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Truist receives “outstanding” rating in community reinvestment act review

Truist receives “outstanding” rating in community reinvestment act review

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Truist, the nation’s sixth-largest bank, debuted Dec. 6 following BB&T Corp.’s $33.5 billion purchase of SunTrust Banks Inc. Truist’s community/retail banking hub is in Winston-Salem, while the bank headquarters is in Charlotte.

Truist Financial Corp. reported Tuesday it has received an “outstanding” rating from the Federal Deposit Insurance Corp. for the bank’s most recent Community Reinvestment Act (CRA) examination period.

An outstanding rating is the highest for a CRA review.

During the examination period of Jan. 1, 2017, to Dec. 31, 2019, Truist cited: originating nearly 40,000 mortgage loans totaling $9.6 billion to support flexible or innovative product offerings to first-time or low- or moderate-income homebuyers; provided funding to create or rehabilitate more than 26,600 affordable housing units; issued 1,773 community-development loans totaling $6.3 billion; and provided $1.8 billion in CRA-qualified investments and philanthropic giving.

Truist said it achieved 110% of mortgage lending and 328% of philanthropic targets for the Community Benefits Plan year-end 2020 goal.

The bank plans to open at least 15 new branches in low- to moderate-income and/or majority-minority communities across its 15-state market.

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@rcraverWSJ

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