Regions Financial in Birmingham, Alabama, has established a New Markets Tax Credit practice and recruited a Truist Financial banker who specializes in community revitalization to lead the new unit.
Steve Ross, who is based in Washington, and his team will focus on social-impact investments, joining the bank’s broader tax credit investment services, which include low-income housing tax credits and solar renewables tax credit equities, the $156 billion-asset Regions said Monday. He will report to Ward Cheatham, Regions’ head of corporate banking.
“Adding these capabilities not only expands our range of services, it complements and enhances our broader commitment to creating more inclusive prosperity,” Cheatham said in a news release. “The result will be more investments from the business community into programs and initiatives that are making a real and valuable difference.”
Ross was previously the head of the NMTC practice for Truist Community Capital, a community development arm of the $530 billion-asset Truist in Charlotte, North Carolina.
He worked at Truist and its predecessor SunTrust Banks for seven years. Before he joined SunTrust, Ross held a number of project management roles at both nonprofit and for-profit organizations focused on community revitalization and the creation or preservation of affordable housing. He has also served on the boards for the New Markets Tax Credit Coalition and the Partnership for Job Creation.