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Our offices will be closed on Wednesday, December 25 in observance of Christmas Day. Happy Holidays from the Fulton Family.Serving Our Customers
2022 Corporate Social Responsibility Report
Helping Customers Bank Wisely
Our customers are the driving force behind every decision we make. We put customers first every time by developing products, services and solutions that meet their needs and help change their lives for the better.
Here are a few recent highlights:
- Eliminated account-to-account transfer, non-sufficient funds and extended overdraft fees
- Launched CashPlease®, a small dollar, short-term loan product where customers can borrow up to $500, based on eligibility, that can be available within 48 hours. Customers can apply online for a CashPlease® loan 24 hours a day, seven days a week, with no credit report review. (CashPlease® is a registered trademark of Velocity Borrower Logic, LLC.)
- Introduced Xpress Account, a “checkless” account that includes a debit card and access to a range of online and mobile services to help underserved and underbanked communities and to promote financial inclusion and capacity building.
- Fulton Bank Community Combo (FBCC) – Allows income-qualifying customers to finance up to 100% of the cost of a home (80% first mortgage combined with up to a 20% second mortgage).
2022 Friendliest Place to Bank | 2021 Favorite Place to Bank, Friendliest Place to Bank
LancasterOnline Readers’ Choice Awards 2022
Fulton Mortgage offers first-time homebuyer and income-based products to help make the dream of homeownership possible. These products, in conjunction with our educational seminars and partnerships with local housing agencies, make an impact in all of the communities within our lending footprint.
Our proprietary loan offerings, down payment assistance (DPA) programs and government insured products together help change lives for the better by offering flexibility to each individual situation and need.
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Product Line Data |
2020 |
2021 |
2022 |
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Fulton Forward® |
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Homebuyer Advantage Plus |
$39MM / 243-units |
$26MM / 139-units |
$26MM / 139-units |
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HomeReady® Mortgage Plus |
$158MM / 865-units |
$107MM / 578-units |
$31MM / 165-units |
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Fulton Bank Community Combo (Total) |
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$59MM / 550-units |
$40MM / 364-units |
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Closing Cost Assistance Program |
$1.5MM |
$1.4MM |
$860K |
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Other Down Payment and Closing Cost Assistance Programs |
$1.3MM |
$973K |
$323K |
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Government Lending Programs* |
$132MM / 583-units |
$96MM / 408-units |
$63MM / 245-units |
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State Agency Programs** |
$26MM / 133-units |
$34MM / 209-units |
$24MM / 178-units |
*Government insured programs consisting of VA, FHA and USDA loans for Veterans, Low-to-Moderate Income (LMI) individuals/families and LMI individuals/families in rural areas, respectively.
** State Housing Agency programs for LMI families designed to cater to residents of each of our states within our footprint plus the District of Columbia (includes DPA provided by the agencies).
The downward trend line for these product types aligns with the industry. 2020 was a record year for the industry due to historically low-interest rates and refinance activity. While refinancing continued in 2021, it was to a much lesser extent and finally declined in 2022. Another factor that explains this trend is affordability issues due to home price appreciation, which became a challenge in 2020 and exacerbated in 2021 and 2022.
Empowering Small Businesses
Small businesses are the backbone of the American economy and our communities. That’s why Fulton focuses on helping build their financial success. We work hard to understand each of our small-business customers so we can tailor our products and services to address their unique needs.
SMALL BUSINESS ADMINISTRATION
Through specialized government programs, we have connected future entrepreneurs with funding so they can start or buy their own businesses. These programs enable us to help others who previously could not be helped.
$46.2 Million
in Small Business Administration Loans
FULTON FINANCIAL CENTERS
Across five states, Fulton operates 209 financial centers, which serve as hubs of activity where residents and businesses can do their banking, access helpful information and connect with knowledgeable and trusted advisors.
209
Financial Centers Across 5 states
AGRICULTURAL LOANS
We remain committed to our hardworking agricultural communities, which have been our cornerstone since Fulton Bank’s founding in 1882. Fulton’s Ag Lending Group has seasoned experts in farming and agribusiness financing who understand the unique business needs and cyclical nature of this segment.
