BBVA Compass and Raza Development Fund announce investment to strengthen low-income Latino families across the country
PHOENIX (July 13, 2015) – Raza Development Fund, the largest Latino Community Development Financial Institution in the country, and BBVA Compass announced this week the bank’s $5 million equity equivalent investment in the fund as part of the bank’s 2014 pledge of $11 billion to boost economic development across all of the communities in its footprint.
The investment will be deployed in Maricopa and Pinal counties in Arizona, and in the Texas counties of Travis, Galveston and Harris, among others. RDF says it is part of its plan to deploy a total of $200 million nationwide in community development loans in the areas of affordable housing, community facilities, education and health care facilities in the next three years.
“This investment will allow RDF to continue strengthening the low-income Latino families across the country,” said Tommy Espinoza, president and CEO of Raza Development Fund. “We are honored to partner with BBVA Compass and we look forward to working together in these and other underserved areas across the country.”
As part of its $11 billion pledge, announced in November 2014, BBVA Compass has focused on initiatives that support low- and moderate-income neighborhoods, including mortgage loans, small business lending and community development lending. The bank also introduced new products and services for low- to moderate-income individuals in 2015.
“BBVA Compass is a principled bank that is committed to building a brighter future for everyone in our communities,” said BBVA Compass Director of Corporate Responsibility and Reputation Reymundo Ocañas. “It’s our brand promise, and it’s our responsibility to build up these underserved communities.”
With more than $250 million in assets under management, RDF is the largest Latino Community Development Financial Institution in the country. Founded in 1999, RDF has leveraged nearly $2.5 billion in private capital, bringing financial opportunities to low-income Latino communities across the country.
About BBVA Compass:
BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration, and its mobile app recently earned the Mobile Banking Leader in Functionality Award for the second consecutive year from Javelin Strategy & Research. Additional information about BBVA Compass can be found at www.bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.