PITTSBURGH, April 2, 2020 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE:PNC) today announced $30
million in charitable support of coronavirus relief efforts,
primarily directed toward basic needs and hardship relief programs
across the markets in which PNC operates.
"The safety and well-being of our customers, employees and the
communities we serve has always been a top priority for PNC," said
PNC Chairman, President and CEO William S.
Demchak. "That commitment has never been more important as
we collectively navigate the unprecedented challenges posed by this
global pandemic."
PNC's funding – which will be disbursed throughout 2020 – will
be coordinated by the PNC Foundation and PNC's Office of the
Regional Presidents, building on the company's legacy of
philanthropic support in the communities it serves.
This will include additional PNC Foundation funding across PNC's
local markets. Each PNC regional president will lead the
identification of grant opportunities that provide the greatest
local impact in the areas of food insecurity and shelter, early
education and online resources that enhance access to information,
programs and tools for those in need. Among the PNC
Foundation's support of local coronavirus relief efforts is a
$1 million grant announced earlier
this week in Pittsburgh to the
United Way of Southwestern
Pennsylvania to create the Students and Families Food Relief
Fund, designed to support families struggling with food insecurity
during the pandemic.
PNC's coronavirus relief support also includes an employee
matching gift program in support of the coronavirus relief efforts
of the American Red Cross and the United Way of Southwestern Pennsylvania's Students and
Families Food Relief Fund.
Separately, PNC also continues to support its customers facing
financial hardship due to the coronavirus. Assistance
includes: grace periods for mortgage payments and consumer loans,
with no late fees; no new foreclosures, evictions or repossessions;
waivers of certain fees and charges; no adverse credit reporting
for accessing relief; and emergency relief for consumer and small
and medium-sized business loans, including those being provided
through the recently enacted federal CARES Act.
"As a bank, we recognize our role as a pillar of the communities
we serve, and we are actively working with those affected,
providing a variety of solutions that make the most sense for
meeting their particular needs," said Demchak. "Now more than
ever, it is critical that we come together to support our customers
and communities, and we are grateful to our employees for their
continued commitment to doing just that."
PNC has taken a number of steps to ensure the safety of its
employees and customers, including implementation of a
work-from-home strategy for employees whose jobs can be performed
remotely during these unprecedented times. For team members who
must be on site, PNC has put in place a variety of safeguards,
including temporary adjustments to retail branch access, operating
primarily in drive- up only mode; social distancing policies; and
two-week, split-team rotations for frontline and operations
employees, who are receiving paid time off for the two-week periods
when they are not on site and additional pay in the form of monthly
lump sum payments. In addition, employees also are eligible
for up to two weeks paid time off for child or elder care.
The PNC Foundation, which receives its principal funding from
The PNC Financial Services Group, actively supports organizations
that provide services for the benefit of communities in which it
has a significant presence. The foundation focuses its
philanthropic mission on early childhood education and community
and economic development, which includes the arts and culture.
Through Grow Up Great®, its signature cause that began
in 2004, PNC has created a bilingual $500
million, multi-year initiative to help prepare children from
birth to age 5 for success in school and life.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA:
Marcey
Zwiebel
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan
Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE PNC Financial Services Group