Associated extends its minority, LMI lending program

Associated Bank, N.A., Green Bay, announced it will commit $2.4 billion in loans and investments in minority communities, low- to moderate-income communities, and small businesses throughout Wisconsin, Illinois and Minnesota between now and 2020. Highlights of what Associated calls its Community Commitment Plan include:

  • $1.4 billion for residential mortgages in minority and LMI neighborhoods
  • $600 million for community development loans and investments in minority and LMI neighborhoods
  • $425 million for small business loans, including loans in minority and LMI neighborhoods
  • $8 million in donations to non-profit organizations that support community development

“At Associated we are committed to investing in our minority and LMI neighborhoods,” said Philip B. Flynn, Associated’s president and CEO. “In addition to our financial commitments, we have developed products specially tailored for minority and LMI communities.”

The Plan was developed in collaboration with the National Community Reinvestment Coalition and is an extension of a similar plan adopted by the bank in 2016.

Additionally, Associated’s employees are given eight hours of paid time off to volunteer for community service activities.

Associated Bank has $33 billion in assets and 270 banking locations in the three states served by the initiative. The bank also has commercial lending services in Indiana, Michigan, Missouri, Ohio and Texas.