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PNC commits $1 billion to programs, efforts to stem systemic racism

Patrick Varine
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Tribune-Review file
PNC Financial Service officials announced a $1 billion commitment on June 18, 2020, for programs and efforts aimed at eliminating systemic racism.

PNC Financial Services officials on Thursday announced a $1 billion commitment to programs and efforts that would “end systemic racism and support economic empowerment of African Americans and low- and moderate-income communities.”

The commitment includes $50 million in charitable support for local and national work promoting social justice, expanding financial education and workforce development initiatives and enhancing low-income neighborhood revitalization and affordable housing.

Funding will be allocated by the PNC Foundation’s board of directors, PNC’s regional presidents and its Community Development Banking teams.

“We are living in one of the most important civil rights movements of our time,” said PNC Chairman, President and CEO William S. Demchak. “Each of us has a role to play in combating racism and discrimination, and PNC is committed to driving real change in areas in which we can make the greatest impact.”

PNC’s commitment also includes:

• more than $1 billion in community development financing and capital for neighborhood revitalization, consumers and small businesses;

• enhancements to PNC’s existing matching gift program to include support for qualifying non-profit organizations that support economic empowerment and social justice educational efforts;

• a commitment to fully engage PNC employees in support of qualifying social justice and economic empowerment non-profits through volunteerism — with up to 40 hours paid time off annually to do so.

“This is about much more than writing a check,” Demchak said. “This is about PNC doing what it does well — putting our capital to work in the communities we serve and providing innovation through products and services, with a special focus on helping African Americans buy homes, which we recognize is an important factor in wealth accumulation.”

Demchak also said he recognizes the role that democracy plays in bringing about social justice. Earlier this month, PNC donated $200,000 to the Lawyers’ Committee for Civil Rights Under Law, which pursues voting access for all communities.

“Within our own company, we are having more candid, transparent and quite frankly, more difficult conversations about the challenges facing our black colleagues and customers and what we must do to change that,” he said. “We have a responsibility to act — a responsibility to each other, our clients, communities and shareholders.

“We need to seize this moment and use our voices, our influence and our resources to address racism, discrimination, bigotry, bias and economic and health disparities that plague our country.”

Patrick Varine is a TribLive reporter covering Delmont, Export and Murrysville. He is a Western Pennsylvania native and joined the Trib in 2010 after working as a reporter and editor with the former Dover Post Co. in Delaware. He can be reached at pvarine@triblive.com.

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