Penn Community Bank honored for consecutive third year by Philadelphia Business Journal for philanthropy partnership
PHILADELPHIA, Pa. (April 2023) โ Penn Community Bank, the largest mutual bank in eastern Pennsylvania, is pleased to announce that it has once again been honored as a Faces of Philanthropy award winner by the Philadelphia Business Journal. The award โ the bankโs third in three years – recognizes Penn Community Bankโs partnerships with Philadelphia-based nonprofit Clarifi to increase homeownership in the city through financial literacy grants.
โPenn Community Bank knows the impact that homeownership has on families and communities for generations. We also know that for many Philadelphians, the dream of homeownership โ and the financial stability it brings โ is too often out of reach. Teaming up with Clarifi in this award-winning partnership to increase homeownership in Philadelphia โ and specifically communities of color – is a natural fit with our mission and commitment to developing thriving communities,โ said Jeane M. Vidoni, president and CEO of Penn Community Bank. โWeโre pleased to once again be recognized by the community as a champion for philanthropic efforts across the region, and proud to be honored alongside Clarifi for this partnership.โ
โClarifi is committed to seeking financial justice for Black and brown families by helping them purchase safe, secure homes so they can live healthier lives and build generational wealth.โ said Steve Gardner, Executive Director of Clarifi. โWe are proud to work with an organization whose values align with our mission of ensuring more Philadelphians reach financial resilience and achieve their homeownership goals. Together, Clarifi and Penn Community Bank are making homeownership more accessible for underserved communities in Philadelphia.โ
โGiving is built into some organizations, which continuously seek to better the communities they work in and serve. Others strive to implement their own social and charitable initiatives to make an impact. The Philadelphia Business Journal annually recognizes such efforts across the region through our Faces of Philanthropy program,โ said Lisa Dukart, Associate Editor, Philadelphia Business Journal. โThis year, the Business Journal is honoring 30 philanthropic partnerships in Greater Philadelphiaโฆnominated by the public and selected by the Business Journal’s editorial board based on community impact over the past year, as well as for the organizations’ body of charitable work over multiple years.โ
Homeownership, the single best means for creating and passing on wealth to new generations, is increasingly out of reach for minorities and those who fall into the low to moderate income bracket. In response, Penn Community Bank donated $100,000 to Clarifi to establish homeownership counselling and homebuying grants for Philadelphians residing in majority minority and low to moderate income areas of the city.
As part of the program, Clarifi counselors work alongside participants to evaluate the budgets, identify short- and long-term goals, and create a written action plan detailing next steps. Together, counselors and participants move through the home purchase process, including providing education on loan products, budgeting for maintenance, and how to work with realtors. Upon completion, program participants are able to access bank-provided grant funds to help them recoup their savings, and in turn reduce risk of foreclosure and enable them to make necessary home repairs and modifications.
Details about the program, including how to apply, can be found at www.clarifi.org.
ย About Penn Community Bank: Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking and lending services at 20+ bank financial centers and three administrative centers throughout southeastern Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves. In support of this mission, Penn Community Bankโs charitable arm, the Penn Community Bank Foundation, contributes 5% of the institutionโs net income each year to area nonprofits and community groups making a difference in the region.
About Clarifi: Established in 1966, Clarifi is the leading financial wellness nonprofit in Philadelphia and the Delaware Valley. Through counseling and education, Clarifi helps people at all income levels, but with a special focus on low-to-moderate income families, improve credit, reduce debt, manage student debt, prepare for homeownership, avoid foreclosure and more. Clarifiโs mission is to empower individuals to achieve financial resilience and positively impact their communities. More information at www.clarifi.org
