BIRMINGHAM, Ala.--(BUSINESS WIRE)--Regions Bank and the nonprofit Regions Foundation on Tuesday announced a $12 million commitment to advance programs and initiatives that promote racial equity and economic empowerment for communities of color while creating more inclusive opportunities for success.
“At Regions, we are committed to serving others to make life better, and we stand together with our communities in addressing the systemic racism and bias that impact so many people in our society,” said John Turner, Regions President and CEO. “As a financial organization, it is our responsibility to use our resources and expertise in ways that address disparities and create positive change. In 2018, we updated our approach to community investments by prioritizing initiatives that create more inclusive prosperity. While we have made significant progress, much more work remains to be done. The financial commitment we are announcing today represents another important step in our path toward advancing racial equity and economic empowerment.”
The $12 million commitment will be allocated by Regions Bank, the Regions Foundation and the Regions Community Development Corporation over the next two years. Initial allocations will include:
- $1,000,000 from the Regions Foundation for the National Urban League: The National Urban League and its local affiliates work to empower African Americans and underserved residents in urban areas by securing economic advancements, parity, power and civil rights. Regions is a longtime supporter of the Urban League and works closely with affiliates to address community needs.
- $2,000,000 allocated through deposits in Minority-Owned Banks and investments in Community Development Financial Institutions (CDFIs): The Regions Community Development Corporation, a wholly owned subsidiary of Regions Bank, will set aside $2,000,000 to support the services of minority-owned banks as they help clients achieve financial goals, including homeownership, and CDFIs that work with minority-owned businesses to support their growth and success.
Additional portions of the $12 million will be allocated based on needs identified in conjunction with community partners. Regions will focus on three key areas to address underlying factors associated with racial disparities and economic empowerment. Specifically, these investments will seek to:
- Advance minority business development
- Increase minority homeownership rates
- Reduce the digital divide by increasing web accessibility in underserved communities
- Investments will also be based on input from Regions associates gathered through listening tours conducted by company leadership during the month of June. These tours provided an opportunity for associates to share ideas, observations and feedback on ways Regions can address social needs.
- Regions will continue its financial support and collaboration with organizations including Operation HOPE, the Inner City Capital Connections program, Historically Black Colleges and Universities(HBCUs), and other organizations that work daily to foster and promote economic empowerment.
“By making significant investments through our financial resources, as well as through volunteerism and community involvement, Regions is working to advance racial equity, help create greater social justice, and deliver meaningful benefits across the communities we serve,” said Leroy Abrahams, head of Community Affairs for Regions Bank. “Our teams have deep relationships with organizations on the front lines of moving our communities forward. We are working hand-in-hand with these organizations and will develop additional community partnerships to achieve our shared goals of racial equity, expanded opportunities, and a more just society where everyone can prosper.”
Regions maintains an extensive, year-round program encouraging associate volunteerism and community support. For additional details on programs and initiatives championed by Regions and its associates, visit the Community Engagement section of Regions.com.
About Regions Foundation
Regions Foundation supports community investments that positively impact the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.
About Regions Community Development Corporation
Regions Community Development Corporation (RCDC) is a wholly owned subsidiary of Regions Bank and serves as a catalyst to help revitalize communities and improve the lives of economically disadvantaged families in the Regions footprint. RCDC helps fulfill Regions’ mission to make life better by providing debt and/or equity financing for projects and entities with a community-development purpose.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $133 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,400 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.