The Hill District Federal Credit Union received a $1.1 million investment from F.N.B. Corporation, the holding company of First National Bank, with the goal of boosting financial services to the neighborhood.
Pittsburgh-based FNB is building its headquarters in Lower Hill. Construction on the FNB Financial Center began in September 2021 and is expected to be completed in 2024.
Part of the neighborhood was razed 60 years ago to make way for the former Civic Arena, forcing out many residents and business owners.
FNB’s investment in the credit union includes a $1 million equity equivalent investment to expand the capacity of the Minority Depository Institution’s Business Line of Credit Program, which provides financing to small businesses in the Hill District. The company will contribute $100,000 for a physical expansion project that will double the size of the Hill District Federal Credit Union’s Centre Avenue facility.
The credit union plans to turn 5,000 square feet of vacant space into four affordable apartments for Hill residents.
“We’re watching the Hill District transform right before our eyes, and FNB has played a crucial role in the positive changes that are happening in our neighborhood,” Richard Witherspoon, HDFCU’s chief executive officer, said in a statement.
FNB says it has injected more than $200 million in loans, investments and grants in the Hill District.
“FNB is proud to support the HDFCU, which serves as a lifeline for financial services that provide for housing, education and other needs in this historic community,” said Vincent J. Delie, Jr., chairman, president and CEO of F.N.B. Corporation and First National Bank.
Stephanie Ritenbaugh is a Tribune-Review staff writer. You can contact Stephanie at sritenbaugh@triblive.com.
