EDISON, N.J. -- Midlantic Corp. said its principal subsidiaries, Midlantic National Bank in New Jersey and Continental Bank in Philadelphia, have set a goal of $200 million for community development and reinvestment loans for 1994-96.
Included in the $200 million target are $72 million in single-family home mortgages and home improvement loans to low-income and moderate-income people, $73 million in community development real estate loans, and $25 million in economic development loans.
Working with regional advisory committees, Midlantic also promised other initiatives, including increased education programs on home mortgages and small-business loans, specialized marketing and advertising programs for community development and reinvestment products, and staff training in cultural diversity and sensitivity.
Describing the policy, Garry J. Scheuring, chairman, president, and chief executive, said Midlantic views "community development and reinvestment as an opportunity to reach new markets and to be creative in helping to build economic strength and diversity in the communities we serve."
