logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo logo
star Bookmark: Tag Tag Tag Tag Tag
USA

SunTrust, BB&T announce $60 billion community investment plan

SunTrust Banks Inc. (NYSE: STI) and its merger partner BB&T Corp. (NYSE: BBT) on Tuesday announced a three-year, $60 billion plan to invest in their communities, focusing on affordable housing, small business and financial wellness.

The “Truist Bank Community Benefits Plan” is to include these components:

$31 billion for home purchase mortgage loans to low- and moderate-income borrowers, low- and moderate-income areas, minority borrowers and/or majority-minority areas.
$7.8 billion for lending to small businesses and to support the growth of businesses with revenues less than $1 million.
$17.2 billion in Community Development Lending to support affordable housing development, small business growth lending to nonprofits that support the low- and moderate-income community. 
$3.6 billion in Community Reinvestment Act (CRA) qualified investments and philanthropy, of which $120 million will be designated for CRA-qualified philanthropic giving. 

The banks, which will be called Truist…

Read the full story from the Washington Business Journal.

More from WTOP

All rights and copyright belongs to author:
Themes
ICO