The South Financial Group, through its affiliated companies, has generated over
$1.3 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 $790 million to small businesses and small farms throughout our markets,
which helped sustain local economies in those communities. The following highlights
our 2008 CRA performance:
Carolina First
Carolina First generated over 2,903 loans in community development lending activity
totaling $528 million. We provided housing and homeownership opportunities to approximately
1000 families and individuals, attributing to over $196 million in mortgage financing.
Our small business and small farm lending helped over 3,951 entrepreneurs with financing
in excess of $595 million. Through our Community Development Loan activity, we financed
over $88 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.
Mercantile Bank
Mercantile Bank generated over 1,753 loans totaling over $192 million in community
development lending activity. We assisted over 1,542 small business and small farm
owners’ start and/or expand their operation with over $195 million in financing.
Although our core business strategy is commercial, our commitment to supporting
affordable housing attributed to providing homeownership opportunities to 415 families
with over $76 million in mortgage lending activity.