F.N.B. Corporation Further Expands Access to Credit in Diverse Communities

New Special Purpose Credit Program Promotes Homeownership and Economic Equality Throughout Multi-State Footprint

PITTSBURGH, Jan. 31, 2023 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) announced it is further expanding access to credit in communities of color with a new Special Purpose Credit Program (SPCP). The program aims to promote homeownership and economic equality and is available to consumers in majority-minority neighborhoods throughout the FNB footprint. FNB initially will provide up to $3 million in closing cost assistance annually through the SPCP and its proprietary affordable mortgage programs.

FNB Homeownership Plus is a new mortgage loan designed to mitigate common financial barriers to homebuying. With down payments as low as zero percent and access to up to $5,000 through FNB's closing cost assistance grant, FNB Homeownership Plus significantly reduces the amount of cash a borrower needs to have up-front when buying a home. The product has no private mortgage insurance requirement and features flexible qualification standards, providing another solution for borrowers whose levels of existing debt or credit scores may make them ineligible for conventional loans. FNB Homeownership Plus even takes alternative trade lines, such as rent or utility payments, into consideration if a customer does not have a sufficient credit history.

The special purpose mortgage product aligns with FNB's broader objective to address persistent racial gaps in homeownership. According to 2022 findings from the U.S. Department of the Treasury's Office of Economic Policy, the 75 percent homeownership rate for white households significantly outpaces homeownership rates for Black households (45 percent), Hispanic households (48 percent) and non-Hispanic households of any other race (57 percent).

FNB also is now one of a few banks nationwide to offer a special purpose home equity solution, FNB Home Equity Plus, including both an installment loan and two lines of credit (interest-only and principal and interest). Ranging from $5,000 to $50,000, these products make it possible for borrowers to monetize funds they have invested in their homes to finance other priorities. Optimal pricing, repayment terms extending up to 180 months and favorable loan-to-value ratios provide consumers in diverse areas with enhanced borrowing power. With flexible terms, FNB's program enables consumers to finance improvements to their homes and creates a more vibrant economic outcome for their communities overall.

"For our communities to thrive, it is essential that we continue to provide banking resources that fit our customers' wide range of needs, circumstances and backgrounds," said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank. "In addition to our long-standing proprietary affordable mortgage programs, our new special purpose program presents another avenue for FNB to foster equal access to credit, which is a fundamental building block toward homeownership, wealth creation and financial stability for families and the neighborhoods they call home."

The SPCP builds on a suite of financial products, services and resources FNB has introduced over time to strengthen its communities and empower consumers to make responsible, confident banking choices. Below are select highlights of FNB's ongoing commitment.

Supporting Homeownership

• Closing Cost Assistance Grant – In 2021, FNB introduced a grant program that today provides up to $5,000 toward closing costs for borrowers who have low and moderate income or are purchasing a home in a low- to moderate-income (LMI) or predominantly minority community.
• Affordable Mortgage Products — In addition to a full array of government-backed programs, FNB's proprietary affordable mortgage and home rehabilitation products are tailored to the needs of lower income borrowers. FNB recently updated these programs to allow for larger loan sizes and higher debt-to-income ratios, as well as to accept alternative trade lines to assist buyers with limited or no credit.
• Strategic Outreach — Building on ongoing marketing and awareness campaigns, FNB has hired Community Development Specialists and Community Homeownership Specialists to strengthen its ongoing outreach with community groups and leaders, ensuring local citizens are connected with education, products and services that put homeownership within reach. FNB's goal is to continue hiring engaged local experts in the communities it serves.

Providing Access to Financing

• Specialized Credit Products — Complementing updates to its overdraft practices, FNB plans to launch a short-term, small-dollar loan solution to fill urgent financial gaps, as well as a secured credit card to help customers build or repair their credit over time.
• Focused Investments — FNB has invested hundreds of millions of dollars in initiatives to strengthen its communities. In 2022, its significant efforts included a $2.5 million equity commitment to Black Tech Nation Ventures, a majority Black-owned venture capital firm that provides funding and resources for diverse entrepreneurs in the tech space. Additionally, the Company has made $2 million in Equity Equivalent (EQ2) Investments to Urban Redevelopment Authority of Pittsburgh and Invest PGH programs that support minority-owned businesses in two underserved communities. FNB's investments aim in part to enable local contractors to participate in its new corporate headquarters project, which is in a predominantly minority neighborhood.
• Small Business Administration Loans (SBA) — FNB has a long-standing commitment to help small businesses grow and succeed, and consistently ranks among the 100 most active SBA lenders in the United States.

In addition, FNB currently maintains an outstanding Community Reinvestment Act (CRA) rating from the Office of the Comptroller of the Currency for its performance meeting the credit needs of LMI individuals as well as its deployment of capital and other products and services in LMI communities.

Driving Successful Outcomes

• Transparent Account Information — Led by eStore®, FNB provides multiple tools to make the account selection and opening processes transparent and consumer-friendly. eStore makes it easy for customers to find information about accounts, apply for products, schedule an appointment with an FNB expert, and access financial education content using their online or mobile device or at an interactive in-branch kiosk.
• Beneficial Products — FNB offers accounts to help clients prevent mistakes, including eStyle, which enables customers to avoid overdrafts entirely. One of FNB's fastest-growing accounts, eStyle has received national Bank On certification from the Cities for Financial Empowerment Fund for its affordability, high functionality and focus on consumer protection.
• Convenient Access — Digital, online and mobile banking services provide on-the-go banking capabilities, insight into account activity, customizable alerts, debit card controls, budgeting tools and more. Coupled with eStore and an expansive ATM network, including a growing fleet of Interactive Teller Machines that support after-hours video chat functionality, these solutions ensure customers always have safe, convenient access to banking services.
• Financial Insights — FNB's educational program is available through eStore (using online and mobile devices or in FNB branches) or through programs presented at various community organizations. Including interactive modules on a range of topics such as "Managing your checking account (and avoiding overdrafts)," "Buying your first home," and "Building and maintaining good credit," Financial Insights is part of an organization-wide commitment to promote financial literacy.

About F.N.B. Corporation

F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's 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 nearly $44 billion and approximately 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.

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