Part of FNB’s More Than $200 Million Investment in Historically Underserved Community
F.N.B. Corporation (NYSE: FNB) announced it has delivered an initial payment of nearly $7.2 million to the Greater Hill District Reinvestment Fund to support community investment and development.
The funds are part of a forward-thinking financing solution provided by FNB, in collaboration with the Pittsburgh Penguins, The Buccini/Pollin Group and Clay Cove Capital. This strategy enabled the partnership to monetize and make immediately available the Local Economic Revitalization Tax Assistance (LERTA) revenue generated by the FNB Financial Center project, which otherwise would have been paid out over a 10-year period. Delivering the proceeds up front results in direct benefit for the Hill District, aligning with the development team’s extensive commitment to ensure that the construction of FNB’s new corporate headquarters fosters overall development and success in the community.
“Our close partnership with the Penguins and the entire development team made it possible for us to propose an innovative financial solution that had a greater and more immediate impact in the community,” said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank. “It took creativity, dedication and a joint effort to get these funds back into the Hill District more quickly, where they can be put to work in resources and initiatives that will foster success for residents and businesses that require the funding.”
FNB Financial Center is at the core of one of the largest, most socially responsible urban development initiatives in the U.S., with a commitment for substantial participation by minority- and women-owned businesses. The project is expected to be a catalyst for hundreds of millions of dollars in overall economic expansion, the creation of more than 1,000 jobs and significant neighborhood reinvestment.
With a long history of service to the community, FNB’s total investment in the Hill District is in excess of $200 million in loans, investments and grants. In addition to the LERTA funds, highlights include: