The South Financial Group, through its affiliated companies, has
generated over $723 million in community development lending
activity, which benefited low- and moderate-income families and
communities throughout Carolina First and Mercantile Bank markets.
We loaned over $536 million to small businesses and small farms
throughout our markets, which helped sustain local economies in
those communities. The following highlights our 2007 CRA
performance:
Carolina First
Carolina First generated over 3,713 loans in community development
lending activity totaling $512 million. We provided housing and
homeownership opportunities to over 1,450 families and individuals,
attributing to over $283 million in mortgage financing. Our small
business and small farm lending helped over 2,904 entrepreneurs
with financing in excess of $417 million. Through our Community
Development Loan activity, we financed over $21 million in projects
that support affordable housing, neighborhood revitalization and
job creation/retention for low and moderate-income individuals and
communities.
Mercantile Bank
Mercantile Bank generated over 1,393 loans totaling $211 million in
community development lending activity. We assisted over 873 small
business and small farm owners start and/or expand their operation
with over $120 million in financing. Although our core business
strategy is commercial, our commitment to supporting affordable
housing attributed to providing homeownership opportunities to 761
families with over $181 million in mortgage lending activity.