe look forward to partnering with Truist in enabling our communities to thrive in every way possible.\u201d<\/p>\n
The Community Bank Plan represents true opportunity and enormous potential for our communities. We are especially grateful to NCRC who was the catalyst and facilitator for the collaboration and partnership formed between our communities and TRUIST,\u201d said Urban League of Hampton Roads President and CEO Gilbert Bland. \u201cTRUIST has pledged very significant financial resources and developed innovative programs which will accelerate community development; support existing and new business enterprises; provide increased philanthropic grants and dramatically grow homeownership. These initiatives are the foundation of healthy neighborhoods and will be a valuable contribution to the growth of our underserved communities.\u201d<\/p>\n
“This plan is the result of a historic, momentous process to understand, address and prioritize the needs of LMI communities and people. HomeFree-USA is honored to have participated in the development of this plan,\u201d said HomeFree-USA President Marcia Griffin.<\/p>\n
![\"CBA](\"https:\/\/ncrc.org\/wp-content\/uploads\/2019\/07\/NCRC_Event-104_crop2-1024x428.png\")
<\/a>Participants of today\u2019s Community Benefits Plan announcement. Leaders from NCRC, BB&T, SunTrust and community organizations attended the $60 billion community benefits plan announced July 16, 2019, in Charlotte, North Carolina.<\/figcaption><\/figure>\n Organizations supporting the Community Benefits Plan:<\/strong><\/h2>\n
Alabama<\/strong><\/p>\n
Birmingham Business Resource Center<\/p>\n
BENS Connects Community Development Corporation<\/p>\n
Center for Fair Housing<\/p>\n
NAACP<\/p>\n
Titusville Development Corp<\/p>\n
Urban Impact, Inc.<\/p>\n
Fair Housing Center of Northern Alabama<\/p>\n
National Business League of Alabama<\/p>\n
Building Alabama Reinvestment<\/p>\n
District of Columbia<\/strong><\/p>\n
Manna Inc.<\/p>\n
Coalition for Non Profit Housing and Economic Development<\/p>\n
Douglass Community Land Trust<\/p>\n
Washington Area Community Investment Fund, Inc. (Wacif)<\/p>\n
Florida<\/strong><\/p>\n
Bright Community Trust<\/p>\n
Community Enterprise Investments, Inc.<\/p>\n
Community Reinvestment Alliance of South Florida<\/p>\n
Florida Alliance of Community Development Corporations, Inc.<\/p>\n
Goldenrule Housing & Community Development Corporation Inc<\/p>\n
Neighborhood Home Solutions<\/p>\n
Operation New Hope<\/p>\n
Real Estate Education And Community Housing Inc (R.E.A.C.H.)<\/p>\n
REVA Development Corporation<\/p>\n
Trinity Empowerment Consortium, Inc.<\/p>\n
Urban League of Broward County<\/p>\n
Affordable Homeownership Foundation, Inc.<\/p>\n
Catalyst Miami<\/p>\n
Community Partners of South Florida<\/p>\n
Consolidated Credit Solutions, Inc.<\/p>\n
Corporation to Develop Communities of Tampa, Inc.<\/p>\n
SW Florida Impact Partners<\/p>\n
We Help Communities “2” Develop Corporation<\/p>\n
Liberty City Trust<\/p>\n
Georgia<\/strong><\/p>\n
Atlanta Micro Fund<\/p>\n
Georgia Advancing Communities Together, Inc.<\/p>\n
National Housing Counseling Agency<\/p>\n
The University Community Development Corp.<\/p>\n
LiftFund<\/p>\n
The D&E Group<\/p>\n
Kentucky<\/strong><\/p>\n
River City Housing, Inc.<\/p>\n
The Housing Partnership, Inc.<\/p>\n
Community Foundation of Louisville<\/p>\n
Comprehensive Valuation Services, LLC<\/p>\n
LHOME<\/p>\n
Louisville Affordable Housing Trust Fund<\/p>\n
Louisville Urban League<\/p>\n
Maryland<\/strong><\/p>\n
African American Chamber of Commerce of Montgomery County<\/p>\n
Baltimore Community Lending<\/p>\n
Primary Care Coalition<\/p>\n
HomeFree-USA<\/p>\n
Housing Initiative Partnership, Inc.<\/p>\n
Maryland Consumer Rights Coalition<\/p>\n
People for Change Coalition<\/p>\n
Housing Options & Planning Enterprises, Inc.<\/p>\n
New Jersey<\/strong><\/p>\n
New Jersey Citizen Action<\/p>\n
New Jersey NAACP<\/p>\n
North Carolina<\/strong><\/p>\n
online pharmacy buy furosemide<\/a> no prescription <\/div>\nCentre for Homeownership & Economic Development Corporation<\/p>\n
Community Link<\/p>\n
Durham Committee on the Affairs of Black People<\/p>\n
FVW,Opp.INC.<\/p>\n
National Trust for Historic Preservation<\/p>\n
North Carolina Institute of Minority Economic Development<\/p>\n
North Carolina Housing Coalition<\/p>\n
Prosperity Unlimited, Inc.<\/p>\n
Reinvestment Partners<\/p>\n
S J Adams Consulting<\/p>\n
