The National Community Reinvestment Coalition announced that SouthState Bank has announced in coordination with NCRC a five-year, $8.3 billion plan to meet the needs of underserved communities across the eight states the bank serves, including Florida, Texas, the Carolinas, Georgia, Colorado, Alabama and Virginia.
“Communities across the southeast, Texas and Colorado will benefit from the SouthState team’s commitment to above-baseline mortgage and small business lending, which reflects SSB’s dedication to listening to its customers,” said Jesse Van Tol, President and CEO of NCRC. “This plan’s transparency and accountability mechanisms — including annual reports and state-level breakdowns of its lending goals — demonstrate a robust commitment that stands as a model to others in the industry.”
Since 2016, NCRC has facilitated more than 30 community benefits plans with bank groups that committed nearly $600 billion for mortgage, small business and community development lending, investments and philanthropy in LMI and under-resourced communities.
The plan builds on SouthState’s legacy of 90 years of fair banking practices and serving communities through volunteerism, engagement, investment and philanthropy, the bank said.
“As a leading regional bank in the South, I am proud of SouthState’s proactive outreach and partnership with community leaders such as NCRC to solve the most pressing challenges facing our friends and neighbors in our communities,” said LeDon Jones, SouthState’s Director of Corporate Stewardship. “This significant commitment underscores the importance we place on ensuring we continue to be excellent stewards, fair bankers and good corporate citizens.”
The plan, which will span 2025-2029, was developed as a result of collaborative listening sessions in which more than 75 community leaders from seven states discussed the most pressing needs of their communities with SouthState and NCRC.
“SouthState has been a great partner throughout this process, showing a commitment to listening to community members and using the feedback to create a plan that reflects what they heard,” said Katy Crosby, NCRC’s Chief of Community Engagement and Institutional Accountability. “I do not doubt that our partnership moving forward will reflect the same as evidenced by their commitment to continue engaging in dialogue with local stakeholders through their footprint and using what they learn to make appropriate adjustments to products, services, and engagement. I am looking forward to our work together.”
A detailed summary of the plan can be found below. Highlights of the plan include:
- SouthState will seek to originate an aggregate of $1.5 billion in home purchase, home refinance, and/or home improvement loans for historically underserved borrowers and in historically underserved communities.
- SouthState will seek to originate or purchase $3.2 billion in loans to businesses with less than $1 million in revenues in historically underserved communities.
- SouthState will seek to originate or invest $3.5 billion in community development loans and investments, as well as $25 million in CRA-eligible philanthropic contributions in the bank’s footprint that align with the bank’s Core Values and Guiding Principles.
- SouthState will continue encouraging and promoting employee volunteerism, as well as community partnership and leadership through programs like the bank’s Community Development Advocate program, local market listening sessions, and collaboration with community stakeholders such as NCRC through a new Community Advisory Council.
The following NCRC member organizations signed on to the plan:
- African American Trade Association
- Alliance for Community Impact
- Atlanta Neighborhood Development Partnership
- BankWork$ – Goodwill of Colorado
- Biz Mackey Family Foundation (BMFF)
- Bright Community Trust
- Centre For Homeownership and Economic Development
- Community Reinvestment Alliance of Florida
- Elevation Community Land Trust
- Georgia Advancing Communities Together, Inc.
- Heart for Winter Haven
- Henderson & Company
- Lowcountry Food Bank
- Neighborhood Development Collaborative
- Metanoia
- PFC Black Chamber of Commerce Tampa Bay
- Prosperity Unlimited, Inc.
- Reinvestment Partners
- Scale Link
- South Carolina Association for Community Economic Development
- South Dallas Fair Park Innercity Community Development Corporation (ICDC)
- TCH Development, Inc.
- The Cherry Community Organization
- Urban Land Conservancy
- Zan Wesley Holmes, Jr. Community Outreach Center
“These community benefit plans and the resources brought to underserved communities have never been more important to under-resourced families and individuals than now as many families are concerned about changes in the safety net upon which they have relied,” said Irvin Henderson, NCRC Board Vice Chairperson and President and CEO of Henderson & Company.
