The report shows how Regions Bank and Regions Foundation are creating more inclusive prosperity.
BIRMINGHAM, Ala. –News Direct– Regions Bank
By Candace Higginbotham
BIRMINGHAM, Alabama, May 3, 2022 /3BL Media/ – Regions Financial Corp. (NYSE: RF) announced the release of the Making Life Better: 2021 Community Engagement Report. The report highlights how the not-for-profit Regions Bank and Regions Foundation, together with Regions Bank Associates, are taking action to make a clear and beneficial difference in helping people, businesses and communities succeed.
“Regions Bank and Regions Foundation serve and support many of the fastest growing markets in the country,” said Leroy Abrahams, Community Affairs Manager for Regions Bank and President and President of Regions Foundation. “As our communities grow, we recognize that for communities to truly succeed, all people must have the opportunity to participate 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 meet important needs.
Regions Bank and Regions Foundation align their community engagement initiatives with three key priorities:
Advance economic and community development;
Support education and workforce readiness;
And increase financial well-being.
These priorities also complement Regions Bank and Regions Foundation’s commitment to advancing racial equity and economic empowerment for communities of color while helping to close the wealth gap and digital divide. Additionally, the Making Life Better: 2021 Community Engagement Report provides key updates on the regions’ commitment to diversity, equity and inclusion.
Among the highlights of the report:
Foster inclusive prosperity through economic and community development
Regions Bank invested $4.4 billion in community development through small business and farm loans, community development loans and other community-focused investments in 2021.
In addition to funding programs that promote and support home ownership, the Regions Foundation has invested $8 million in two socially responsible funds that create more economic development and affordable housing.
The Regions Community Development Corporation (RCDC) has invested $33 million in new debt and equity commitments for affordable housing development, economic revitalization and support for small businesses and low-income individuals or moderate (IMT). RCDC is a wholly owned subsidiary of Regions Bank that provides debt and equity financing for projects and entities with a clear community development objective.
Foster inclusive prosperity through education and workforce readiness
Regions Bank has supported organizations that provide practical job skills, service-learning opportunities for students, and skills building for people with disabilities.
The Regions Foundation has 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 the academic success of 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 webinars for people with disabilities; in addition, the bank has prepared new online modules to help people maintain their financial stability in the event of medical difficulties. This work was officially announced in March 2022 as Regions Bank made a $50,000 contribution to RIP Medical Debt, a non-profit organization that leverages donations to purchase large batches of medical debt and then alleviate this debt without tax consequences for the people helped.
About 1.4 million people received financial education from Regions Bank in 2021.
Regions Bank associates have delivered approximately 124,000 financial wellness workshops in a variety of settings.
Foster inclusive prosperity with a commitment to diversity, equity and inclusion
Regions has again been designated a Military Friendly® Employer by Military Friendly, an organization that measures companies’ commitment to creating career opportunities that leverage military experience. Regions placed in the four categories of the Military Friendly ratings.
The bank was recognized as a “Best Workplace for Disability Inclusion” after achieving a perfect score of 100 on the Disability Equality Index.
In June 2020, Regions Bank and 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. In December 2021, the two entities partnered to invest $14.6 million over 18 months, exceeding the commitment six months earlier. Investments focused on strengthening community development financial institutions and minority depository institutions, growing minority-owned businesses, increasing minority homeownership, bridging the digital divide and the promotion of academic success and success at work.
Regions Bank received a score of 100% on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index (CEI), the nation’s premier benchmarking survey and report measuring related corporate policies and practices equality for LGBTQ+ people in the workplace.
“Regions Bank and Regions Foundation delivered significant results in 2021, and the bank and foundation are working in 2022 to build on that progress,” Abrahams concluded. “By strategically aligning resources with needs, there is enormous potential to do even more.”
The 2021 Community Engagement Report can be read and downloaded here at regions.com. More information about Regions Bank and Regions Foundation can be found in the Community Engagement section of regions.com.
About the Regions FoundationThe Regions Foundation supports community investments that have a positive impact on the communities served by Regions Bank. The Foundation engages in a grant-making program focused on priorities such as economic and community development; workforce education and preparation; and financial well-being. The Foundation is a 501(c)(3) non-profit corporation funded primarily by contributions from Regions Bank.
About the Regions Financial CorporationRegions 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 retail and commercial banking services, wealth management and mortgage products and services. Regions serves customers in 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 a Housing Equality Lender and Member of the FDIC. Additional information about Regions and its full line of products and services is available at www.regions.com.
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See source version at newsdirect.com: https://newsdirect.com/news/tremendous-progress-with-more-to-come-regions-releases-community-engagement-report-745554955