WyleiaVision LLC<\/p>\n
New York<\/strong><\/p>\n
The Financial Clinic<\/p>\n
Pennsylvania<\/strong><\/p>\n
Ceiba<\/p>\n
Community Action Committee of the Lehigh Valley<\/p>\n
Community Action Partnership<\/p>\n
Community First Fund<\/p>\n
Fair Housing Rights Center in Southeastern Pennsylvania<\/p>\n
Greater Philadelphia Hispanic Chamber of Commerce<\/p>\n
I-Lead Charter School<\/p>\n
Liberty Resources, Inc.<\/p>\n
Philadelphia City Council<\/p>\n
PIDC<\/p>\n
Southwest CDC<\/p>\n
United Communites Southeast Philadelphia<\/p>\n
Women’s Way<\/p>\n
Philadelphia Community Stakeholders<\/p>\n
Resurrected Community Development Corporation<\/p>\n
Tennessee<\/strong><\/p>\n
Chattanooga Neighborhood Enterprise<\/p>\n
Statewide Organizing for Community eMpowerment (SOCM)<\/p>\n
United Housing, Inc.<\/p>\n
BLDG Memphis<\/p>\n
Chattanooga Organized for Action<\/p>\n
green|spaces<\/p>\n
Memphis Urban League<\/p>\n
Virginia<\/strong><\/p>\n
Better Housing Coalition<\/p>\n
Housing Opportunities Made Equal of Virginia<\/p>\n
Maggie Walker Community Land Trust<\/p>\n
Mount Global Fellowship of churches<\/p>\n
Neighborhood Housing Services of Richmond, Inc.<\/p>\n
Norfolk State University<\/p>\n
Pathways-VA, Inc.<\/p>\n
United Way of South Hampton Roads<\/p>\n
Virginia State University<\/p>\n
Church Hill Activities & Tutoring (CHAT)<\/p>\n
Eastern Virginia Medical School<\/p>\n
Hampton Roads Workforce Council<\/p>\n
Peter Paul Development Center<\/p>\n
Southside Community Development & Housing Corporation<\/p>\n
TAP<\/p>\n
Urban League of Hampton Roads<\/p>\n
Virginia Community Voice<\/p>\n
Northern Virginia Urban League<\/p>\n
<\/p>\n
About NCRC
\n<\/strong><\/p>\nonline pharmacy augmentin online<\/a> with best prices today in the USA <\/div>\nNCRC 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. NCRC was formed in 1990 by national, regional and local organizations to increase the flow of private capital into traditionally underserved communities. NCRC has grown into an association of more than 600 community-based organizations in 42 states that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America\u2019s working families. Learn more at: www.ncrc.org<\/a><\/p>\n
For media inquiries, please contact:<\/strong>
\nAlyssa Wiltse-Ahmad
\nMedia Manager, NCRC
\nawiltseahmad@ncrc.org<\/a>
\n202-393-8309<\/p>\n####<\/p>\n
Summary of the Community Benefits Plan between the National Community Reinvestment Coalition and Truist<\/span> Bank<\/b><\/h2>\n
Truist<\/span> will lend or invest $60 billion to people of color, communities of color, low- and moderate-income (LMI) borrowers and in LMI communities over a three-year period from 2020 through 2022.<\/p>\n
online pharmacy purchase metformin online<\/a> with best prices today in the USA <\/div>\nMortgage Lending to the Underserved
\n<\/b><\/b><\/h2>\nCommunity Benefits Commitment:<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $31 billion over 3 years
\n<\/b>Truist<\/span> commits to specific home purchase lending goals for people of color, communities of color, LMI borrowers and LMI communities that represent year-over-year increases over the amount. Truist<\/span><\/span>\u2019s home purchase mortgage lending commitment will translate into approximately 17,864 new homes owned by people of color and 34,555 new homes owned by LMI borrowers.<\/p>\nSmall Business Lending<\/b><\/h2>\n
Community Benefits Commitment:<\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $7.8 billion over 3 years
\n<\/b>Truist<\/span> will lend $7.8 billion to businesses making less than a million a year. Truist<\/span> will also devote grants to small business assistance organizations, with particular focus on racial equity and those nonprofit organizations with people of color in board and management leadership. Truist<\/span> will also expand support for Community Development Financial Institutions (CDFIs) by establishing referral relationships for business loan applicants that currently do not meet Truist\u2019s<\/span> underwriting standards. Referrals to CDFIs will be designed to assist business loan applicants with technical assistance as well as the potential for direct access to capital through these CDFIs.<\/p>\nonline pharmacy prevacid for sale<\/a> with best prices today in the USA <\/div>\n - $7.8 billion for <\/strong>lending to small businesses, to support the growth of businesses with revenues less than $1 million.<\/li>\n