ATLANTA, June 5, 2019 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) announced that it will invest $100 million a year for the next three years in the Atlanta community. The investment will be made through a range of community and not-for-profit organizations.
"The success of SunTrust and Atlanta has been inextricably linked for more than 125 years," said Bill Rogers, chairman and CEO of SunTrust. "SunTrust is doubling its community investment in Atlanta, demonstrating that our commitment to our current home market is strong now and will remain so following our proposed merger with BB&T."
The mix of programs and grants supporting this initiative will vary each year, providing investments tailored to the diverse needs of the Atlanta community. It will include a combination of community development investments from the bank and philanthropic grants from its foundation. Examples of investments in prior years include:
- A $3.3 million New Markets Tax Credit investment to the Boys & Girls Club of Atlanta to support construction of a new facility focused on teen engagement and youth development.
- A $7.3 million New Markets Tax Credit investment for the construction of YMCA of Metro Atlanta's new headquarters and early childhood learning center on the Westside.
- A $10.6 million Low-Income Housing Tax Credit investment to help construct 175 units of affordable senior housing in greater Atlanta.
SunTrust has already started increasing its community support in Atlanta this year. One example is the recently announced SunTrust Foundation grant of $5 million to the Westside Future Fund for its affordable housing and small business initiatives.
"Our increased investment in Atlanta will make a meaningful impact ranging from affordable housing to workforce and economic development, youth enrichment and community-based financial well-being programs. We will partner with a diverse set of respected institutions across the city – from neighborhood revitalization programs to hospitals, schools, and others engaged in building a vibrant Atlanta," Rogers said. "We fundamentally believe that when you build your community, you build your bank."
SunTrust, a purpose-driven company dedicated to Lighting the Way to Financial Well-Being, said the investments are beginning immediately and will double the average annual investment and philanthropy in 2019-2021 compared to 2016-2018 levels.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2019, SunTrust had total assets of $220 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
SOURCE SunTrust Banks, Inc.