Daily Local News (West Chester, PA)
BB&T Bank community reinvestment recognized
WINSTON-SALEM, N.C. » BB&T Corp. has received recognition for its commitment to the communities it serves. The company was awarded an “outstanding” rating during the Federal Deposit Insurance Corp.’s (FDIC) most recent evaluation of Community Reinvestment Act (CRA) performance.
It is the highest rating given by the agency on how well a financial institution meets the credit needs of its communities.
“This noteworthy achievement reflects the commitment and collaborative efforts of BB&T associates to ensure all individuals and neighborhoods in our communities have an opportunity to thrive,” Sharon Jeffries-Jones, executive vice president and director of CRA/Community Development said in a press release. “Through lending, investing and service, we’re able to positively affect the lives and well-being of individuals, organizations and our communities.”
The 2018 rating reflects a threeyear evaluation period — from 2014 through 2016 — of BB&T’s loans, investments and services in qualified community development programs. According to the release, some of the products include:
• $9.6 billion in affordable home lending, providing more than 63,000 loans for the low- and moderate-income community.
• $17.6 billion in small business and farm loans.
• $4.55 billion in general community development loans, with 63 percent of those dollars sup-
porting affordable housing or economic development.
• $924.6 million in lowincome housing tax credits, resulting in the creation/rehabilitation of more than 23,000 affordable housing units.
• $482.6 million in housing and small business bonds.
• $30.8 million in qualifying community development grants.
The FDIC also commented on BB&T’s commitment to assisting its low- and moderate-income communities, including:
• Contributing more than $1 million in grants and scholarships to help community economic development professionals stay abreast of current and emerging trends.
• The BB&T Lighthouse Project, a nationwide community services program. BB&T’s approximately 37,000 associates are encouraged to work together in teams to determine the needs in their communities. BB&T then provides the funding and time away from the office for associates to support those team projects. Since its inception, associates have more than 500,000 volunteer hours to local charities.
• The BB&T Financial Foundations program, which provides financial knowledge through free programs for students and adults.
• The BB&T Bank Bus, a 45-foot mobile financial classroom, which travels throughout the BB&T footprint and provides free tax preparation services for individuals making less than $41,439, with disabilities and/or with limited ability in English.
Based in Winston-Salem, N.C., BB&T is one of the largest financial services holding companies in the U.S. with $220.7 billion in assets and market capitalization of approximately $40.6 billion, as of March 31, 2018.
The company expanded its footprint in the tricounty region when it acquired Susquehanna Bancshares Inc. in 2015 in a deal estimated at $2.5 billion, followed by the 2016 acquisition of Boyertown-based National Penn Bancshares Inc. in a deal valued at $1.8 billion.
For more information about BB&T’s community commitments visit BBT. com/about-us/community. For more information about BB&T visit BBT.com.
Email business story ideas to business editor/ writer drovins@21stcenturymedia.com.