Support for Minority Depository Institution
Builds on FNB's Significant Investments in Underserved
Communities
PITTSBURGH, May 15, 2023
/PRNewswire/ -- F.N.B. Corporation (NYSE: FNB), the holding company
for First National Bank (FNB), announced a $1.1 million investment in the Hill District
Federal Credit Union (HDFCU) that will empower the Minority
Depository Institution's (MDI) mission to deliver vital financial
services and resources to a historically underserved community.
FNB's funding builds on the hundreds of millions of dollars it
has invested in initiatives to strengthen low- to moderate-income
and majority-minority communities throughout its multi-state
footprint. The Company is injecting a total of more than
$200 million in loans, investments
and grants to foster revitalization in the Hill District, which is
the site of its new corporate headquarters, FNB Financial
Center.
"FNB is proud to support the HDFCU, which serves as a lifeline
for financial services that provide for housing, education and
other needs in this historic community," said Vincent J. Delie, Jr., Chairman, President and
Chief Executive Officer of F.N.B. Corporation and First National
Bank. "Our partnership reflects FNB's commitment to connect
underserved members of our communities with knowledge and banking
resources, including products, services and credit, that contribute
to financial stability and success."
FNB's most recent support for the HDFCU includes a $1 million equity equivalent (EQ2) investment to
expand the capacity of the MDI's Business Line of Credit Program,
which provides financing to small businesses in the Hill District.
The Company also will contribute $100,000 for a physical expansion project that
will double the size of the HDFCU's Centre Avenue facility,
providing increased space for their operations and financial
education services. The HDFCU also plans to turn 5,000 square feet
of vacant space into four affordable apartments for Hill District
residents.
"We're watching the Hill District transform right before our
eyes, and FNB has played a crucial role in the positive changes
that are happening in our neighborhood," said HDFCU Chief Executive
Officer Richard Witherspoon. "FNB is
one of the most genuine, dedicated corporate partners I have had
the good fortune of working with in my career. Whether through
their guidance, financial support or banking services, they have
stepped up time and again to provide access to resources that drive
opportunities for local residents and businesses and economic
growth for our community."
The entire FNB Financial Center project is expected to bring
nearly $1 billion in economic
expansion to the Pittsburgh region
and create thousands of jobs. As a driver of redevelopment in the
Lower Hill District, FNB is among the few large U.S. financial
institutions to move its headquarters to a predominantly Black
community — a move in keeping with the Company's efforts to locate
facilities in underserved areas that benefit from the attendant
employment and community development opportunities.
FNB's contributions to the Hill District highlight its guiding
mission to improve the quality of life in all of its service areas.
In addition to its financial investments, the Company has deployed
multiple programs to champion social and economic development in
diverse communities by expanding access to credit, promoting
homeownership and fostering financial literacy. For more
information about FNB's significant community investments, visit
fnb-online.com/corporateresponsibilityreport.
About F.N.B. Corporation
F.N.B. Corporation
(NYSE: FNB), headquartered in Pittsburgh,
Pennsylvania, is a diversified financial services company
operating in seven states and the District of Columbia. FNB's market coverage
spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High
Point) in North Carolina;
and Charleston, South Carolina.
The Company has total assets of more than $44 billion and approximately 350 banking offices
throughout Pennsylvania,
Ohio, Maryland, West
Virginia, North Carolina,
South Carolina, Washington, D.C. and Virginia.
FNB provides a full range of commercial banking, consumer
banking and wealth management solutions through its subsidiary
network, which is led by its largest affiliate, First National Bank
of Pennsylvania, founded in 1864.
Commercial banking solutions include corporate banking, small
business banking, investment real estate financing, government
banking, business credit, capital markets and lease financing. The
consumer banking segment provides a full line of consumer banking
products and services, including deposit products, mortgage
lending, consumer lending and a complete suite of mobile and online
banking services. FNB's wealth management services include asset
management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York
Stock Exchange under the symbol "FNB" and is included in 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 F.N.B. Corporation website at www.fnbcorporation.com.
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SOURCE F.N.B. Corporation