CHARLOTTE, N.C., Dec. 11,
2024 /PRNewswire/ -- Truist Financial Corporation
(NYSE: TFC) today announced it received the highest possible
overall rating of "Outstanding" from the Federal Deposit Insurance
Corporation for its most recent Community Reinvestment Act
examination period, from 2020-2022. The CRA encourages banks to
help meet the credit needs of communities in which they operate,
including low- and moderate-income (LMI) neighborhoods, consistent
with safe and sound banking operations.
"Receiving an 'Outstanding' CRA rating is a testament to the
exceptional expertise and care Truist teammates provide to help
meet the unique needs of all the communities we serve through
lending, investments and services—including during an especially
challenging time as we responded to the COVID-19 pandemic to care
for our clients and teammates," said Truist Chief CRA and Community
Development Officer Anthony Weekly.
"This recognition embodies our purpose to inspire and build better
lives and communities."
During the examination period of Jan. 1,
2020, to Dec. 31, 2022,
Truist:
- Made 845,332 home mortgage, small business, and small farm
loans totaling $151.9 billion to
support LMI individuals and geographies.
- Originated 7,174 community development loans totaling
$16.1 billion, an increase of 304.6%
and 154.7% respectively from the prior exam period's (2017-2019)
community development loans.
- Made significant use of innovative or complex investments to
support community development initiatives, delivering 6,143
qualified investments totaling $5.8
billion—significantly higher than the $1.8
billion provided during the prior evaluation period.
-
- $4.4 billion of the investments
support affordable housing.
- Responded to exceptional environmental factors and introduced
new service delivery models to deliver 12,938 community development
service activities, an increase of 55.2% compared to the 8,334
activities reported in the prior exam period.
This examination period was marked by the COVID-19 pandemic.
Throughout the pandemic, Truist engaged in extraordinary efforts to
help teammates and clients navigate unexpected issues and
hardships, achieving the following:
- Truist was the fourth-largest lender by dollars in the Paycheck
Protection Program (PPP), funding approximately $16.3 billion across nearly 120,000 loans to
assist approximately 80,000 small business clients and help support
over 2 million jobs.
- In March 2020, the Truist Cares
initiative was launched, providing more than $50 million in aid from Truist, the Truist
Charitable Fund and Truist Foundation to help meet basic needs,
furnish medical supplies, and address financial hardships across
the nation.
- Between March 2020 and
December 2021, Truist provided
approximately 900,000 COVID-19 related payment relief
accommodations to consumers and businesses, impacting approximately
$50 billion in loan balances.
Additionally, as part of its merger of equals in 2019, Truist
made a three-year commitment to drive positive change and progress
in LMI and majority-minority communities through Truist's
$60 billion Community Benefits Plan,
tailored to support affordable housing, nonprofits and small
businesses. During this examination period, Truist completed its
Community Benefits Plan, delivering combined lending, investing and
philanthropic activities totaling $75.4 billion—exceeding the $60 billion target—and supported its clients and
communities when they needed it most.
Truist remains steadfast in its purpose to inspire and build
better lives and communities, and along with Truist Foundation,
recently announced "Truist Cares for Western North Carolina," a three-year,
$725 million commitment to support
critical small business, housing and infrastructure needs in
Western North Carolina as
communities impacted by Hurricane Helene recover and rebuild. The
commitment will include new, dedicated capital for local small
businesses, residents and municipalities, impact capital from
Truist Community Capital, philanthropic giving from Truist
Foundation and additional on-the-ground humanitarian support from
Truist teammates to help establish long-term resiliency in this
devastated region. For more information on this initiative, visit
Truist.com/TruistCares.
About Truist
Truist Financial Corporation is a
purpose-driven financial services company committed to inspiring
and building better lives and communities. As a leading U.S.
commercial bank, Truist has leading market share in
many of the high-growth markets across the country. Truist
offers a wide range of products and services through our
wholesale and consumer businesses, including consumer and small
business banking, commercial banking, corporate and investment
banking, wealth management, payments and specialized lending
businesses. Headquartered in Charlotte,
North Carolina, Truist is a top-10 commercial
bank with total assets of $523
billion as of Sept. 30,
2024. Truist Bank, Member FDIC.
Learn more at Truist.com.
About Truist Foundation
Truist Foundation is committed
to Truist Financial Corporation's (NYSE: TFC) purpose to inspire
and build better lives and communities. The Foundation, an endowed
private foundation established in 2020 whose operating budget is
independent of Truist Financial Corporation, makes strategic
investments in a wide variety of nonprofit organizations centered
around two focus areas: building career pathways to economic
mobility and strengthening small businesses to ensure all
communities have an equal opportunity to thrive. Embodying these
focus areas are the Foundation's leading initiatives – the Inspire
Awards and Where It Starts. Learn more at
Truist.com/Foundation.
About The Truist Charitable Fund
The Truist Charitable
Fund ("TCF") is committed to Truist Financial Corporation's (NYSE:
TFC) purpose to inspire and build better lives. TCF was established
as a donor-advised fund and is administered by The Winston-Salem
Foundation. TCF invests in local community organizations, focusing
on grants that support initiatives and programs in the areas of
educational equity, leadership development, career pathways, small
business and community services. To learn more about Truist's
purpose, visit Truist.com/who-we-are/about-truist.
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SOURCE Truist Financial Corporation