Cadence Bank Announces Five-Year Community Benefits Plan
Monday, June 17th, 2019
Cadence Bank is pleased to announce the creation of its 2019-2023 Community Benefits Plan, a comprehensive guide that outlines the bank’s commitment to providing for the needs of the underserved in its low- to moderate-income communities.
Created with input from the National Community Reinvestment Coalition (NCRC) and stakeholders and community leaders in Cadence’s major markets, the $2.5 billion five-year commitment includes provisions for mortgage lending, small business lending, and community development lending and investments across the bank’s six-state footprint encompassing Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
“Cadence has always held a firm commitment to serving the financial needs of every member of our communities,” said Hank Holmes, Cadence Bank president. “We want to be a driving force for economic development and believe that when our neighbors thrive, the entire community is strengthened. It’s important that we approach our ongoing commitment to those in under-resourced areas of our footprint as strategically as possible.”
Under this plan, Cadence commits to a five-year goal of making $1.123 billion in residential mortgage loans to traditionally underserved persons and communities, including: Loans to low- and moderate-income (“LMI”) borrowers, loans to minority borrowers, loans on properties located in LMI census tracts, and loans on properties located in majority-minority census tracts. Cadence will also work with community stakeholders through a newly created CRA Advisory Committee to review features of Cadence’s mortgage loan products, with the goal of further expanding access to home ownership financing. The CRA Advisory Committee also will report on the progress of plan implementation.
Additionally, Cadence will allocate $686 million to small business lending to businesses located in LMI census tracts and/or businesses with gross annual revenues of less than $1 million, as well as $706 million to community development lending and investment.
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.