PNC announces four-year, $88 billion Community Benefits Plan

PITTSBURGH — Pittsburgh’s largest bank on Tuesday announced a Community Benefits Plan to provide $88 billion in loans, investments and other financial support to bolster economic opportunity for low- and moderate-income individuals and communities, people and communities of color, and other underserved individuals and communities over a four-year period beginning Jan. 1, 2022.

PNC Financial Services Group Inc. said the plan was developed in connection with the anticipated regulatory approval and closing of its pending $11.6 billion acquisition of BBVA USA Bancshares Inc. It will cover the geographies currently served by PNC and the new regions PNC will expand into through the acquisition. The announcement came just a few hours ahead of PNC’s (NYSE:PNC) annual shareholders meeting.

The multipronged plan incorporates, builds on and expands the pledges and plans previously announced by PNC and BBVA USA to help meet community needs, advance economic empowerment and address systemic racism.

Read more from our news partners at the Pittsburgh Business Times.