Alliance News March 18, 2020

Charlotte-based Truist Financial pledges $25M for coronavirus relief

The Charlotte-based bank will donate $1 million each to the Centers for Disease Control and Prevention and Johns Hopkins Medicine through its charitable fund to aid recovery efforts and increase access to medical supplies. Truist Foundation will also give $3 million to local United Way organizations.

Remaining funds will go toward grants for community partners to promote technology and recovery efforts. Truist outlined five focus areas it plans to support:

  • Connect — Providing broadband and/or devices for at-home learning
  • Youth — Partnering with food banks to give low-income students access to food or scholarships to children whose families have income interruptions
  • Seniors — Providing food and medical supplies to the elderly
  • Small businesses — Giving financial and technical support to small businesses with disrupted operations
  • Workforce — Sponsoring hourly workers affected by canceled events

"Truist is ready to do our part and help our country come together to meet this serious challenge," CEO Kelly King said in a statement. "We understand our communities, clients and teammates all need immediate help in this growing crisis. We're also looking forward to the recovery stages of this pandemic to ensure the nonprofit organizations our communities count on have the funding they need to help our neighbors get back on solid footing."

Truist said it is also supporting its employees with paid time off, flexibility and family-care benefits. That includes 10 days of paid time off due to school closings or other impacts, child-care reimbursements and increased emergency benefits for child and elder care. The Truist Foundation will give $4 for every $1 that employees give to the bank's One Team Fund, a program that gives short-term financial assistance to employees who need it.

Executives have long touted plans for community initiatives. The bank launched its Truist Foundation earlier this year. The organization focuses on leadership development, economic mobility, creating thriving communities and educational equity. Truist chose Lynette Bell to serve as president of the foundation. 

Company leaders announced a $60 billion Community Benefits Plan last July to invest in low- to moderate-income communities from 2020 to 2022.

Truist was formed in December when the merger closed between Winston-Salem's BB&T Corp. and SunTrust Banks Inc. of Atlanta. The new entity, which keeps its headquarters in Charlotte, is now the nation's sixth-largest bank. It is moving about 2,000 employees into the city, not including the BB&T and SunTrust employees already here. Truist's purchase of Hearst Tower in uptown is set to close at the end of this month.

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