The National Community Reinvestment Coalition (NCRC) and First Financial Bank (Nasdaq: FFBC), which is expanding its presence in Chicago and Northeast Ohio with the opening of its first retail locations in both areas, have collaborated to develop commitments totaling $170 million for low- and moderate-income (LMI) clients and census tracts in these areas. These goals build upon First Financial’s existing five-year $2.4 billion Community Benefits Agreement (CBA) for its total service area, which continues through 2028.
“First Financial has once again demonstrated what it looks like to be a true community partner,” said Jesse Van Tol, president and CEO of NCRC. “These addendums reflect a serious commitment to ensuring that as First Financial grows in Ohio and into the Chicagoland area, the communities in those new markets — particularly those that have been historically underserved — will benefit from that growth in concrete, meaningful ways.”
“At First Financial we truly believe that we are improving lives through our commitment to helping our clients and communities thrive,” said Archie Brown, president and CEO of First Financial. “We are enthusiastic in extending the reach and positive impact of our CBA so that we can become a trusted financial partner for the new neighbors and communities we now serve.”
A detailed summary of the plan can be found below. Highlights of the plan for Chicago include:
- $10 million in mortgage lending through the use of products providing greater access to LMI communities and borrowers, providing access to community development mortgage loan officers and making available small-dollar mortgages and home improvement loans,
- $9 million in small business lending in LMI communities through support of small business development corporations and business incubators and through the issuance of microloans,
- $45 million in community development lending and investments in affordable housing, community services, revitalization and stabilization, and projects that create permanent jobs, which benefit LMI areas,
- $1 million in philanthropy, targeting donations to organizations that create and preserve affordable housing and workforce development, plus those that provide housing counseling and promote financial and economic inclusion,
- $75,000 in marketing and communications to benefit clients and communities in LMI and majority-minority census tracts.
Highlights for Northeast Ohio under the amended CBA include:
- $9 million in mortgage lending through the use of products providing greater access to LMI communities and borrowers, an intentional effort in rural communities, providing access to community development mortgage loan officers and making available small-dollar mortgages and home improvement loans,
- $50 million in small business lending in LMI communities through support of small business development corporations and business incubators and through the issuance of microloans,
- $45 million in community development lending and investments in affordable housing, community services, revitalization and stabilization, and projects that create permanent jobs, which benefit LMI areas,
- $750,000 in philanthropy, targeting donations to organizations that create and preserve affordable housing and workforce development, plus those that provide housing counseling and promote financial and economic inclusion,
- $60,000 in marketing and communications to benefit clients and communities in LMI and majority-minority census tracts.
- First Financial has also committed to open a new branch located in an LMI area to better serve the community.
“We are bringing the same community-first approach to Chicago and Northeast Ohio that has been the hallmark of First Financial Bank for years,” said Roddell McCullough, chief corporate responsibility officer for First Financial. “This is an ambitious plan, and we’re excited to be collaborating with our community partners to bring these ideas to life.”
Since 2016, NCRC has facilitated more than 30 community benefits plans with bank groups that committed more than $600 billion for mortgage, small business and community development lending, investments and philanthropy in LMI and under-resourced communities.
The following NCRC member organizations signed on to the plan:
Benjamin Rose
Chicago Community Loan Fund
Community Shelter Board
Freedom Equity Inc.
Homes on the Hill CDC
Housing Action Illinois
Housing Opportunities Made Equal (HOME)
Indianapolis Neighborhood Housing Partnership
Legal Aid of Southeast and Central Ohio
Miles Heights Development Corporation
Ohio CDC Association
Our Home Family Resource Center
The Cedric Group/Norwood Together
The Housing Partnership, Inc.
Woodstock Insitute
“As a First Financial Bank Advisory Board member, I have witnessed the bank’s commitment and transparency in meeting its CBA goals to better the communities it serves,” said Kevin Draiss, director of Our Home, Inc.
“This agreement reflects what community-informed investment should look like—targeted, accountable and built for impact,” said Meredith Whitehead, CEO and executive director of The Cedric Group/Norwood Together.
“We are pleased to see First Financial collaborate with NCRC to develop a comprehensive plan for community development,” said Stephan Torsell, executive director of Homes on the Hill CDC. “The process of developing the agreement provided an additional opportunity for additional considerations from First Financial through their conversations and negotiations with NCRC and member organizations. We look forward to working with First Financial to improve our communities.”
Summary of the Community Benefits Plan Addenda Between The National Community Reinvestment Coalition and First Financial Bank
Through two acquisition-linked addendums extending its Community Benefits Plan to 2028, First Financial Bank has committed $169,885,000 to underserved borrowers and communities — $104,810,000 reflecting its new Ohio footprint (Westfield acquisition) and $65,075,000 reflecting its new Chicagoland presence (BankFinancial acquisition).
Westfield Addendum — $104,810,000
The Westfield addendum reflects First Financial Bank’s new footprint in Ohio following the Westfield acquisition, adding to the final three years of the existing CBP term through 2028.
Mortgage Lending to LMI Communities and Borrowers
Commitment: $9,000,000
FFB commits to retaining at least one Community Development Mortgage Loan Originator (CD MLO) in the Westfield footprint.
Small Business Lending
Commitment: $50,000,000
This commitment represents a 29% increase over Westfield historic production.
Community Development Lending and Investment (CDLI)
Commitment: $45,000,000
FFB commits to at least one Low Income Housing Tax Credit (LIHTC) deal between $4–8 million.
CRA Focused Philanthropy
Commitment: $750,000
FFB will continue the commitment of Westfield Bank to support the Summit/Medina County United Way with the establishment of a First Financial Bank Family Support Center and ongoing support of their Financial Empowerment Center.
Marketing
Commitment: $60,000
Other Market Commitments
- FFB will open a new branch in an LMI census tract within Westfield’s legacy footprint to better serve the community. FFB will solicit community input as part of the site selection process for the new LMI branch.
- FFB will implement First Financial Bank’s formal volunteer and employee giving programs with the Westfield associates to positively impact LMI individuals and communities.
BankFinancial Addendum — $65,075,000
The BankFinancial addendum reflects First Financial Bank’s new footprint in the Chicagoland area following the BankFinancial acquisition, adding to the final three years of the existing CBP term through 2028.
Mortgage Lending to the Underserved
Commitment: $10,000,000
This merger will increase mortgage lending access in the Chicagoland area after BankFinancial exited retail mortgage lending in 2017. This proposal is based on loan production beginning in 2027, with two Community Development MLOs each producing $2 million in loan production, improving to $3 million each in 2028.
FFB has hired a recruiting firm to identify and attract candidates for the two open Community Development MLO roles and commits to maintaining two CD MLOs in the BankFinancial footprint throughout the agreement.
Small Business Lending
Commitment: $9,000,000
This commitment represents a 38% increase over the BankFinancial historic production.
Community Development Lending and Investment (CDLI)
Commitment: $45,000,000
This commitment is based on BankFinancial asset size in comparison to FFB.
CRA Focused Philanthropy
Commitment: $1,000,000
Marketing
Commitment: $75,000
Other Market Commitments
- FFB will implement First Financial Bank’s formal volunteer and employee giving programs with the BankFinancial associates to positively impact LMI individuals and communities.
