Fulton Bank Releases First Corporate Social Responsibility Report Focused on Changing Lives for the Better

Rhea-AI Summary

Fulton Bank, part of Fulton Financial Corporation (NASDAQ: FULT), released its inaugural Corporate Social Responsibility (CSR) report, highlighting its commitment to community development. With $11.7 million in charitable donations and $830 million in HomeReady® Mortgage Plus loans since 2016, the bank emphasizes its role in economic empowerment. Key achievements include over 40,000 employee volunteer hours and partnerships aimed at enhancing financial literacy and supporting underserved communities.

Positive

• Over $11.7 million in charitable contributions since 2019.
• Distributed $2.7 billion in Paycheck Protection Program loans.
• Rated Outstanding for Community Reinvestment Act (CRA) lending.

Negative

• None.

LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Bank, the banking subsidiary of Fulton Financial Corporation (NASDAQ: FULT), today released its first Corporate Social Responsibility (CSR) report showcasing how the company is meeting its mission of changing lives for the better. From driving economic development and revitalization in local communities to helping people in underserved populations own homes and start businesses, Fulton Bankers are working hard to improve the lives of everyone around them.

“For 140 years, we’ve been a community bank and we’ll continue to be a community bank,” said Curtis “Curt” Myers, Chairman and CEO, Fulton Bank. “We’re proud to share what that means to us in this first CSR report—it means giving back, supporting others and changing lives for the better.”

Statistical highlights of the Corporate Social Responsibility Report include:

• $11.7 million in charitable contributions and donations via Fulton Bank and the Fulton Forward® Foundation*
• 40,950 employee volunteer hours* among 3,200 employees
• Rated Outstanding for Community Reinvestment Act (CRA) lending
• 4,695 HomeReady® Mortgage Plus loans through Fulton Mortgage Company for low-to-moderate buyers totaling $830 million since 2016
• 7,239 residential mortgage loans totaling $1.1 billion from 2014 to 2021**
• $7.7 million in closing cost assistance program grants disbursed from 2016 to 2021
• $3.6 million in other down payment and closing cost assistance programs disbursed to 735 families*
• $2.7B+ in Paycheck Protection Program loans distributed
• $135 million in Small Business Administration loans financed*

* reflects total aggregates from 2019 through 2021
** reflects mortgages through our HomeBuyer Advantage Plus®, HomeReady Plus® and Fulton Bank Community Combo programs

Story highlights from the report include:

• Signature partnership with Operation HOPE to provide seven financial wellness coaches across our five-state footprint
• Four-year partnership with the Featherstone Foundation to advance economic outcomes of immigrant families via volunteerism and a scholarship
• Partnership with local work-study programs to help underprivileged youth gain hands-on experiences, with five program graduates hired by Fulton Bank
• Partnerships with local schools to teach children financial literacy and how to save money
• Since 2019, we’ve opened three new financial centers in Baltimore and the Brewerytown Financial Center was designated as a Small Business Center of Excellence
• Financed $26 million to Horizon House to relocate to a larger community hub to provide child care, senior health care and other community services
• Financed $17.4 million to improve six buildings served by Blind Industries and Services of MD (BISM)
• Secured financing for the Philadelphia Metropolitan Opera House renovation and made a qualifying equity investment beginning total financing to $56 million
• Secured financing for $8 million qualifying equity investment for a new industrial laundry facility in Camden, NJ, creating 120 jobs

Learn more about Fulton Bank in the 2021 CSR report.

About Fulton Bank, N.A.

Headquartered in Lancaster, Pa., Fulton Bank is a premier community bank in the Mid-Atlantic region. As part of Fulton Financial Corporation, a $26 billion financial services holding company, we offer a broad array of products and services at more than 200 financial centers across Pennsylvania, New Jersey, Maryland, Delaware, and Virginia. At Fulton Bank, we seek to change lives for the better by building strong customer relationships, providing significant community support and empowering more than 3,200 employees to do the same. Through the Fulton Forward® initiative, we’re helping build vibrant communities. Learn more at www.FultonBank.com. Fulton Bank, N.A., Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220504006013/en/

Lacey Dean

(717) 735-8688

Source: Fulton Bank

FAQ

What are the key highlights from FULT's 2021 CSR report?

The report highlights $11.7 million in charitable contributions, $830 million in HomeReady® Mortgage loans, and over 40,000 employee volunteer hours.

What initiatives did Fulton Bank undertake for community support?

Fulton Bank partnered with Operation HOPE for financial wellness coaching and engaged in programs to improve financial literacy among youth.

How much did Fulton Bank contribute to the community in 2021?

Fulton Bank contributed $11.7 million in charitable donations through its foundation.

What financial assistance programs has Fulton Bank supported since 2016?

Fulton Bank has provided $830 million in HomeReady® Mortgage loans for low-to-moderate income buyers.

How many mortgage loans did Fulton Bank finance from 2014 to 2021?

Fulton Bank financed 7,239 residential mortgage loans totaling $1.1 billion.