FOR MORE INFORMATION, CONTACT:
Lisa Thompson
Chief Impact Officer
Louisville Urban League
502-566-3365
[email protected]
N E W S R E L E A S E

First Financial Corp. $1.75 billion Community Development Plan in Ohio, Indiana and Kentucky

Louisville, KY, October 23, 2017— First Financial Corp., a regional bank headquartered in Cincinnati, Ohio, has committed $1.75 billion to a Community Development Plan negotiated with the National Community Reinvestment Coalition and a coalition of community organizations in Ohio, Indiana and Kentucky.

“As we celebrate the fortieth anniversary of the Community Reinvestment Act, I am thrilled to see this agreement between First Financial’s leadership and community advocates,” stated NCRC’s President and CEO, John Taylor. “When we work together, fair and equitable revitalization is possible for all of our neighborhoods. I want to personally congratulate First Financial and the participating community groups for improving access to financial opportunity for blue collar, working class, and communities of color across the region. This financial institution has shown a really substantial and increasing commitment to serving the community.”

The plan, beginning in 2018, includes mortgage and small business lending in low- and moderate-income communities, community development lending and investments, philanthropy, and increasing access to financial services in communities of color and through eight new branch locations in low and moderate-income neighborhoods.

“We are encouraged to see the increased interest in investment in our neighborhood economies.  The proof of success will come as new customers buy homes, build businesses and are lifted out of poverty through use of FFB products,” Sadiqa N. Reynolds, Esq., President & CEO Louisville Urban League.

The benefits plan will target the areas surrounding Cincinnati, Dayton, and Columbus, Ohio; Indianapolis and Gary, Ind., and Louisville, Ky. The agreement totals 13% of First Financial’s assets following its 2017 merger with MainSource Bank.

The Community Development Plan will:

  • Fund $510 million in single-family mortgage lending in low- to moderate-income areas.
  • Fund $750 million in small business lending.
  • Fund $450 million in community development.
  • Fund $8.5 million in additional grants and philanthropy, primarily unbanked/underbanked individuals.
  • Create 8 new branches in LMI neighborhoods.

Click here to read a full summary of the Community Benefits Agreement.

 “Thanks to NCRC our organization and others from three states had the opportunity to be part of a process of developing this Community Benefits Agreement that will impact our communities for years to come. In this agreement, our communities will realize reinvestment where there has been disinvestment for decades. We should see growth in small business lending, affordable housing, home ownership, and economic and community development. We look forward to the implementation and next steps,” Mike Hynes, President and CEO, The Housing Partnership, Inc.

About the Louisville Urban League
As an active partner, leader, and catalyst, the Louisville Urban League assists African Americans, other marginalized populations, and the disadvantaged attain social and economic equality and stability through direct services and advocacy. The Louisville Urban League is a non-profit 501(c)(3) organization. For more information, go to www.lul.org.

 
Category: