Operation HOPE and Fulton Bank Partnership Generates Nearly $1 Billion in Loans to Low- and Moderate-Income Homebuyers

Rhea-AI Summary

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has been recognized by Operation HOPE for providing nearly $1 billion in loans to low- and moderate-income homebuyers since 2016. The funds have particularly supported over 5,700 borrowers through the Closing Cost Assistance Program, aiding them with upfront costs related to home purchases. Additionally, Fulton has contributed more than $8 million in grants to enhance affordability. This partnership emphasizes Fulton Bank's commitment to social mobility and financial inclusion, as highlighted during the recent HOPE Global Forum in December 2022.

Positive

• Recognized for nearly $1 billion in loans to low- and moderate-income homebuyers.
• Facilitated over 5,700 loans under the Closing Cost Assistance Program.
• Contributed more than $8 million in grants to support home affordability.

Negative

• None.

Since 2016, Fulton Bank has made a substantial number of low- to moderate-income home loans through its partnership with Operation HOPE

LANCASTER, Pa. & ATLANTA--(BUSINESS WIRE)-- Operation HOPE recently recognized Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), for providing nearly $1 billion in loans to low- and moderate-income homebuyers over the past seven years.

“We’re pleased to partner with organizations like Fulton Bank that understand the importance of home ownership in empowering our communities,” said John Hope Bryant, Founder, Chairman and CEO of Operation HOPE. “We honored Fulton Bank for their commitment to increasing social mobility at our recent HOPE Global Forum, the largest gathering of its kind, dedicated to expanding financial inclusion for everyone.”

In 2016, Fulton Bank began collaborating with Operation HOPE, a leading non-profit focused on financial literacy and economic inclusion. Fulton Bank participates in the Closing Cost Assistance Program, which provides grants to buyers to help with the up-front costs of purchasing a home. Fulton also sponsors Operation HOPE financial wellness coaches in six cities throughout its footprint. The coaches provide free education to consumers, focusing on improving their credit and preparing them for the financial aspects of home ownership.

Fulton Bank has helped facilitate more than $968 million in loans to more than 5,700 homebuyers under the Closing Cost Assistance Program, and that cumulative total is on track to hit $1 billion in loans in 2023. In addition to homebuyer loans, the bank has donated more than $8 million in grants to make purchasing a home more affordable for low and moderate-income buyers.

“Fulton Bank’s purpose is to change lives for the better, and one of the best ways we can do that is by helping people achieve the dream of homeownership,” said William “Smokey” Glover, Executive Vice President and Director of Fair and Responsible Banking for Fulton Bank. “We are grateful for our collaboration with Operation HOPE, which enables us to provide valuable financial education along with financing. Both elements are critical to set homebuyers on a path to success.”

Operation HOPE recognized Fulton Bank for their ongoing collaboration at the 9^th Annual HOPE Global Forums in Atlanta in December, which included nearly 5,000 delegates and attained more than 1 million views online.

About Operation HOPE, Inc.

Since 1992, Operation HOPE has been moving America from civil rights to "silver rights" with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through its community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. For more information: OperationHOPE.org. Follow the HOPE conversation on Twitter, Facebook and Instagram.

About Fulton Bank, N.A.

Headquartered in Lancaster, Pa., Fulton Bank is a premier community bank in the Mid-Atlantic region. As a subsidiary of Fulton Financial Corporation, a $26 billion financial services holding company, Fulton Bank offers 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 3,300 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, Equal Housing Lender.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230123005683/en/

Operation HOPE:

Lalohni Campbell

(404) 593-7145

Fulton Bank:

Steve Trapnell

(717) 291-2739

Source: Fulton Financial Corporation

FAQ

What is Fulton Bank's loan contribution to low-income homebuyers in 2023?

Fulton Bank has provided nearly $1 billion in loans to low- and moderate-income homebuyers since 2016.

How many homebuyers have benefitted from Fulton Bank's Closing Cost Assistance Program?

Over 5,700 homebuyers have received assistance through the Closing Cost Assistance Program.

What amount has Fulton Bank donated to make home purchasing more affordable?

Fulton Bank has donated more than $8 million in grants to assist low and moderate-income buyers.

When was Fulton Bank recognized by Operation HOPE?

Fulton Bank was recognized at the 9th Annual HOPE Global Forum in December 2022.