Cadence Bank announced its 2022-2026 Community Benefits Plan—developed in collaboration with the National Community Reinvestment Coalition (NCRC)—building on its longstanding commitment to support traditionally underserved communities, including low- and moderate-income (LMI) neighborhoods, people of color, and small businesses.
The $20.7 billion five-year plan includes provision for mortgage lending, small business lending, community development lending and investments, philanthropy and service hours in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee and Texas.
“Cadence is dedicated to understanding the financial needs of its communities and providing solutions to help make them stronger,” said Dan Rollins, chairman and CEO of Cadence Bank. “Founded on the principle that neighbors should help neighbors, our company believes it is only as strong as the communities it serves. This $20.7 billion plan will strengthen our efforts to improve the places we live and work. We’re proud to partner with NCRC to provide economic opportunities to LMI communities, neighborhoods of color and small businesses.”
Latest Fintech News: BNY Mellon and Poste Italiane Increase Investment in Volante Technologies to Further Payments Innovation
The plan follows the October 29, 2021 completion of the legacy BancorpSouth Bank and legacy Cadence Bancorporation merger, which created a leading regional banking franchise with approximately $50 billion in assets and more than 400 branch locations in its nine-state footprint as of year-end 2021.
“We appreciate the leadership and commitment of Cadence Bank to listen and work with NCRC and our members to create this community benefits plan,” said Jesse Van Tol, President and CEO of NCRC. “The investments, services, philanthropy and other goals spelled out in this plan are an important step to meet the needs of low- and moderate-income communities and neighborhoods of color where the bank operates.”
The $20.7 billion five-year plan features the following:
- $11.8 billion in residential purchase-money mortgage loans to LMI borrowers, LMI geographies, people of color (including African American and Latinx), and majority-minority census tracts;
- $6.5 billion in small business lending to businesses located in LMI census tracts and/or businesses with less than $1 million in gross annual revenues; and
- $2.4 billion in community development lending and investments, supporting activities intended to increase the availability of affordable housing, services, social impact and economic opportunity for low- and moderate-income persons or help to stabilize and improve conditions in distressed communities.
Latest Fintech News: Navigator Credit Union Chooses Lumin Digital to Provide Digital Banking Services
The plan also includes additional initiatives Cadence will undertake to enhance its impact on the underserved in its communities, including its commitment to volunteer services, grants and donations, and the possibility of new branches and product offerings, where feasible.
The bank’s Corporate Community Advisory Council is an established key community engagement initiative. Under the plan, this group comprised of local executives, community leaders, representatives of nonprofit organizations and other community stakeholders will collaborate with the bank to continue to offer and develop innovative loan products, investments and services for the successful implementation of the plan.
Latest Fintech News: Standard Metrics Secures $23.7 Million Series A to Pioneer the Digitization of Workflows
[To share your insights with us, please write to sghosh@martechseries.com]