The American Bankers Association ranked Fulton 20th in the nation and first in the Northeast U.S. for agricultural loans based on Federal Deposit Insurance Corporation data.
Supporting Commercial Customers
Many commercial customers value the ability to bank locally with a financial institution that understands and can meet their complex needs. Fulton is ready to help with an array of world-class products, convenient tools and innovative solutions.
$627 million
in CRA-Qualified Community Development Originations (2021-22)
589
Affordable Housing Units Financed (2021-22)
SPECIALIZED LENDING
Our Specialized Banking team serves agricultural businesses, automotive dealerships, retirement communities and commercial real estate entities, life sciences and health care practices — doctors, dentists and veterinarians — and we recently launched a government services unit this year.
COMMERCIAL REAL ESTATE
Fulton Bank’s dedicated Real Estate Group helps those who are looking to acquire property, need construction-to-permanent financing, or need specific financing expertise for their next project. Our dedicated team offers a wide range of commercial real estate financing solutions, including those for land development, investment properties, residential builders, small businesses, manufacturing businesses and commercial construction.
ROCK LITITZ CAMPUS
In 2022, Fulton financed its largest solar installation to date. The project consisted of 10,556 solar panels that provide 6,322 MWh of power annually to the Rock Lititz Campus in Lititz, Pennsylvania. This production will meet 100% of the average electricity needs of the campus, which is home to dozens of businesses and hundreds of employees who all support the live entertainment industry.
Responsible Investment Management
Fulton is committed to helping customers invest responsibly by providing financial guidance and advice to a wide range of customers in our market area. Our tenured and experienced wealth management team members hold a variety of financial licenses and certifications and are equipped with a wide variety of financial tools, products and services to assist their clients with meeting expressed financial and personal goals.
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Supporting Customers' Goals with ESG Investment Products
Our Fulton Financial Advisors (FFA) / Fulton Private Bank (FPB) — which are divisions of Fulton Bank — and Nonprofit Services business offer investment products which include Socially Responsible Investment portfolios (SRI), and ESG factor solutions for our individual and institutional clients when requested. We use multiple third-party provided screens to eliminate specific SRI securities that do not align with the values of the investor. |
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Fulton Financial Advisors
Fulton Financial Advisors, which operates through Fulton Bank, N.A., provides nonprofit services that help many organizations to support and create financial well-being to underprivileged communities. FFA’s services also include personalized financial and investment advice to thousands of employees of retirement plan clients, as well as educational tools and solutions that will enable them to prepare for their family’s financial security. Investments and insurance products recommended or sold by FFA are not deposits or other obligations of any insured depository institution, including Fulton Bank, N.A., and are not insured by the FDIC, the Federal Reserve Board or any other state or federal governmental agency. |
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Data Security and Customer Privacy
No matter where our customers choose to engage with us, Fulton Bank is there to protect their financial assets and information with highly secure digital and physical product innovations.
We prioritize investment in cybersecurity-related technology to protect the privacy and confidentiality of all customer data. Information security techniques include a variety of industry recognized standards and methods. Our layered security model provides a defense in depth approach against different forms of cyber and digital attacks. IT develops and implements an incident management procedure to address events and incidents which may occur and impact our systems and corporate operations. Our cybersecurity professionals use innovative technology to detect, prevent and mitigate cybersecurity threats, and we have streamlined our internal risk management processes for speed and agility without compromising security. Fulton’s team members are well trained on how to protect confidential customer information through ongoing cybersecurity education and awareness efforts.
To help ensure the privacy and security of customer financial information, Fulton Bank strictly adheres to the privacy provisions as laid out in the Gramm-Leach-Bliley Act, which requires that financial institutions and their service providers implement administrative, technical and physical safeguards designed to:
Fulton also complies with Regulation P, also collectively referred to as the “Privacy Rule,” as well as sections 603 and 624 of the Fair Credit Reporting Act, which are referred to as the “Affiliate Sharing Rules.” We also comply with state privacy laws and provisions, wherever applicable. 6Data Security Courses Required Per Employee |
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Consumer Compliance Program
Fulton maintains a compliance management system that focuses on compliance with federal consumer financial protection laws, rules and regulations. Under the direction of our Chief Compliance Officer, we maintain a consumer compliance program, which is subject to oversight by, and reporting to, the Risk Committee of the board of directors. The program includes regular risk assessments, policy updates, compliance monitoring, compliance officer involvement in new product and significant project initiatives across the company, regulatory change management, independent audit testing and a compliance training program administered by Fulton’s Center for Learning and Talent Development. Fulton’s compliance management system also includes monitoring of customer feedback and complaints.
