U.S. Bank has announced a new name for its subsidiary that leads the bank’s low-income housing and other tax credit finance business.
U.S. Bancorp Impact Finance replaces U.S. Bancorp Community Development Corp., which the group has publicly operated under since 2002.
Its work has included investing and lending to affordable housing developments as well as investing in New Markets Tax Credit, historic tax credit, and renewable energy projects nationwide. Over the years, the bank has helped develop nearly 92,000 affordable housing units.
“U.S. Bancorp Impact Finance is a new name for an integral and growing part of our business, delivering financial solutions that help meet customers’ evolving needs and, in the process, helping U.S. Bank grow and meet our own commitments as a company,” said Terry Dolan, U.S. Bank chief financial officer. “And it’s a name that underscores what we’ve known for 35 years doing this work: It’s possible to leverage our purpose and strengths to help create lasting impact.”
U.S. Bancorp Impact Finance’s work will be key in helping the bank deliver on a variety of public commitments it’s made, including a $50 billion environmental pledge and $100 billion Community Benefits Plan. It finances projects in all 50 states and U.S. territories.
The longtime community development finance team remains in place. Zach Boyers, chairman and CEO of U.S. Bancorp Impact Finance, leads the group.
“It’s a time of tremendous growth and new opportunities for our organization, and we’re excited about what the new name represents,” Boyers said. “It encompasses the full spectrum of work we’re known for and have always delivered, including affordable housing, economic development, historic rehabilitation, environmental finance, our growing syndications platform, and new sustainable finance role. And importantly, it and gives us room to evolve and grow our products and services as customers’ needs change.”
