CINCINNATI, Jan. 30,
2024 /PRNewswire/ -- First Financial Bank (Nasdaq:
FFBC) has entered into a new $2.4
billion, five-year Community Benefits Agreement (CBA) with
the National Community Reinvestment Coalition (NCRC) and related
partner organizations, establishing goals for lending and
investments to low- and moderate-income (LMI) clients and census
tracts. The new agreement follows the successful conclusion of
First Financial's previous CBA, during which it achieved 192
percent of its $1.75 billion goal in
lending and investments for 2018-2023.
"Our new Community Benefits Agreement is a bold statement about
how First Financial intends to continue its mission to improve
lives and help communities thrive," said Archie Brown, president and CEO of First
Financial. "These are neighborhoods where we live and work, and we
are taking a leading role in helping our neighbors achieve goals
and improve their financial wellbeing."
"First Financial exceeded the goals we set together in our
previous CBA and agreed to continue this strategic collaboration by
negotiating new commitments to low- and moderate-income
communities," said NCRC President and CEO Jesse Van Tol. "These new
commitments will directly improve the material conditions of
under-resourced neighborhoods within the bank's footprint. Every
bank should take notice and embrace the same collaborative approach
that First Financial continues to take on these issues."
First Financial's goals under the new CBA include:
- $700 million in mortgage lending
through the use of products providing greater access to LMI
communities and borrowers, an intentional effort in rural
communities, a commitment to community development mortgage loan
officers and providing small-dollar mortgages and home improvement
loans,
- $600 million in small business
lending through support of small business development corporations
and business incubators, and through the issuance of
microloans,
- $1.075 billion in community
development lending and investments in affordable housing,
community services, revitalization and stabilization, and projects
that create permanent jobs, which benefit LMI areas,
- $18 million in philanthropy,
targeting donations to organizations that create and preserve
affordable housing and workforce development, plus those that
provide housing counseling and promote financial and economic
inclusion,
- $9 million in branch distribution
and access, with three new financial centers located in LMI
communities,
- Commitment to a minimum source-able vendor spend of 25 percent
with minority-owned business enterprises (MBE), women-owned
business enterprises (WBE), disability-owned business enterprises
(DBE) and veteran owned businesses by 2028,
- $1.2 million in marketing and
communications to benefit clients and communities in LMI and
majority-minority census tracts (MMCT).
"We have much to accomplish under this new agreement and already
have a head start working in many of these areas,"
said Roddell McCullough, chief corporate responsibility
officer for First Financial. "Our previous CBA was an incredible
success, touching thousands of lives for the better. I am excited
at the prospect of helping many more individuals, families and
businesses in the next five years."
First Financial's commitment to its communities over recent
years was further validated when it achieved a rating of
Outstanding from the Federal Reserve Board in 2021 for its
performance under the Community Reinvestment Act (CRA). This
rating, the highest available, came after a broad evaluation of
First Financial's lending, investment and service levels from
2017-2020. The review specifically looked at First Financial's work
that benefitted customers who met income guidelines or resided in
LMI census tracts.
About First Financial Bancorp.
First Financial
Bancorp. is a Cincinnati, Ohio
based bank holding company. As of December
31, 2023, the Company had $17.5
billion in assets, $10.9
billion in loans, $13.4
billion in deposits and $2.3
billion in shareholders' equity. The Company's subsidiary,
First Financial Bank, founded in 1863, provides banking and
financial services products through its six lines of business:
Commercial, Retail Banking, Investment Commercial Real Estate,
Mortgage Banking, Commercial Finance and Wealth Management. These
business units provide traditional banking services to business and
retail clients. Wealth Management provides wealth planning,
portfolio management, trust and estate, brokerage and retirement
plan services and had approximately $3.5
billion in assets under management as of December 31, 2023. The Company operated 130 full
service banking centers as of December 31,
2023, located in Ohio,
Indiana, Kentucky and Illinois, while the Commercial Finance
business lends into targeted industry verticals on a nationwide
basis. Additional information about the Company, including its
products, services and banking locations, is available at
www.bankatfirst.com.
About NCRC
The National Community Reinvestment
Coalition is a network of organizations and individuals dedicated
to creating a nation that not only promises but delivers
opportunities for all Americans to build wealth and live well.
Learn more at ncrc.org.
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SOURCE First Financial Bancorp.