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The PNC Financial Services Group, Inc. (NYSE: PNC) today announced plans to invest $1.15 billion over five years across the Greater Washington Area and form community partnerships to collaborate on affordable housing, economic development and financial independence for residents with the greatest needs.
PNC's plans were announced during a picnic-style community celebration at the Dupont Commons Townhomes in the District of Columbia's Fort Dupont neighborhood. The new residential development, financed through predecessor Riggs Bank, is symbolic of the investments PNC intends to make in support of community revitalization and financial autonomy for area residents of all income levels.
"We pledge to help build strong communities and create financial opportunities for individuals, families and businesses in the Greater Washington Area," said Michael N. Harreld, regional president, PNC Bank. "To achieve this goal requires a commitment of resources and an emphasis on teamwork with a diverse mix of community partners. We look forward to working together so that everyone, especially the underserved, has the opportunity to fulfill their dreams in a safe, economically strong and affordable community."
Our Community Plan: Highlights
Led by its local Community Development Banking team, PNC's investment of at least $1.15 billion during 2005-2010 in the District of Columbia plus suburban Maryland and Northern Virginia includes the following priorities:
- Economic Development: Small businesses create seven out of every 10 new
jobs and are key to the vitality of any neighborhood. PNC plans $678
million in small business lending, including U.S. Small Business
Administration loans, with emphasis on minority-owned and disadvantaged
businesses to energize the local economy and job creation.
PNC, a top SBA lender in Greater Washington, has a complete range of
products - from credit and deposit products to cash management and
merchant services - provided by business bankers who can advise on
business start-ups and expansions, with attention to those businesses
located in low- and moderate-income (LMI) neighborhoods.
- Housing Loans for Low- to Moderate-Income Borrowers: Recognizing the
region's ongoing need for affordable housing, PNC will harness its
financial resources and human capital to increase home ownership among
the underserved in areas such as the District's Anacostia and Deanwood
areas, inner Beltway communities in Prince George's County, Md., and
Northern Virginia's Route 1 corridor. PNC's plans include at least $174
million in financing to first-time homebuyers, home equity loans along
with home ownership seminars and personal finance workshops.
- Community Development Loans: PNC plans $175 million in loans for
innovative community development projects for single- and multi-family
affordable housing developments (rental and for-sale) targeted to low-
and moderate-income borrowers. Other loans will support new
construction and/or renovation of community facilities and/or
operational financing for social service agencies, childcare operations
and facilities geared toward underserved neighborhoods along with
commercial and mixed-use developments that serve as a catalyst for
economic and neighborhood revitalization.
- Community Development Investments: With a creative and flexible
approach to investment capital for projects and initiatives, $122.5
million is planned for investments with local partners. This includes
partnerships that promote affordable housing through the federal Low
Income Housing Tax Credit program. Through the use of PNC's wholly
owned community development corporation, it also includes flexible
capital placements with local, mission-driven financial intermediaries
and strategic partnership investments using the federal New Markets Tax
Credit and Historic Tax Credit programs.
For area residents, these overall priorities are supported by the ease and convenience of PNC's affordable deposit, savings and credit products, which are complemented by 51 branches (with plans for 30 more locations in the area over the next three years), 150 ATMs, online banking and 24-hour call center (1-888-PNC-BANK). PNC tailors products and services to its multicultural customer base, offering ATMs that feature seven or more languages, a call center with representatives who know a combined 140 languages, along with the dedicated 1-866-HOLA-PNC number and other resources for Spanish-speaking customers.
Our Community Partners
Relationships with community organizations, elected officials, business leaders and faith-based organizations are critical to the success of these efforts. "We want to make it easy to work with us through open communication and collaboration," Harreld said. "When we listen, we learn and that enables us to make wise decisions and investments that are meaningful to the community."
Today, PNC announced some of its initial partners and opening investments, including (listed alphabetically):
- Collective Banking Group: PNC is one of five banks chosen to partner
with this body of 100 churches, with a combined 300,000 members
primarily in the Prince George's County/Washington, D.C., area. PNC
will provide deposits, credit and investment services along with
financial education and advice to CBG and its members.
- Local Initiative Support Corporation: This partnership includes a
$20,000 grant for expenses to support LISC's neighborhood
revitalization and community development activities. This includes:
loan programs, syndication of Low Income Housing Tax Credits and New
Market Tax Credits, training and technical assistance, among other
efforts for the District.
- Nonprofit Finance Fund: $10,000 grant to support its overall program
delivery to nonprofits in the Washington area. NFF's programs include
loan products and advisory services, such as training workshops,
technical tools and advice intended to build strong, well capitalized
nonprofit businesses.
- Washington Interfaith Network and The Reinvestment Fund: $20,000 grant
to support the combined efforts of WIN and TRF to develop a plan for
the $550 million Neighborhood Investment Fund Program and revitalize 12
targeted neighborhoods across Washington, D.C. This initiative seeks
to improve affordable housing, neighborhood commercial centers,
community facilities, day care centers, schools and other community
projects.
"All of us at PNC are excited about collaborating with our partners and finding ways to address the community's needs," said M. Craig Pascal, territory manager, Community Development Banking, PNC. "Together, we will strive to make a difference in neighborhoods by helping residents to achieve their full economic potential, cultural vitality and educational possibility."
PNC's community development efforts across its marketplace are enhanced by The PNC Foundation, which provided $11 million in grants in 2004, employee giving and volunteerism. PNC employees have committed well over one million hours of volunteer service to their communities over the past decade.
In addition, PNC Grow Up Great is the company's 10-year, $100 million investment in preparing young children, from birth to age five, for school and life. As the largest school readiness program of its kind in the country, it invests in grants, advocacy, awareness resources and volunteerism to help children, families and communities be smarter, stronger and healthier. The program will be introduced to the Greater Washington Area for the upcoming school year.
The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
SOURCE: The PNC Financial Services Group, Inc.
CONTACT: Sonia McCormick of The PNC Financial Services Group, Inc.,
+1-202-835-5486, or sonia.mccormick@pnc.com
Web site: http://www.pnc.com/
Company News On-Call: http://www.prnewswire.com/comp/701257.html
