Bank, nonbank mortgage lenders pledge community aid for virus impacts
To address the coronavirus' impact, banks like Truist and Ally and nonbanks like Quicken Loans are investing in community assistance as well as making adjustments to support their workforce and customers.
Truist Financial — the company formed when SunTrust and BB&T Bank merged — promised to put $25 million in philanthropic support toward medical supplies and aid that addresses basic needs and financial hardship.
"Truist cares, and we understand our communities, clients and teammates all need immediate help in this growing crisis. We're also looking forward to the recovery stages of this pandemic to ensure the nonprofit organizations our communities count on have the funding they need to help our neighbors get back on solid footing," Chairman and CEO Kelly King said in a press release.
Ally Financial pledged $3 million toward critical needs like emergency housing, food and food distribution, health care and childcare with a special focus on its "hometown" locations in Detroit and Charlotte, N.C.
"We are taking multiple steps to support our customers, communities and all stakeholders to bolster peace of mind and help safeguard their long-term financial well-being. We'll leverage our strong market position and consumer lending capabilities as we work through the crisis and continue to prioritize long-term value. When we all do our part, we help create stronger and more resilient communities that benefit us all,” CEO Jeffrey Brown said in a press release.
A community fund and foundation with ties to Quicken Loans promised to put more than $1 million into efforts addressing housing instability, vulnerable populations and small business needs in Detroit.
"We understand that the coronavirus pandemic is going to cause unique consequences for our home community, which is why we are announcing a $1.2 million investment from the Quicken Loans Community Fund and Gilbert Family Foundation to support Detroit nonprofits and those in need," CEO Jay Farner said in a press release. Dan Gilbert is Quicken's co-founder and chairman.