PITTSBURGH, September 22, 2021 / PRNewswire / – FNB Corporation (NYSE: FNB) announced that it has made an upfront payment of nearly $ 7.2 million Greater Hill District Reinvestment Fund to support investment and community development.
The funds are part of a cutting edge financing solution provided by FNB, in collaboration with the Pittsburgh Penguins, The Buccini / Pollin Group and Clay Cove Capital. This strategy enabled the partnership to monetize and immediately make available the local Economic Recovery Tax Assistance (LERTA) revenue generated by the Place Financière FNB project, which would otherwise have been paid over a period of 10 years. The advance payment of proceeds directly benefits the Hill District, aligning with the development team’s broad commitment to ensuring that the construction of FNB’s new head office promotes the overall development and success of the community.
“Our close partnership with the Penguins and the entire development team has enabled us to come up with an innovative financial solution that has had a bigger and more immediate impact in the community,” said Vincent J. Delie, Jr., Chairman of the Board, President and CEO of FNB Corporation and First National Bank. “It took creativity, dedication and a joint effort to recover these funds more quickly in the Hill District, where they can be leveraged into resources and initiatives that will foster the success of residents and businesses that live in it. need. “
The FNB Financial Center is at the heart of one of the largest and most socially responsible urban development initiatives in the United States, with a commitment to meaningful participation of minority and women-owned businesses. The project is expected to be a catalyst for hundreds of millions of dollars in global economic expansion, the creation of over 1,000 jobs and significant reinvestment in the neighborhood.
With a long history of community service, ETF’s total investment in Hill District exceeds $ 200 million in loans, investments and grants. In addition to the LERTA funds, highlights include:
- A substantial equity investment to make FNB Financial Center possible.
- More … than $ 20 million in investments and loans to promote affordable housing, revitalization and economic development, with high-level commitments, including funding for the construction of Big Tom’s Barbershop for the rehabilitation and addition of affordable housing on an emblematic site of Center Avenue.
- Investments in economic and workforce development, including through FNB’s commitment to create 160 new full-time jobs.
- A pledge of nearly $ 9 million grants and programs supporting neighborhood improvement and small business development, such as:
- $ 5 million towards an exclusive home loan program;
- A $ 1 million contribution to Invest PGH, a certified Community Development Financial Institution;
- A $ 1 million contribution to an Urban Redevelopment Authority of Pittsburgh program that provides working capital for minority entrepreneurs; and
- Significant support for the renovation of the Center Avenue YMCA.
- A proposal to facilitate the advancement of $ 3 million of the Parking Tax Diversion for Parcel E (adjacent concert hall and parking garage), to be deposited into the Housing Opportunity Fund so that the roofs of the Hill District can be repaired and residents can access funds to pay down payments on new homes.
- Extensive support to local community groups and organizations that presented:
- A $ 100,000 contribution of capital to the Hill District Federal Credit Union to strengthen its deposit base, building on a long-standing relationship.
- In partnership with the Pittsburgh Penguins to contribute $ 100,000 at Ammon Community Recreation Center in Hill District for the creation of a transformational Rec2Tech computer lab and manufacturing space that will help bridge the “digital divide” for students and families.
- Deployment of specialized products and services to empower vulnerable families, including the availability of up to $ 2,500 in assisting with closing costs to encourage home ownership in the Hill District and other urban markets across the ETF footprint.
FNB’s significant investments in the Hill District are part of its broader commitment to empower vulnerable communities across its multi-state footprint. The Society will continue to deepen its support in the Hill District and Pittsburgh across the region as the development of the FNB Financial Center progresses, with completion expected in 2023.
About FNB Corporation
FNB Corporation (NYSE: FNB), headquartered at Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Colombia. ETF market coverage spans several major 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 over $ 38 billion and nearly 340 bank branches across Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, Caroline from the south, Washington DC, and Virginia.
FNB offers a full range of commercial banking, personal banking and wealth management solutions through its network of subsidiaries led by its largest subsidiary, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include business banking, small business banking, investment real estate finance, government banking, business credit, capital markets, and credit finance – lease. The Consumer Banking segment provides a full range of consumer banking products and services, including deposit products, mortgages, consumer loans, and a full range of mobile and online banking services. FNB’s wealth management services include asset management, private banking and insurance.
The common shares of FNB Corporation trade on the New York Stock Exchange under the symbol “FNB” and are included in the Standard & Poor’s MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Clients, 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