BB&T Corp. disclosed Tuesday it provided more than $34 million in funding toward charitable initiatives and participated in more than 1,200 community projects during 2018.

The bank released its fourth annual Corporate Social Responsibility report in which it highlighted corporate and employee outreach and efforts toward environmental sustainability.

“Our mission is bold, but it’s one I’m proud to know all our associates wholeheartedly accept and strive to deliver on every day,” Kelly King, BB&T’s chairman and chief executive, said in a statement.

“This report demonstrates some of our efforts and accomplishments, and highlights what we’re planning to do to build a brighter future for our associates, clients, shareholders and communities.”

BB&T announced Feb. 7 that it will merge with SunTrust Banks Inc., based in Atlanta.

Under the deal, BB&T shareholders would own 57% of the combined company that will be called Truist Financial Corp.

The combined bank would have its headquarters in Charlotte.

The banks project closing the deal in the fourth quarter with shareholder meetings set for July 30.

Scrutiny applied by some Democratic members of Congress could delay the closing into 2020.

BB&T said the $34 million in charitable grants spanned its 15-state territory. The amount included providing $2 million to fund relief efforts from hurricanes Florence and Michael.

The report covers several key themes, including “multicultural banking, responsible banking practices and policies, cybersecurity, diversity and inclusion, charitable giving, environmental sustainability and responsible growth.”

The bank said it provided affordable housing financing of more than $623 million toward its total community-development lending of more than $1.7 billion.

BB&T said June 4 that it will double its philanthropic giving in the Triad to $17.4 million over three years.

BB&T said the philanthropic funding will be geared toward assisting nonprofit community organizations determined to be “making a meaningful and measurable difference ... specifically in the areas of affordable housing, workforce and economic development, financial wellness, health and human services, and access to the arts.”

The pledge for the 14-county region — which stretches from Avery and Watauga counties to the west and Alamance County to the east — includes initiatives already underway this year.

BB&T’s “Bank on your success” financial-education program provided more than 2,300 free financial education sessions and reached more than 45,000 individuals. The “Growing your business” resulted in 110 sessions supporting 1,100 small business owners.

Employees served on more than 1,200 projects and provided more than 84,000 volunteer hours through the BB&T Lighthouse Project, a nationwide community-service program. The bank did not have immediately ready project totals for the Triad.

BB&T said it spent more than $50 million to decrease energy and water consumption across 1,250 of its facilities. It set specific five-year targets to reduce electricity consumption by 25% and trim water use by 10%.

Get today’s top stories right in your inbox. Sign up for our daily morning newsletter. 336-727-7376 @rcraverWSJ

Load comments