FNB Announces $2.5 Million Commitment to Black Tech Nation Ventures
Supports increased access to capital for diverse entrepreneurs
PITTSBURGH, May 17, 2022 /PRNewswire/ — FNB Corporation (NYSE: FNB) has announced that it is making a $2.5 million fairness commitment to Black Tech Nation Ventures (BTN.vc), a majority black-owned venture capital fund based in Pittsburgh, Pennsylvania. BTN.vc provides funding and resources to Black-led startups and tech companies with diverse founders and teams, with the goal of enabling wealth creation for underrepresented entrepreneurs across FNB’s seven-state footprint and at through United States.
Investing in BTN.vc is part of FNB’s broader commitment to promoting economic equality. Throughout its multi-state footprint, the company has invested hundreds of millions of dollars in initiatives that drive job growth, create affordable housing and small business opportunities, promote financial literacy and advocate for overall social and economic development.
“Black Tech Nation Ventures has a proven leadership team and a mission that aligns with our own goal of providing resources to diverse communities,” said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of FNB Corporation and First National Bank. “We are confident that our partnership will meet FNB’s high standards of creating jobs and improving access to capital and support for underrepresented business owners in our markets.”
Formed in 2021, BTN.vc is more than halfway through its prime $50 million fundraising goal. The venture capital fund intends to build a portfolio of 20-30 early-stage technology companies that have diverse founding teams and are focused on software and/or other technical solutions. In addition to funding, BTN.vc connects entrepreneurs with educational and advisory resources provided by its sister company, black tech nationa national community of Black technology professionals, innovators, entrepreneurs and industry partners.
Kelauni Jasmyn, Founding Partner of BTN.vc and Founder and CEO of Black Tech Nation, said, “We are pleased to be partnering with FNB and appreciate their commitment to supporting Black Tech Nation Ventures’ mission to democratize access at VC. capital and generate wealth for marginalized communities. Together, we can help ensure that dark tech founders have equal access to investment opportunities. We look forward to working with FNB to create substantial impact in technology and venture capital.
The collaboration with BTN.vc advances FNB’s efforts to encourage growth in low-to-middle income and marginalized communities. In particular, the Company has taken steps to enable the local community to participate in the significant economic benefits created by the FNB Financial Center, its new headquarters in the Hill District in Pittsburgh, Pennsylvania. The development has substantial requirements for the participation of contracting companies with diversified ownership.
Moreover, as part of its more than $200 million in the form of loans, investments and grants in the Hill District, FNB has invested in programs that provide financing to local businesses and entrepreneurs, including: $5 million to an exclusive home loan program; a $1 million Equity Equivalent (EQ2) investment in the Urban Redevelopment Authority of Pittsburgh Avenues of Hope program to provide working capital to underrepresented entrepreneurs; and one $1 million capital contribution to Invest PGH, Inc., a community development finance institution, for its Accelerated Business Expansion Loan (ABEL) program.
FNB’s investment in BTN.vc was made through its mezzanine financing subsidiary, FNB Capital Corporation. To learn more about inclusive ETF practices, visit Diversity and Inclusion section of its website or review its overall community engagement in its Corporate Responsibility Report.
About FNB Corporation
FNB Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvaniais a diversified financial services company operating in seven states and the District of Colombia. ETF market coverage spans several major metropolitan areas, including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; washington d.c.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston Salem, Greensboro and high point) in North Carolina; and Charleston, South Carolina. The Company has total assets of $42 billion and over 340 banking offices across Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, Caroline from the south, washington d.c. and Virginia.
FNB offers a full range of commercial banking services, consumer banking services and wealth management solutions through its network of subsidiaries, which is led by its largest subsidiary, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, real estate investment finance, government banking, corporate credit, capital markets and credit finance- lease. The consumer banking segment offers a full range of consumer banking products and services, including deposit products, mortgages, consumer loans and a full range of mobile and online banking services. FNB’s wealth management services include asset management, private banking and insurance.
Common stock of ETF Corporation trades on the New York Stock Exchange under the symbol “ETF” and is included in Standard & Poor’s MidCap 400 Index along with the Regional Banks Sub-Industry Index of the Financial Classification Standard. Global Industries (GICS). Customers, shareholders and investors can learn more about this regional financial institution by visiting the FNB Corporation website at www.fnbcorporation.com.
SOURCE Corporation ETFs