Nonprofit Quarterly, Nov. 6, 2017: Bank to Direct 24% of Assets to Serve Low- & Moderate-Income Communities
Given the size of the promised lending commitment relative to its balance sheet, there is little doubt that the IberiaBank deal is precedent-setting. Still, the deal is part of a larger industry trend. Last year, NCRC negotiated similar deals with two much larger banks. One of these deals involved Key Bank, based in Ohio, which committed $16.5 billion in lending and $175 million to philanthropy (focused on education and workforce development). Huntington Bank, also in Ohio, committed $16.1 billion in lending and $25 million to philanthropy, as well as creating a $30 million fund to support bank branches in low- and moderate-income communities and other service improvements.
Source: Nonprofit Quarterly