Operation HOPE and Fulton Bank Partnership Generates Nearly $1 Billion in Loans to Low- and Moderate-Income Homebuyers
Tuesday, January 31st, 2023
Operation HOPE recently recognized Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), for providing nearly $1 billion in loans to low- and moderate-income homebuyers over the past seven years.
"We’re pleased to partner with organizations like Fulton Bank that understand the importance of home ownership in empowering our communities," said John Hope Bryant, Founder, Chairman and CEO of Operation HOPE. "We honored Fulton Bank for their commitment to increasing social mobility at our recent HOPE Global Forum, the largest gathering of its kind, dedicated to expanding financial inclusion for everyone."
In 2016, Fulton Bank began collaborating with Operation HOPE, a leading non-profit focused on financial literacy and economic inclusion. Fulton Bank participates in the Closing Cost Assistance Program, which provides grants to buyers to help with the up-front costs of purchasing a home. Fulton also sponsors Operation HOPE financial wellness coaches in six cities throughout its footprint. The coaches provide free education to consumers, focusing on improving their credit and preparing them for the financial aspects of home ownership.
Fulton Bank has helped facilitate more than $968 million in loans to more than 5,700 homebuyers under the Closing Cost Assistance Program, and that cumulative total is on track to hit $1 billion in loans in 2023. In addition to homebuyer loans, the bank has donated more than $8 million in grants to make purchasing a home more affordable for low and moderate-income buyers.
"Fulton Bank’s purpose is to change lives for the better, and one of the best ways we can do that is by helping people achieve the dream of homeownership," said William "Smokey" Glover, Executive Vice President and Director of Fair and Responsible Banking for Fulton Bank. "We are grateful for our collaboration with Operation HOPE, which enables us to provide valuable financial education along with financing. Both elements are critical to set homebuyers on a path to success."