“Looking forward to working with SouthState Bank in Colorado,” said Aaron Miripol, NCRC Board member and President and CEO of the Urban Land Conservancy in Denver. “There is a lot of need in our state, and we expect SouthState Bank to be a critical partner in the work that needs to get done.”
“We are grateful that SouthState is willing to go above and beyond in working to invest in communities where investment has often been lacking,” said Bill Stanfield, CEO of METANOIA in North Charleston, South Carolina. “The bank is creating real opportunities for people through its Community Benefits Plan and we are happy to partner with SouthState to help people realize those opportunities.”
“We look forward to collaborating with SouthState Bank to meet their community development goals in North Texas,” said Denise Huginnie, CEO of the Alliance for Community Impact in McKinney, Texas.
“Banking partners are critical to our ability to tackle the affordable housing crisis, from construction finance to mortgage finance,” said Stefka Fanchi, President and CEO, Elevation Land Trust in Denver. “When we can sit together at a table and agree that our common goal is strong and thriving communities that work for everyone, it is something to be celebrated.”
Summary of the Community Benefits Plan (the “Plan”) between the National Community Reinvestment Coalition and SouthState Bank
SouthState Bank (“SouthState”) will lend or invest $8.3 billion to underserved borrowers and communities over a five-year period.
Mortgage Lending to the Underserved
Commitment: $1.5 billion in home purchase and home improvement lending to underserved borrowers and communities over 5 years
SouthState seeks to make $1.5 billion in home purchase lending, home refinance, and/or home improvement loans for underserved borrowers and communities over the course of the five-year plan. SouthState will continue to participate in local, city, and state down payment assistance programs throughout its eight-state footprint.
Over the course of the Plan, SouthState will collaborate with NCRC members in addition to other support agencies who provide HUD approved pre-purchase housing counseling to explore ways to enhance support through product innovation, down payment assistance, product layering, fexible underwriting approaches, and homebuying assistance grants and forgivable loans.
Small Business Lending
Commitment: Over $3.2 billion over 5 years
SouthState aims to originate or purchase an aggregate of $3.2 billion in loans to businesses with gross annual revenues of $1 million or to small businesses located in historically underserved communities over the course of the Plan.
SouthState is a leader in small business lending and innovative product development and will continue to invest in product innovation, partnership initiatives, and effective outreach and education opportunities. Additionally, SouthState will collaborate with NCRC members and other Small Business Technical Assistance providers to identify opportunities to enhance small business products and services.
Community Development Lending and Investment (CDLI)
Commitment: $3.2 billion over 5 years
SouthState aims to originate and invest an aggregate of $3.5 billion in qualified community development loans and qualified community development investments within the entirety of the Bank’s footprint over the course of the Plan.
SouthState’s over 50 Community Development Advocates will seek to better their communities by encouraging participation in community service activities; organizing volunteer events for SouthState teammates; participating in literacy efforts; and facilitating financial education among other initiatives. New Community Development Advocates will be identified for Colorado and Texas.
CRA Focused Philanthropy
Commitment: $25 million over 5 years
SouthState will endeavor to contribute an aggregate of $25 million in CRA-eligible philanthropic contributions across the entirety of the Bank’s footprint over the course of the Plan.
Community Listening Sessions
SouthState has a tradition of regularly hosting community listening sessions in select markets. SouthState’s community listening session plan for 2025 will include, at a minimum, a community listening session in each of Houston, Dallas, and Denver. Feedback from listening sessions will be used to pivot and address community needs as resources and needs warrant. SouthState will continue to hold their legacy Local Market Opportunity listening sessions and will notify NCRC of these sessions so they too can attend and invite community leaders to attend these meetings.
Plan Governance and Annual Report
SouthState Bank will publish annual updates regarding progress toward the Plan goals in its CRA Public File and a summary of the updates to the Plan in the annual Corporate Stewardship Report.
SouthState will form a Community Advisory Council (CAC) that will collaborate throughout the year as opportunities arise during implementation of the Plan. The CAC will meet annually.
SouthState’s Director of Community Engagement will serve as the main point of contact for the Plan and will collaborate with NCRC and other community stakeholders to monitor progress and effectiveness of the Plan and opportunities for adjustments.
