Regions Bank Launches New Markets Tax Credit Practice
01 Novembre 2021 - 02:00PM
Business Wire
Practice will focus on investing in low-income communities,
further expanding Regions’ tax credit investment services.
Regions Bank on Monday announced the launch of a New Markets Tax
Credit (NMTC) practice and the addition of a banking and community
revitalization veteran whose experience will help Regions deliver
high-value NMTC services as part of the bank’s comprehensive tax
credit investments practice.
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Steve Ross joins Regions Bank as head of
Regions’ New Markets Tax Credit practice. (Photo: Business
Wire)
Steve Ross joins Regions as head of the NMTC team. Most
recently, Ross served as head of the NMTC platform for Truist
Community Capital. There, he managed a group of business
development, underwriting and asset management professionals who
made social impact investments throughout the U.S.
Ross and his team will focus on similar investment initiatives
at Regions, backed by the company’s commitment to superior service
and additional tax credit investment services, which include
low-income housing tax credits (LIHTC) and solar renewables tax
credit equities.
“By establishing a New Markets Tax Credit practice, Regions is
positioned to better support business clients seeking to make
impactful investments throughout the communities we serve,” said
Ward Cheatham, head of Corporate Banking for Regions. “Adding these
capabilities not only expands our range of services, it complements
and enhances our broader commitment to creating more inclusive
prosperity. The result will be more investments from the business
community into programs and initiatives that are making a real and
valuable difference.”
Established by Congress in December 2000, the New Markets Tax
Credit program is designed to attract private-sector capital
investments into the nation’s urban and rural low-income areas,
helping expand access to quality jobs, healthcare, education and
other critical services in underserved communities. The NMTC
program increases the flow of capital to businesses and low-income
communities by providing a tax incentive to private investors,
making the program a valuable investment option for businesses,
communities and investors alike.
“At Regions Bank, one of our greatest assets as we work with
clients is our commitment to creating what we call ‘shared value’ –
that is, we believe banking services should benefit not only the
customer and the bank but also the broader community,” said Ross.
“The New Markets Tax Credit program is an attractive way to support
community development in underserved areas across the country. I am
excited to lead this journey with Regions, which is already
embedded in many of these communities through Regions Affordable
Housing financing and Community Affairs initiatives that align with
our mission to make life better for the people and places we
serve.”
Before his seven years with Truist Community Capital, Ross held
project management roles in not-for-profit and for-profit
organizations focused on community revitalization and the creation
or preservation of affordable housing. Ross is based at Regions’
offices in Washington, D.C.
Ross earned a Bachelor of Arts in History from Northwestern
University. His community involvement has included roles on the
boards of directors for the NMTC Coalition and the Partnership for
Job Creation. Additionally, Ross served on the boards of ToolBank
USA and the Atlanta Community ToolBank.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $156 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates more than 1,300
banking offices and approximately 2,000 ATMs. Regions Bank is an
Equal Housing Lender and Member FDIC. Additional information about
Regions and its full line of products and services can be found at
www.regions.com.
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Media Contact: Jeremy D. King Regions Bank (205)
264-4551
News Online: regions.doingmoretoday.com Regions News on Twitter:
@RegionsNews
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