U.S. Bank Invested $3.2 Billion to Strengthen Communities in 2012
MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bank committed more than $3.2 billion last year to communities across the country through community development loans, investments, grants, corporate contributions and nonprofit sponsorships. That funding helped breathe new life into residential neighborhoods, create new affordable housing and transform abandoned commercial buildings into vibrant new spaces.
These investments and other contributions to the community are detailed in the bank's newly released 2012 Corporate Citizenship Report.
"U.S. Bank is committed to strengthening the foundations of the communities where we do business and beyond," said Richard Davis, chairman, president and chief executive officer of U.S. Bancorp, parent company of U.S. Bank. "Each year, we partner with hundreds of nonprofit organizations to revive neighborhoods and urban cores by establishing much-needed affordable housing, services and programs."
The $3.2 billion committed in 2012 includes community development loans, tax credit investments, U.S. Bank Foundation grants, corporate giving and nonprofit sponsorships. Some examples:
Affordable housing - U.S. Bank provided $1.6 billion in community development investments across the country. This included a partnership with Habitat for Humanity affiliates in which U.S. Bank helped finance the construction and sale of 712 Habitat for Humanity homes in 18 states. Over the past five years, U.S. Bank has supported the development of 2,975 Habitat homes spanning 30 states.
Transforming buildings - U.S. Bank made a commitment in 2012 to find projects that would renovate previously abandoned buildings or unfinished developments into creative, new spaces and uses. Notable commitments include $4.7 million to turn an empty museum into Discovery Science Center - Los Angeles, $5 million to renovate a historic Oakland building into the new region headquarters for Girls, Inc. of Alameda County and $38 million for Colorado Coalition for the Homeless to relocate and expand its community health center and supportive housing facilities in Denver.
Community restoration -U.S. Bank recently piloted Community Restoration Fund programs in Milwaukee and the Twin Cities and saw significant impact from those programs last year. Each program created a $1 million revolving loan pool that allowed community developers to tap into capital to acquire, renovate and sell foreclosed properties in Neighborhood Stabilization Program areas, and then return the borrowed capital to the pool for reuse.
In addition to financial investments in communities, U.S. Bank mobilizes its network of 65,000 employees nationwide to champion community programs and causes by giving of their time and talents. In 2012, U.S. Bank employees spent nearly 250,000 hours volunteering in the community, and more than 2,000 bankers served on nonprofit boards or committees. U.S. Bank employees can take up to 16 hours of paid time off annually to volunteer. The bank also created a 'Dollars for Doing' program, which recognizes employees' volunteerism with charitable contributions from the U.S. Bank Foundation.
In August 2012, bankers in nine cities partnered with community organizations to provide free backpacks and school supplies to more than 1,000 children as a "Back to School" kickoff. Most of the locations selected were affordable housing properties that had been financed by U.S. Bank.
"We encourage our employees to be engaged members of their communities. We've developed lasting relationships with many nonprofit organizations by serving as a partner for financial support and employee leadership," said Davis.
About U.S. Bank
U.S. Bancorp (NYS: USB) , with $355 billion in assets as of March 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,080 banking offices in 25 states and 5,056 ATMs. The bank provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Nicole Garrison-Sprenger, 612-303-0731
KEYWORDS: United States North America Minnesota
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