Pittsburgh, September 22, 2021 / PRNewswire / -FNB Corporation (NYSE: FNB) Announced It Has Made Nearly Upfront Payments $ 7.2 million Donate to the Greater Hill District Reinvestment Fund to support investment and community development.
The fund is part of FNB’s advanced financing solution in collaboration with Pittsburgh Penguins, Butcini / Porin Group and Clay Cove Capital. With this strategy, the partnership made the local economic revitalization tax assistance (LERTA) income generated by the FNB financial center project monetized and readily available. Providing income up front is in line with the development team’s broad commitment to bring direct benefits to the Hill region and to ensure that the construction of FNB’s new headquarters promotes the overall development and success of the community. . to augment.
“The close partnership between the penguins and the entire development team has enabled us to deliver innovative financial solutions that will have a greater impact on the community,” he said. Vincent J. Delhi Jr., Chairman of the Board, President and CEO of FNB Corporation and First National Bank. “Getting these funds back to the Hill District quickly required creativity, dedication and joint effort, where we could work on resources and initiatives that drive the success of the people and businesses that need them. I can do it.”
The FNB Financial Center is one of the largest and most socially responsible urban development initiatives in the United States, promising substantial participation by minority and women-owned businesses. The project is expected to catalyze hundreds of millions of dollars in global economic expansion, job creation for more than 1,000 people and significant reinvestment in neighbors.
Due to the long history of community service, the total ETF investment in the Hill area is $ 200 million With loans, investments and grants. In addition to the LERTA fund, the highlights are:
- Large equity investment to enable FNB Financial Center.
- is more than $ 20 million Affordable housing, investments and loans to promote revitalization and economic development, funding for the construction of the Big Tom barbershop for rehabilitation and affordable housing at iconic Center Avenue location Attention-grabbing efforts such as additions .
- Investment in economic and labor development, including FNB’s commitment to create 160 new full-time jobs.
- Almost as a pledge $ 9 million With the grant program We support the improvement of neighborhoods and the development of small and medium enterprises as follows.
- $ 5 million Towards a single mortgage loan program.
- NOT. $ 1,000,000 Donation to InvestPGH, a certified community development financial institution.
- NOT. $ 1,000,000 Contribution to the Urban Redevelopment Authority Pittsburgh A program that provides working capital to minority entrepreneurs.
- Significant support for the renovation of the Avenue YMCA Center.
- Suggestions to facilitate $ 3 million An overview of the misappropriation of taxes on the parking lot E (music rooms and adjacent parking lot) will be filed with the Housing Opportunity Fund to repair roofs throughout the Hill area and allow residents to access the fund to reduce the costs. new housing payments. To be able to.
- Extensive support to local community groups and organizations including:
- NOT. $ 100,000 Capital Contribution to Hill District Federal Credit Union Build long-standing relationships and strengthen deposit base.
- Contribute in partnership with the Pittsburgh Penguins $ 100,000 NS Ammon Community Recreation Center In Hill District, we created an innovative Rec2Tech computer lab and manufacturing space to help bridge the “digital divide” for students and families.
- Deploy specialized products and services to empower vulnerable families. $ 2,500 End of financial assistance to encourage home ownership in other Hill District urban markets and the ETF footprint.
FNB’s significant investment in the Hill District is part of a larger commitment to empower vulnerable communities through a multi-state footprint. We continue to deepen our support in the Hill area, Pittsburgh As the development of the FNB financial center progresses, the whole region will expand and be completed in 2023.
About FNB Corporation
FNB Corporation (NYSE: FNB), head office Pittsburgh, Pennsylvaniais a diversified financial services company operating in seven states. Washington neighborhood.. ETF market coverage spans several major metropolitan areas, including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington DC; When Charlotte, Raleigh, Durham And the Piedmont Triad (Winston Salem, Greensboro When High point) of North Carolina..Our total assets $ 38 billion Around 340 bank branches in total Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, Caroline from the south, Washington DC, When Virginia..
FNB offers a full range of commercial banking, personal banking and wealth management solutions through a network of subsidiaries led by its largest subsidiary, First National Bank of. Pennsylvania, Was founded in 1864. Commercial banking solutions include business banking, small business banking, investment real estate finance, government banking, business credit, capital markets and corporate finance. leasing. The Retail Banking segment offers a full range of retail banking products and services, including a full line of deposit, mortgage, retail banking, mobile and online banking products. FNB’s wealth management services include wealth management, private banking and insurance.
The common shares of FNB Corporation trade on the New York Stock Exchange under the symbol “FNB”, and the Standard & Poor MidCap 400 Index includes the regional banks sub-industry index of the Global Industry Classification Standard (GICS ). Customers, shareholders and investors can visit the FNB Corporation website to learn more about financial institutions in the region. www.fnbcorporation.com..
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Source FNB Corporation
FNB Offers Over $ 7 Million To Pittsburgh’s Hill District | Around the Web-Pennsylvania
Source Link FNB Offers Over $ 7 Million To Pittsburgh’s Hill District | Around the Web-Pennsylvania