PNC to target $88B in economic opportunity loans, mortgages to low- and

PITTSBURGH – Kentucky residents are among those eligible to seek part of $88 billion in loans, investments and other financial support The PNC Financial Services Group Inc. announced today 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, 2022.

PNC’s newly announced Community Benefits Plan was developed in connection with the anticipated regulatory approval and closing of PNC’s pending acquisition of BBVA USA Bancshares Inc., including its U.S. banking subsidiary. BBVA USA  covers the geographies currently served by PNC and the new geographies PNC will expand into through the BBVA USA acquisition. The Plan incorporates and builds on pledges and plans previously announced by PNC and BBVA USA to help meet community needs, advance economic empowerment and address systemic racism.

Pittsburg-based PNC has the largest portion of the bank deposits market in the state of Kentucky.

Specifically, over the Plan period, PNC expects to:

• Originate at least $47 billion in residential mortgage and home equity loans to LMI and minority borrowers and in LMI and majority-minority census tracts.
• Originate at least $26.5 billion in loans to small businesses in LMI communities, majority-minority census tracts, businesses with less than $1 million in revenue and small farms.
• Provide at least $14.5 billion in community development loans and investments across all markets, including at least $400 million for Community Development Financial Institutions (CDFIs) that help meet the banking and financial service needs of traditionally underserved communities.
• Increase to at least $500 million PNC’s charitable giving, including sponsorships and philanthropic grants. This includes the continuation of BBVA USA’s existing multiyear grant and charitable sponsorship commitments with nonprofit organizations, and a commitment to maintain or increase the current levels of philanthropic support provided to community groups in Birmingham in recognition of the history of the city as the headquarters city of BBVA USA and its predecessor bank.

“As a Main Street bank, we believe that our success will be proportional to the prosperity we help create for our stakeholders,” said PNC Chairman, president/ CEO William S. Demchak. “This plan reflects that belief and builds on our longstanding commitment to provide economic opportunity for all individuals and communities we serve, as reflected in PNC Bank’s and BBVA USA’s overall ‘Outstanding’ Community Reinvestment Act (CRA) ratings in each of our organizations’ most recent evaluations.” PNC Bank has consistently earned an ‘Outstanding’ CRA rating in every performance evaluation issued since enactment of the CRA more than 40 years ago.

PNC’s Community Benefits Plan was developed by PNC, in consultation with BBVA USA, and was informed by numerous community listening sessions that PNC held with the National Community Reinvestment Coalition (NCRC) that included representatives from more than 150 NCRC member organizations from across the combined PNC and BBVA USA footprint. PNC also held listening sessions with the National Diversity Coalition, the Greenlining Coalition, the California Reinvestment Coalition, Faith and Community Empowerment, and members of their respective organizations.

PNC’s Regional President and Community Development Banking teams will serve as key points of engagement in their local communities for identifying impactful local community development initiatives and acting as liaisons with local organizations. PNC will extend this model to the new markets it enters through its pending acquisition of BBVA USA.

“As we consulted with numerous groups across the country, we learned the concerns that are top of mind to our communities: focusing on home ownership as a foundation of…