HousingWire, September 3, 2019: Truist Bank announces $60 billion community investment plan
BB&T and SunTrust Bank aligned forces earlier this year, emerging together as Truist Bank. Now, Truist partnered with the National Community Reinvestment Coalition to launch a three-year, $60 billion community benefits plan that will increase financial resources for low- and moderate-income communities.
The plan will focus on affordable housing and small business development, economic stability and mobility, workforce development and public safety, the companies said. The bank also committed to opening at least 15 news branches in LMI and minority communities.
“Many bank mergers proceed without any detail on how communities will benefit from the combination,” NCRC CEO Jesse Van Tol said. “However, 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.”