The South Financial Group, through its affiliated companies, has generated over
$1.2 billion in community development lending activity, which benefited low- and
moderate-income families and communities throughout Carolina First and Mercantile
Bank markets.
We loaned over $793 million to small businesses and small farms throughout our markets,
which helped sustain local economies in those communities. The following highlights
our 2009 CRA performance:
Carolina First
Carolina First generated over 3,706 loans in community development lending activity
totaling $618 million. We provided housing and homeownership opportunities to
908 families and individuals, attributing to over $166.7 million in mortgage financing.
Our small business and small farm lending helped 3,232 entrepreneurs with financing
in excess of $526.6 million. Through our Community Development Loan activity, we financed
over $75 million in projects that support affordable housing, neighborhood revitalization,
and job creation/retention for low- and moderate-income individuals and
communities.
Much of the success is attributable to the implementation of our New Markets Tax Credit Program.
Carolina First has been a leader in the NMTC industry among peer financial institutions in South Carolina
since the creation of the Carolina First Community Development Corporation (CFCDC) in 2003. The CFCDC was
successful in receiving three consecutive NMTC Award Allocations from the CDFI Fund during the 2007, 2008,
and 2009 funding rounds. The CFCDC maintains a NMTC Advisory Board that consists of CDFIs, CDEs, and local/state
economic development professionals representing the low-income communities of South Carolina, North Carolina, and
Florida. Through the CFCDC, Carolina First has deployed $62.5 million of NMTC in 11 projects, generating $168
million in total investments throughout low-income and underserved communities.
Mercantile Bank
Mercantile Bank generated more than 1,558 loans totaling over $239.7 million in community
development lending activity. We helped 1,517 small business and small farm
owners start and/or expand their operations with over $266 million in financing.
Although our core business strategy is commercial, our commitment to supporting
affordable housing attributed to providing homeownership opportunities to 456 families
with more than $79 million in mortgage lending activity.