In East Alton, Ill., 46 families will move into an energy-efficient home to call their own. In Charlotte, N.C., 85 middle-school students from a struggling neighborhood get special support to succeed in school. And in Philadelphia, a neighborhood health center will open its doors to serve a low- and moderate-income residents.
These projects and many more are examples of PNC’s community development work. For its most recent Community Reinvestment Act (CRA) exam, PNC earned an “outstanding” rating. PNC has consistently earned this top rating since CRA examinations began, including those with the more stringent CRA revisions of 1995 that focus on lending, investments and services. “Outstanding” is the highest rating given by the Office of the Comptroller of the Currency (OCC), a federal agency that evaluates financial institutions.
Community development activities that support lower income individuals or neighborhoods — such as affordable housing, economic development, revitalization and community services related to financial expertise — are considered when the OCC decides the rating. The most recent rating is based on PNC’s activities from 2009-mid 2012, a time when the bank doubled in size with its acquisition of National City.
Bill Demchak, PNC’s chairman, president and chief executive officer, said PNC works to make communities stronger and more prosperous. 'It's a part of our culture and what defines us as a Main Street bank is that we aim to always do right by those we serve and to deliver a superior banking experience for every customer,' he said.
Three Tests to Achieve the Rating
CRA activities fall under three areas and involve many lines of business across PNC:
PNC’s Community Development Banking group serves as the connector of PNC in our low- and moderate-income -communities across the bank’s footprint. The team works with consumer groups, community organizations, neighborhood developers and local community development corporations, serving as the entry point to the rest of PNC. CDB distinguishes PNC because our objective is to meet the needs of our low- and moderate-income communities through a blend of products, services and philanthropy.
PNC brings Grow Up Great, its early childhood education program, to communities through the Mobile Learning Adventure, a traveling exhibit that engages children in fun, learning activities.
Volunteerism, for CRA purposes, is demonstrated by PNC employees’ extending their financial expertise into the community in some way. Often it’s through serving on a board or by providing financial education that positively impacts families or communities.
In the current environment and heightened expectations, few banks achieve this rating. PNC's achievement reflects not only our commitment to communities, but also our best practices around fair and responsible banking.
It takes everyone across PNC to be focused on lending and investing in low- and moderate-income communities — we all own this outcome.
In Cleveland, the PNC Fairfax Connection is a free community resource center offering local business owners and residents of all ages access to innovative technology, educational opportunities and exciting new experiences.
Amy Howcroft is CRA compliance manager and Cathy Niederberger is managing director of community development banking for PNC Bank.
For more details of PNC’s community support, read the 2015 Corporate Responsibility Report.
Amy Howcroft, CRA compliance manager
Cathy Niederberger, managing director of community development banking
Every three to four years, the OCC evaluates a bank’s record of meeting the credit needs of its entire community — including low- and moderate-income neighborhoods — consistent with the safe, sound operation of the institution. Based on the evaluation, a bank is rated as outstanding, satisfactory, needs to improve or substantial noncompliance.
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