PNC Announces $ 88 Billion Community Benefits Plan | Business
Another effort to bolster economic opportunities in Michigan is underway.
PNC Financial Services Group Inc., announced a community benefits plan on Tuesday to provide $ 88 billion in loans, investments and other financial supports to low- and middle-income (LMI) people and communities, people and communities of color, and others. in four underserved individuals and communities – one year period starting January 1, 2022.
PNC said the plan was developed as part of the planned regulatory approval and closing of its pending $ 11.6 billion acquisition of BBVA United States Banchshares Inc. It will cover the geographic areas currently served by PNC and the new PNC regions brought about by its acquisition.
The multi-faceted plan incorporates, builds on and expands on commitments and goals previously announced by PNC and BBVA USA to help meet community needs, advance economic empowerment, and address systemic racism.
“As a Leading Street Bank, we believe that our success will be commensurate with the prosperity we help create for our stakeholders,” said Bill Demchak, President and CEO of PNC. “This plan reflects that belief and builds on our long-standing commitment to providing economic opportunity to all the individuals and communities we serve, as evidenced by the overall ratings of the PNC Bank and the BBAV ‘Outstanding Community Reinvestment Act ( CRA) in each of the most recent assessments of our organizations. . “
The PNC regional president and community development bank teams will serve as key points of engagement in their local communities to identify local community development initiatives with impact and serve as liaison with local organizations.
“By consulting with many groups across the country, we have learned that the concerns that are at the heart of our communities: focus on homeownership as the foundation of wealth creation for current and future generations; find solutions to help the unbanked and underbanked people who have suffered disproportionately during this pandemic; and supporting small businesses and entrepreneurs by giving them access to capital and credit in part with the access enjoyed by the wealthier segments of our society, ”said Richard Bynum, PNC’s director of corporate responsibility.
“For more than three decades, I have liked to say: ‘The banks are the best hope of our neighborhoods’. The PNC plan responds directly to this hope, ”said John Taylor, founder and chair of the National Community Reinvestment Coalition (NCRC), one of the many groups consulted in developing the plan.