On December 21, 2010, members of SLEHCRA gathered to applaud a commitment from First National Bank of St. Louis to invest resources in communities in north St. Louis County, St. Louis City and northwest St. Clair County. The bank is adding these areas to its assessment area and its investment in this expanded service area will total $2.75 million over the next four years.
First National Bank of St. Louis has agreed to undertake the following activities to invest in minority communities:
- the bank will expand its assessment area to include north St. Louis County, St. Louis City and northwest St. Clair County;
- the bank will open a branch location in its new service area within 18 months;
- the bank will commit $2 million in community development loans and investments within the newly incorporated service area;
- the bank will offer a discount mortgage loan product for residents of these areas, which includes up to $2500 in closing costs and/or a 1/2 % discount in interest rate, setting aside up to $500,000 for the discounts;
- the bank will commit $100,000 for Fair Lending and Community Reinvestment Activities;
- the bank is hiring two new community development specialists, and will be increasing its visibility in minority and low-income communities through marketing and financial literacy training.
See our Press Release for more details!
Or read all the details in the complete agreement.
The event and announcement was covered by the following news sources: