PITTSBURGH, September 22, 2021 / PRNewswire / – The FNB Corporation (NYSE: FNB) announced that it has made an initial payment of almost $ 7.2 million to the Greater Hill District Reinvestment Fund to support community investment and development.
The funds are part of a future-oriented financing solution by FNB in cooperation with the Pittsburgh Penguins, The Buccini / Pollin Group and Clay Cove Capital. This strategy enabled the partnership to monetize the income from the FNB’s financial center project, which would otherwise have been paid out over a period of 10 years, and to make it available immediately. Providing the proceeds upfront translates into a direct benefit for the Hill District and is in line with the development team’s extensive commitment to ensuring that the construction of FNB’s new corporate headquarters promotes overall development and success in the community.
“Our close partnership with the Penguins and the entire development team has enabled us to propose an innovative financial solution that had a bigger and more immediate impact on the community,” said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of FNB Corporation and First National Bank. “It took creativity, dedication, and a concerted effort to get those funds back to the Hill District faster, where they can be used in resources and initiatives that drive the success of residents and businesses that need the funding.”
The FNB Financial Center is at the heart of one of the largest and most socially responsible urban development initiatives in the US with a commitment to substantial participation by minority and women owned companies. The project is expected to be a catalyst for hundreds of millions of dollars in macroeconomic expansion, over 1,000 job creation and significant new investments in the neighborhood.
With a long history of serving the community, FNB’s total investment in the Hill District is more than $ 200 million in loans, investments and grants. In addition to the LERTA funds, the highlights include:
- A substantial equity investment to enable the FNB financial center.
- More than $ 20 million in investments and loans to promote affordable housing, revitalization and economic development, with high profile commitments including home financing for Big Toms Barbershop for redevelopment and the addition of affordable housing units in an iconic location on Center Avenue.
- Investments in economic and personnel development, among other things through the commitment of the FNB to create 160 new full-time jobs.
- A promise of almost $ 9 million to grants and programs that support neighborhood improvement and small business development, such as:
- $ 5 million towards its own real estate gap loan program;
- A $ 1 million Contribution to Invest PGH, a certified community development financial institution;
- A $ 1 million Contribution to an urban redevelopment agency of Pittsburgh Program that provides working capital for minority contractors; and
- Significant support for Center Avenue YMCA renovation.
- A suggestion to facilitate the progress of $ 3 million the parking tax diversion for Parcel E (adjoining music hall and parking garage) to be paid into the Housing Opportunity Fund so that roofs in the Hill District can be repaired and residents can access funds to make down payments for new homes.
- Extensive support for local community groups and organizations who have demonstrated:
- A $ 100,000 Contribution of capital to the Hill District Federal Credit Union to strengthen its deposit base, building on a longstanding relationship.
- Working with the Pittsburgh Penguins to make a difference $ 100,000 to the Ammon Community Recreation Center in the Hill District for creating a transformative Rec2Tech computer lab and maker space that will help narrow the “digital divide” for students and families.
- Introducing specialized products and services to empower vulnerable families, including the availability of up to $ 2,500 on the closure of the Home Ownership Promotion Fund in the Hill District and other urban markets across FNB’s footprint.
FNB’s significant investments in the Hill District are part of their greater commitment to empowering vulnerable communities across their multiple state presence. The company will continue to deepen its support in the Hill District and Pittsburgh Region as a whole in the course of the development of the FNB financial center, with completion expected in 2023.
About FNB Corporation
FNB Corporation (NYSE: FNB), based at Pittsburgh, Pennsylvania, is a diversified financial services company that operates in seven states District of Columbia. FNB’s market coverage spans several large metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, DC; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High point) in North Carolina. The company has total assets of more than $ 38 billion and nearly 340 bank branches throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South carolina, Washington, DC, and Virginia.
The FNB offers through its subsidiary, which is operated by its largest subsidiary First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate clients, small businesses, real estate finance, state banks, corporate loans, capital markets, and lease finance. The Consumer Banking segment offers a full range of consumer banking products and services, including deposit products, mortgage loans, consumer loans, and a full range of mobile and online banking services. FNB’s wealth management services include wealth management, private banking and insurance.
FNB Corporation’s common stock trades on the New York Stock Exchange under the symbol “FNB” and is included in the Standard & Poor’s MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the FNB Corporation website at www.fnbcorporation.com.
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SOURCE FNB Corporation
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