Tremendous Progress. With More to Come. Regions Releases Community Engagement Report

Rhea-AI Summary

Regions Financial Corp. (NYSE:RF) released its 2021 Community Engagement Report, showcasing efforts to promote inclusive prosperity.

Key initiatives include a $4.4 billion investment in community development and $8 million allocated for affordable housing through socially responsible funds.

The report also highlights educational support for Historically Black Colleges and Universities and financial wellness programs that reached 1.4 million individuals.

Regions Bank emphasizes its commitment to diversity, equity, and inclusion, surpassing a $12 million investment goal ahead of schedule.

Positive

• Invested $4.4 billion in community development in 2021.
• Allocated $8 million for affordable housing initiatives.
• Supported Historically Black Colleges and Universities (HBCUs).
• Provided financial education to 1.4 million individuals.
• Surpassed $12 million commitment to racial equity and economic empowerment six months early.

Negative

• None.

Report shows how Regions Bank and the Regions Foundation are creating more inclusive prosperity.

BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Regions Financial Corp. (NYSE:RF) on Wednesday announced the release of the Making Life Better: 2021 Community Engagement Report. The report highlights how Regions Bank and the nonprofit Regions Foundation, along with Regions Bank associates, are taking steps to make a clear and beneficial difference in helping people, businesses and communities achieve success.

Regions Bank and the Regions Foundation are committed to creating more inclusive prosperity. (Photo: Business Wire)

“Regions Bank and the Regions Foundation serve and support many of the fastest-growing markets in the country,” said Leroy Abrahams, head of Community Affairs for Regions Bank and president and chairman of the Regions Foundation. “As our communities grow, we are mindful of the fact that, for communities to truly succeed, all people need an opportunity to take part in that success. This report reaffirms Regions’ commitment to fostering inclusive prosperity by highlighting the many ways Regions Bank and the Regions Foundation are taking meaningful action to address important needs.”

Regions Bank and the Regions Foundation align their community engagement initiatives toward three key priorities:

• Advancing economic and community development;
• Supporting education and workforce readiness;
• And increasing financial wellness.

These priorities also complement the commitment of Regions Bank and the Regions Foundation to advance racial equity and economic empowerment for communities of color while also helping close the wealth gap and the digital divide. In addition, the Making Life Better: 2021 Community Engagement Report provides key updates on Regions’ commitment to Diversity, Equity and Inclusion.

Among highlights from the report:

Fostering Inclusive Prosperity Through Economic and Community Development

• Regions Bank invested $4.4 billion in community development through small-business and small-farm lending, community development lending, and other community-focused investments in 2021.
• In addition to funding programs that foster and sustain homeownership, the Regions Foundation invested $8 million in two socially responsible funds that create more economic development and affordable housing.
• The Regions Community Development Corporation (RCDC) invested $33 million in new debt and equity commitments for the purposes of affordable housing development, economic revitalization and supporting low- and moderate-income (LMI) small businesses and individuals. The RCDC is a wholly owned subsidiary of Regions Bank that provides debt and equity financing for projects and entities with a clear community development purpose.

Fostering Inclusive Prosperity Through Education and Workforce Readiness

• Regions Bank supported organizations that provide hands-on trade skills, service-learning opportunities for college students, and skill-building for people with disabilities.
• The Regions Foundation provided financial support to Historically Black Colleges and Universities (HBCUs) including Tuskegee University, Miles College, Alabama State University, Alabama A&M University and Tennessee State University to help ensure academic success for their students.

Fostering Inclusive Prosperity Through Financial Wellness

• Extensive work was completed in 2021 to expand Regions Bank’s financial wellness programs to include a series of online seminars for people with disabilities; further, the bank prepared new online modules to help people maintain financial stability during a medical hardship. This work was formally announced in March 2022 as Regions Bank made a $50,000 contribution to RIP Medical Debt, a nonprofit that leverages donations to purchase large bundles of medical debt and then relieve that debt with no tax consequences to the people who are helped.
• Approximately 1.4 million people received financial education from Regions Bank in 2021.
• Regions Bank associates led approximately 124,000 financial wellness workshops in a variety of settings.

Fostering Inclusive Prosperity with a Commitment to Diversity, Equity and Inclusion

• Regions was once again designated a Military Friendly^® Employer by Military Friendly, an organization that measures the commitment of companies to create professional opportunities that leverage military experience. Regions placed in all four categories of the Military Friendly ratings.
• The bank was recognized as a ‘Best Place to Work for Disability Inclusion’ after earning a perfect score of 100 on the Disability Equality Index.
• In June 2020, Regions Bank and the Regions Foundation announced a two-year, $12 million commitment to advance programs and initiatives that promote racial equity and economic empowerment for communities of color. By December 2021, both entities combined to invest $14.6 million in 18 months, surpassing the commitment six months early. Investments focused on strengthening community development financial institutions and minority depository institutions, growing minority-owned businesses, increasing minority homeownership, reducing the digital divide, and promoting educational attainment and workforce success.
• Regions Bank received a score of 100% on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index (CEI), the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality.

“Regions Bank and the Regions Foundation saw significant results in 2021, and both the bank and foundation are working in 2022 to build on that progress,” Abrahams concluded. “Through strategically aligning resources with needs, there is tremendous potential to do even more.”

The 2021 Community Engagement Report is available to read and download here on regions.com. More information about Regions Bank and the Regions Foundation is available in 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 Financial Corporation

Regions Financial Corporation (NYSE:RF), with $164 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 1,300 banking offices and more than 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220427005077/en/

Jeremy D. King

Regions Bank

205-264-4551

regions.doingmoretoday.com

Follow Regions News on Twitter: @RegionsNews

Source: Regions Financial Corp.

FAQ

What key findings are in Regions Financial Corp.'s 2021 Community Engagement Report?

The report highlights a $4.4 billion investment in community development, $8 million for affordable housing, and educational support for HBCUs.

How much did Regions Financial Corp. invest in community development in 2021?

$4.4 billion was invested in community development through various lending and investment initiatives.

What is the commitment value Regions Financial Corp. surpassed related to racial equity?

Regions surpassed a $12 million commitment to advancing racial equity and economic empowerment six months ahead of schedule.

How many people did Regions Financial Corp. provide financial education to in 2021?

Regions provided financial education to approximately 1.4 million individuals in 2021.

What organization did Regions Financial Corp. support for affordable housing?

Regions allocated $8 million towards socially responsible funds aimed at creating more affordable housing.