BIRMINGHAM, Ala. – Jul. 29, 2020 – Regions Bank on Wednesday announced the release of its Community Engagement Report covering 2019.
Throughout the year, Regions Bank, its associates and the Regions Foundation worked with customers, neighbors and community leaders to reduce barriers to success and help people and businesses achieve their financial goals. Regions aims to build inclusive prosperity through targeted community engagement in three priority areas:
- Economic and Community Development
- Education and Workforce Readiness
- Financial Wellness
“A couple years ago, we embraced the idea of inclusive prosperity because we realized that not all sectors of the communities we serve were growing at equal rates,” said Leroy Abrahams, head of Community Affairs for Regions Bank and chair and president of the Regions Foundation. “It’s important for us to help those segments that have not experienced growth in the same way as others.”
In 2019, that help came through community investments, thought leadership and associate engagement:
- Community Investments: To promote inclusive prosperity, Regions supported $3.14 billion in community development. This includes lending, investments and contributions designed to benefit low- and moderate-income residents and communities, promote small business and small farm development, and revitalize distressed and underserved areas. Through grants and sponsorships, Regions contributed $17.4 million in philanthropic and community giving to national and local partners.
- Thought Leadership: Regions leveraged its social and intellectual capital to promote stakeholder collaborations. From hosting education and workforce development gatherings, such as the example linked here, to providing technical and strategic planning expertise to community organizations, Regions and other participants worked together to develop sustainable solutions.
- Associate Engagement: In addition to financial and in-kind donations to nonprofit organizations and schools, Regions associates contributed more than 88,000 volunteer service hours to help make life better in their communities.
Progress continues in 2020.
The release of the 2019 Community Engagement Report coincides with Regions’ commitment to programs and initiatives that promote racial equity and economic empowerment for communities of color. This commitment includes:
- A $1 million commitment from the Regions Foundation for The National Urban League and its local affiliates that work to empower African Americans and underserved residents in urban areas by securing economic advancements, parity, power and civil rights.
- A $2 million commitment over two years by the Regions Community Development Corporation, a wholly owned subsidiary of Regions Bank, to support Community Development Financial Institutions (CDFIs) and minority-owned banks as they help individuals and small businesses achieve their financial goals.
- Additional investments to help advance minority business development, increase minority homeownership rates, and reduce the digital divide in underserved communities.
“Our mission is to make life better for all the communities we serve. And we can’t accomplish that effectively without addressing the challenges that are currently being faced by the communities of color that are in our footprint,” Abrahams said.
Regions and the Regions Foundation have also committed $5 million to support COVID-19 relief efforts, so far awarding $3.1 million to more than 220 organizations across 16 states. The nearly $2 million in remaining funds will go toward needs as communities continue to bounce back.
“Before the pandemic happened, we put mechanisms in place that would allow us to be effective throughout all stages of recovery from an event such as this,” Abrahams said. “We’ve leaned into our strengths, made strategic investments toward immediate relief and short-term recovery, and we believe we are well-positioned to help our communities in longer-term rebuilding that takes place.”
The complete 2019 report can be accessed at this link. Regions maintains extensive, year-round outreach encouraging associate volunteerism and community support. For additional details on programs and initiatives, 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 $144 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.