American Banker, April 28, 2021, Behind PNC’s $88 billion commitment to invest in communities
The Pittsburgh company, which is acquiring the U.S. operations of the Spanish banking giant BBVA, pledged to invest an eye-popping $88 billion in its communities over four years. The commitment includes $47 billion of mortgages, $26.5 billion of small-business loans and $14.5 billion of community development investments.
NCRC Chief Executive Jesse Van Tol said PNC recognized that $88 billion was the “right response” to the pandemic’s impact on communities.
“This is an uncertain time,” he said. “Everybody recognizes this is a need.”
Including PNC’s pledge, the NCRC has now secured nearly $300 billion of community development commitments from large and regional banks since 2016.