Selling Practices and Product Labeling
As a financial institution, we believe that it’s important for us to have sound selling practices and clear product labeling. Our marketing initiatives are developed with the goal of treating customers fairly and communicating clearly while following applicable regulations. Our advertising efforts are reviewed by compliance staff who help direct our efforts towards adhering to fair and responsible product marketing practices.
We also have a customer-centric learning and development program that teaches sales professionals to be trusted advisors and provides solutions specific to customer needs. This program includes annual compliance assignments, a trusted advisor sales onboarding roadmap, sales leadership development and ongoing reinforcement. This customer-focused, trusted-advisor approach supports compliance and regulations, and promotes ethical standards among our sales professionals.
Supporting Diverse Businesses & Advancing Financial Inclusion
Fulton is committed to supporting diverse entrepreneurs in our communities by providing them with the resources and tools they need to grow and succeed in their business endeavors.
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Neighborhood Progress FundFulton Bank took the lead on working with a group of banks in the Philadelphia region to provide the Neighborhood Progress Fund, an emerging Community Development Financial Institution, with a loan to assist Black- and Brown-owned small businesses in the North Philadelphia community. This loan will help approximately 30-60 minority-owned businesses. |
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Winners CircleJarryd Carver, a young minority business owner, sought to join the 6% of minority-owned auto dealerships by starting Winners Circle Automotive Group in Virginia. Fulton Bank provided an initial loan for floor plan financing in 2019, and the dealership has achieved the highest level of Customer Experience Recognition by FCA (Fiat Chrysler Automobiles) and was certified by J.D. Power for 2020’s Customer First Award for Excellence.
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Diverse Business BankingMinority-owned businesses often lack access to capital and other banking services needed for growth. At Fulton Bank, we’re making a concerted effort to change that.
In 2022, we created a steering committee to oversee the development of a program aimed at advancing diverse businesses. We also hired a new director-level team member to build relationships with businesses owned by people of color, women, LGBTQ+ and veterans. That position reports directly to the EVP and Director of Fair & Responsible Banking. We also put together a team of bankers to work on products, promotions and programs to support diverse business banking. One team is working on creating a Special Purpose Credit Program (SPCP). A separate team is working to train our bankers on the needs of diverse business owners, along with new solutions and outreach methods to inform this segment about new opportunities.
Our Certified Diverse Business Advocates play an integral role in helping minority-owned businesses become equipped with the right educational resources, networking opportunities and products and solutions that meet their specific needs. Our advocates have completed a rigorous certification program and have a successful track record of helping businesses grow.
While this program will launch in 2023, a significant amount of work to develop the program has taken place in 2022. We look forward to piloting the program in one of our major cities and then rolling it out across our footprint in 2023.
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Innovate Capital Growth FundFulton Bank seeks opportunities to partner with outside entities to deliver on our strategy. This includes investing in venture funds that align with our objectives.
In December 2022, Fulton Bank invested $1 million in Innovate Capital Growth Fund, LP. The fund is a Small Business Investment Company that is licensed and regulated by the Small Business Administration. The fund’s objective is to provide equity capital to minority- and women-owned lower middle market companies (revenues of $2 million to $10 million) located in the mid-Atlantic region.
We are excited to make this investment that will enable minority- and women-owned businesses to create jobs and uplift communities. |
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Small Business Development Office (SBDO)Fulton’s SBDO team supports the unique needs of diverse business owners. Through outreach, one-on-one meetings and our understanding of the entrepreneurial ecosystem, we are able to connect business owners with solutions tailored to their unique situations. Currently, four SBDO team members are assigned to key market areas within Fulton’s footprint.
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