BB&T Awarded 'Outstanding' Rating for Community Reinvestment
Bank earns FDIC's highest rating for its commitment to its communities
Jun 19, 2018
WINSTON-SALEM, N.C., June 19, 2018 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today announced it received an "Outstanding" rating from the FDIC in its most recent evaluation of Community Reinvestment Act (CRA) performance. This represents the highest possible rating of 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," said Sharon Jeffries-Jones, executive vice president and director of CRA/Community Development. "Through lending, investing and service we're able to positively affect the lives and well-being of individuals, organizations and our communities. We see this 'Outstanding' rating as more than an evaluation. For us, it's an affirmation we're fulfilling BB&T's mission to make the world a better place to live."
BB&T works diligently with nonprofits, government agencies and tax-credit syndicators to make affordable housing more accessible and support local communities within its footprint. The 2018 rating reflects a three-year evaluation period (2014-16) of BB&T's loans, investments and services in qualified community development programs, including:
- $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. The average loan size of $70,000 ensured businesses throughout BB&T's communities had the small dollar loans needed to grow their operations.
- $4.55 billion in general community development loans, with 63 percent of those dollars supporting affordable housing or economic development.
- $924.6 million in low-income housing tax credits. The investment resulted in the creation/rehabilitation of more than 23,000 affordable housing units, responding to one of the most pressing community needs in nearly every assessment area.
- $482.6 million in housing and small business bonds, bringing total qualified investments to more than $1.5 billion.
- $30.8 million in qualifying community development grants and donations supporting financial literacy, revitalization and stabilization of distressed communities, special needs populations including homeless and disabled persons, affordable housing and other community development activities.
The FDIC commented that BB&T also demonstrated its commitment to assisting its low- and moderate-income communities by providing impactful community development services through "a program whereby employees are encouraged to be active in CRA-related organizations and activities." A few examples include:
- BB&T's contribution of more than $1 million in grants and scholarships to help community economic development professionals stay abreast of current and emerging trends, learn the fundamentals of affordable housing and economic development, gain the technical expertise needed for community development lending and enhance micro- and small-business development services and lending programs. BB&T is committed to helping develop or enhance nonprofit leaders' skills to further the health and stability of the communities supported by the organizations they lead.
- The BB&T Lighthouse Project, a nationwide community services program designed to exemplify BB&T's mission and serve as a beacon of light to neighbors in need. All BB&T's approximately 37,000 associates are encouraged to work together in teams to determine the needs in their communities they're most passionate about addressing. BB&T then provides the funding and time away from the office for associates to support those team projects. Through the BB&T Lighthouse Project, which celebrates its 10th anniversary this year, associates have collectively donated more than 500,000 volunteer hours to local charities and improved the quality of life of more than 15 million people.
- The BB&T Financial Foundations program, which provides financial knowledge through free programs for students and adults. In partnership with EverFi, The BB&T Financial Foundations program has provided approximately 500,000 high school students with basic concepts about banking, insurance, investments, budgeting, higher education and more. Partnering with community organizations, BB&T's Bank On Your Success program provides financial education programs for adults on how to establish good credit, develop a solid family budget and become a homeowner.
- 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. The bus visits approximately 110 events each year and is equipped with internet-ready computers so individuals can visit websites that provide information on money and credit management, home ownership, tax credits and general financial health.
For more information about BB&T's community commitments, please visit BBT.com/about-us/community.
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. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., the company operates more than 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company, BB&T is recognized consistently for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.
SOURCE BB&T Corporation
For further information: Brian Davis, Senior Vice President, BB&T Corporate Communications, Contact via email: email@example.com
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