Truist receives Community Reinvestment Act “Outstanding” rating
CHARLOTTE, North Carolina, April 6, 2021 / PRNewswire / – Truist received the highest possible overall rating of “Outstanding” from the Federal Deposit Insurance Corporation for its most recent Community Reinvestment Act (CRA) review period.
“Truist’s Community Development Loans provide capital that has an impact on community and socio-economic needs,” said President and CEO Kelly S. King. “Since our previous assessment, we have identified and responded to community needs by funding critical infrastructure, community health care, affordable housing, disaster recovery, and revitalization and stabilization efforts.” We are committed to doing our part to create equitable and prosperous communities. “
During the review period of January 1, 2017, at December 31, 2019, Truist:
Granted nearly 40,000 mortgages totaling $ 9.6 billion to support flexible or innovative product offerings to first-time home buyers or low and moderate income (LMI) buyers.
Provided the funding to create or rehabilitate over 26,600 affordable housing units, recognizing that affordable housing is a critical community need across its markets.
Establishes itself as a leader in community development loans, with 1,773 loans totaling $ 6.3 billion.
Provided $ 1.8 billion in qualified investments by the CRA and in philanthropic giving to inspire and build better lives and communities.
Going forward, the company’s community benefits plan continues to meet its 2019 commitment to lend or invest 60 billion dollars to IMT borrowers and in IMT and minority communities from 2020 to 2022. Truist has achieved 110% of mortgages and 328% of philanthropic targets for the 2020 Community Benefits Plan end-of-year goal.
The plan is a concrete example of Truist’s commitment to support investments in the BB&T and SunTrust heritage communities following the completion of the merger. the 60 billion dollars The three-year commitment includes:
$ 31 billion for mortgage loans to purchase a home to IMT borrowers, IMT’s geographic areas, minority borrowers and / or majority minority geographic areas.
$ 7.8 billion for loans to small businesses and to support the growth of businesses with incomes below $ 1 million.
$ 17.2 billion in community development loans to support the development of affordable housing; and small business growth loans to nonprofits that support the LMI community.
$ 3.6 billion in investments and philanthropy qualified by the CRA, including $ 120 million will be designated for qualified philanthropic gifts from the CRA.
Additionally, Truist plans to strengthen the commitment of existing institutions to underserved neighborhoods by seeking to open at least 15 new branches in IMT and / or majority minority communities in its markets.
The ARC encourages banks to help meet the credit needs of the communities in which they operate, including low and middle income neighborhoods, in accordance with safe and sound banking operations.
Truist Financial Corporation (NYSE: TFC) is a goal-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic peer-to-peer merger of BB&T and SunTrust, Truist has a leading market share in many high growth markets in the country. The company offers a wide range of services, including retail banking, small business and commercial banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loan; and wealth management. Based at Charlotte, North Carolina, Truist is the sixth largest commercial bank in the United States with total assets of $ 509 billion as of December 31, 2020. Truist Bank, FDIC member. Learn more about Truist.com.
SOURCE Truist Financial Corporation