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.