F.N.B. Corporation Commits Nearly $50 Million to Drive Economic Growth in Rural Business Districts and Historic Neighborhoods
Rhea-AI Summary
F.N.B. Corporation (NYSE: FNB) has launched the FNB Main Street Revitalization Program, a nearly $50 million community development initiative aimed at revitalizing rural business districts and historic neighborhoods. The program consists of three key components: a $1 million small business grant program in partnership with PHLF, over $30 million in low-interest loans for small businesses, and approximately $15 million for rehabilitating historic FNB branches.
The program will first launch in Greenville, PA, where FNB's principal subsidiary was founded in 1864. The initiative includes facade improvements, preservation efforts, and specialized financing options for property and business owners. FNB will begin by renovating its flagship branch at 166 Main Street, utilizing Federal and Pennsylvania Historic Preservation Tax Credits to help fund the restoration work.
Positive
- Significant $50 million commitment to community development
- $1 million grant program for small business facade improvements
- Over $30 million in low-interest financing for small businesses
- $15 million investment in historic branch rehabilitation
- Utilization of Federal and Pennsylvania Historic Preservation Tax Credits for funding
Negative
- None.
News Market Reaction – FNB
In the trading session that priced this news, FNB gained 1.63%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Company Jumpstarts Development by Renovating Multiple Historic Branches; Offers Grants and Specialized Loans to Amplify Preservation and Improvement Initiatives
The FNB Main Street Revitalization Program is comprised of three components:
- A small business grant program developed in partnership with and administered by the Pittsburgh History & Landmark Foundation (PHLF) to support qualifying small business facade improvements. FNB is funding the program through a
$1 million - A proprietary low-interest loan program designed to facilitate the deployment of more than
$30 million - An approximately
$15 million
FNB will first roll out its new program in
"FNB is making a commitment to rural and historic business districts because we believe it is time for companies to take action to drive prosperity in these important communities that in many cases lack investment," said Vincent J. Delie Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank of
Grants & Loans
Encouraging broader improvement efforts, FNB Main Street Revitalization Program grants will be available to support exterior improvements that enhance and preserve historic building facades. The PHLF will provide technical assistance to grant recipients and help to ensure that construction plans align with the Secretary of the Interior's Standards for the Treatment of Historic Properties, the prevailing framework governing historic rehabilitation. Examples of eligible projects may include masonry repairs or repointing, new signage, awnings or painting, among other potential enhancements.
Property and business owners in the Downtown Greenville Historic District can apply for the grant using FNB's eStore®. According to Delie, "We determined that the best way to ensure our program reached small businesses was to distribute it through our eStore digital bank."
FNB also will offer grant recipients special promotional terms, including discounted interest rates and reduced fees, on qualifying real estate loans that align with the FNB Main Street Revitalization Program's overarching objectives. The loans can be used in conjunction with FNB's Business First account bundle, delivering comprehensive banking support for participating small businesses.
Michael Sriprasert, President of PHLF added, "We applaud FNB's understanding of and commitment to the communities it serves. In addition, we were very pleased to work directly with Vince Delie, who developed this program. The FNB Main Street Revitalization Program will work in tandem with and complement our existing community revitalization and preservation resources, and it is an honor to work together to protect the historic structures that create a sense of place and pride for our neighbors."
Renovations of Historic FNB Properties
FNB is in the process of finalizing plans for the renovation of its branch at 166 Main Street in
The Company will use incentives from the Federal and Pennsylvania Historic Preservation Tax Credit programs, both of which enforce rigorous eligibility and quality standards, to help fund its own restoration work. FNB's unique incorporation of government tax credits into its new program has earned the attention of federal and state officials, who emphasize its potential to influence economic development in disinvested areas.
"Every community in
Senator Dave McCormick said, "Investing in
Details about FNB's future deployment of the FNB Main Street Revitalization Program in other markets will be released when they are available. For more information about FNB's significant community investments and lending initiatives, review its Corporate Responsibility Report.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.
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SOURCE F.N.B. Corporation