Penn Community Bank was named by the Philadelphia Business Journal as one entrant on the publication’s 2023 Faces of Philanthropy honors list, which recognized 30 for-profit/nonprofit partnerships in the region.
The commercial entities cited for overall beneficence and impact were nominated by the public and reviewed by the publication’s editorial board. Its members considered not only financial support but also intangibles like time and expertise provided to worthwhile causes that make a difference in the region.
Financial Literacy Training
Penn Community Bank, Perkasie, was honored for its work with Clarifi, a Philadelphia nonprofit that provides financial literacy training to improve residents’ credit scores, reduce their debt, and avoid home foreclosures.
The tumultuous housing market of the past years has widened the racial composition of homeowners across the nation.
According to 2022 U.S. Census Bureau data, 74.6 percent of white households own their homes, while only 45.3 percent of Black residents do.
“We know the impact that homeownership has on families and communities for generations, and we take our call to values-based banking serious,” said Penn Community Bank Executive Vice President and Chief Marketing and Impact Officer Bernard Tynes.
To address the disparity, Penn Community Bank’s $100,000 donation is enabling Clarifi to:
- Increase Black homeownership in four city ZIP Codes
- Distribute $5,000 grants to low- and moderate-income households
The cumulative effect of these investments is expected to serve as many as 250 families and provide additional grants for up to 50.
Read more about Penn Community Bank’s impactful regional partnership in the Philadelphia Business Journal.
Clarifi’s financial literacy efforts in action.