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Grand Rapids Business Journal
Courtesy PNC Bank
PNC Bank is committing to a four-year, $88 billion Community Benefits Plan that will aim to expand economic opportunities for minorities and low- and moderate-income individuals and communities.
The PNC Financial Services Group (NYSE: PNC) on Tuesday said that the new plan will allocate $88 billion in loans, investments and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals and communities, people and communities of color, and other underserved individuals and communities over a four-year period beginning Jan. 1.
PNC said it is too early to disclose how much of the funding will be allocated in the Michigan market but hopes to provide those specifics at a future date.
Select Page PNC Plans $88B in Community Investments By Diane McLaughlin | Banker & Tradesman Staff | Apr 28, 2021 | Reprints | Print
PNC Financial Services Group’s planned acquisition of an Alabama-based bank will bring additional community investments to all PNC’s markets, including Greater Boston.
PNC this week announced a new Community Benefits Plan that will provide $88 billion in loans, investments and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals and communities, people and communities of color, and other underserved individuals and communities. The initiative will last four years and begin Jan. 1, 2022.
The bank said the plan was developed as part of the anticipated regulatory approval and closing of PNC’s acquisition of BBVA USA Bancshares Inc. and its U.S. banking subsidiary, BBVA USA. Through the initiative, PNC will invest in areas currently served by PNC and new geographi