The Post: Bank merger fund could benefit western county
The Post, July 19, 2019: Bank merger fund could benefit western county
POTTSTOWN PA – Communities in western Montgomery County that are home to low- and moderate-income potential borrowers for mortgage loans, small businesses with revenues of less than $1 million and selected non-profit organizations all are among those who may benefit from a three-year, $60 billion lending fund being assembled by two banks planning to merge this fall.
BB&T Corp. – which operates branch offices in Pottstown, Limerick, Royersford, Gilbertsville, Boyertown and Douglassville – and SunTrust Banks Inc. earlier this year announced plans to merge as equals in a new entity to be named “Truist Bank.” On Tuesday (July 16, 2019), they jointly revealed the lending fund to reflect “continued commitment to supporting investment in their communities.”
Called the “Community Benefits Plan,” the loan fund “exemplifies what Truist will stand for and how it will support local communities in the years to come,” said BB&T Chairman and Chief Executive Officer Kelly S. King. Its support will extend across Pennsylvania, New Jersey and 16 other states where the two banks currently operate.
The plan was drafted in cooperation with the National Community Reinvestment Coalition, an association of more than 600 community-based organizations that promote access to essential banking services, affordable housing, entrepreneurship and job creation. NCRC held a regional summit last year in Philadelphia about expanding homeownership and entrepreneurship.