WINSTON-SALEM, N.C., Dec. 1, 2016 /PRNewswire/ -- BB&T today announced it has donated three office buildings with a combined approximate market value of more than $750,000 to the Borough of Boyertown in Berks County, Pa. The former National Penn properties came into BB&T's possession after its acquisition of National Penn in April 2016. The buildings, one located at 16 West Philadelphia Ave. and two at 23 South Reading Ave., will be used for borough offices and by the Boyertown Police Department.
All three buildings are in "ready-to-move-in" condition and include some office furniture. An adjoining parking lot is also part of the donation.
BB&T Community Banking Group Executive Scott V. Fainor also announced BB&T has awarded a $120,000 grant to Building a Better Boyertown through its BB&T Economic Growth Fund of Berks County Community Foundation. The grant will support the Downtown Boyertown Community Vision and Implementation Plan.
"When we announced the merger of National Penn and BB&T in August of 2015, we committed $5 million for setting up two local community foundations to invest in local economic development opportunities," Fainor said. "We are delighted to make the first disbursement to support Building a Better Boyertown and look forward to seeing the impact it will have on future economic growth and progress."
The Berks County Community Foundation and the Lehigh Valley Community Foundation each received $2.5 million in connection with the BB&T/National Penn merger. The funds allow both foundations to primarily support charitable projects and initiatives that support economic development efforts in Berks County and the Lehigh Valley, respectively.
To celebrate the building donations and grant award, BB&T held a ribbon-cutting ceremony and reception at the Philadelphia Avenue property. Fainor led the event, which was attended by Boyertown Mayor Marianne V. Deery, Boyertown Council President Frank Deery, Boyertown Police Chief Barry Leatherman, Director of Constituent Services Jason Carver representing U.S. Rep. Ryan Costello, Chief of Staff Lisa Walter representing state Sen. Bob Mensch, state Rep. David Maloney, BB&T representatives and other local officials.
"BB&T's continual generosity to our residents is again evident by its donation of these buildings to the borough," Deery said. "These properties will provide much-needed space to serve our residents more efficiently and effectively."
"We hope this plan will serve as a guide for how the BB&T Economic Growth Fund of Berks County Community Foundation will operate in the Boyertown area for the next several years," said Heidi Williamson, the foundation's vice president for programs and initiatives.
"These are exciting times for our town," said Allen Steffy, president of Building a Better Boyertown. "Thanks to the BB&T Economic Growth Fund of Berks County Community Foundation, we have been afforded an opportunity to develop a strategic road map for our future development and continued growth. We are grateful and ready to get down to work."
As of Sept. 30, 2016, BB&T is one of the largest financial services holding companies in the U.S. with $222.6 billion in assets and market capitalization of $30.6 billion. Based in Winston-Salem, N.C., the company operates 2,220 financial centers in 15 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. BB&T also has been named one of the World's Strongest Banks by Bloomberg Markets Magazine, one of the top three in the U.S. and in the top 15 globally. More information about BB&T and its full line of products and services is available at BBT.com.
SOURCE BB&T Corporation