TUPELO, Miss. and HOUSTON, Feb. 24,
2022 /PRNewswire/ -- Cadence
Bank (NYSE: CADE) announced today 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."
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.
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.
About Cadence
Bank
Cadence Bank
(NYSE: CADE) is a leading regional banking franchise with
approximately $50 billion in assets
and more than 400 branch locations across the South, Midwest and
Texas. Cadence provides consumers,
businesses and corporations with a full range of innovative banking
and financial solutions. Services and products include consumer
banking, consumer loans, mortgages, home equity lines and loans,
credit cards, commercial and business banking, treasury management,
specialized lending, asset-based lending, commercial real estate,
equipment financing, correspondent banking, SBA lending, foreign
exchange, wealth management, investment and trust services,
financial planning, retirement plan management, and personal and
business insurance. Cadence is committed to a culture of respect,
diversity and inclusion in both its workplace and communities.
Cadence Bank, Member FDIC. Equal
Housing Lender.
About the National Community Reinvestment
Coalition
The National Community Reinvestment Coalition and
its grassroots member organizations create opportunities for people
to build wealth. We work with community leaders,
policymakers, and financial institutions to champion fairness in
banking, housing, and business. NCRC was formed in 1990 by
national, regional, and local organizations to increase the flow of
private capital into traditionally underserved communities.
NCRC has grown into an association of more than 6oo community-based
organizations in 42 states that promote access to basic banking
services, affordable housing, entrepreneurship, job creation, and
vibrant communities for America's working families. More can
be found at: www.ncrc.org.
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SOURCE Cadence Bank