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Fulton Bank Announces $1 Million Grant to Support New Jersey Neighborhood Revitalization Efforts

Publishedon04/26/22 WrittenbyLacey Dean

Fulton Bank Announces $1 Million Grant to Support New Jersey Neighborhood Revitalization Efforts


Funds will benefit Atlantic City Development Corporation
and the Atlantic County Economic Alliance

LANCASTER, Pa. (April 19, 2022) –
Fulton Bank, a division of Fulton Financial Corporation (NASDAQ: FULT), today announced it is awarding $1 million in grants to the Atlantic City Development Corporation and the Atlantic County Economic Alliance, as part of the New Jersey Department of Community Affairs (DCA) Neighborhood Revitalization Tax Credit (NRTC) program.

This funding will support two critical revitalization efforts in Atlantic County, NJ: Atlantic City Development Corporation’s “2022 Chelsea Neighborhood Plan Project” to establish regular neighborhood cleanups and improve security in the community and Atlantic County Economic Alliance’s “Revitalize Ducktown Project” to attract new businesses and create new job opportunities to help diversify the local economy.

“At Fulton Bank, we’re grateful for the opportunity to support community initiatives like NRTC that align with our purpose of changing lives for the better,” said Lou Lombardi, regional commercial executive for Fulton Bank in Greater Philadelphia and New Jersey. “This critical effort will have a positive impact on the communities where we live and serve for years to come.”

The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spur the renewal of neighborhoods at risk of experiencing a downturn. It accomplishes this through strategies developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.

ACDevco President Christopher Paladino stated, “Fulton Bank’s participation in the program will allow us to accelerate our neighborhood economic development efforts in Chelsea, building on our Gateway development of Stockton University Atlantic City campus and South Jersey Gas’ Headquarters Building, and the soon-to-be-complete Stockton Phase 2, a 416-bed student residential building on O’Donnell Park.”

Elizabeth Terenik, President of Chelsea Economic Development Corporation, partner to ACDevco on the Chelsea Plan, added, “It’s exciting to have local institutions such as Fulton Bank help us grow our programs of homeownership, grants for businesses, career training in technology for youth, community wellness, and our foundational programs of beautification and public safety.”

"Fulton Bank prides itself on being the neighborhood bank in the tri-state area. For that reason, we are excited to be partnering with Fulton Bank to revitalize the Ducktown neighborhood. The funds from the NRTC program, Fulton Bank's expertise and leadership from the Atlantic County Economic Alliance will provide a solid foundation for community revitalization," said Michael Cagno, Ducktown CDC board president and executive director of the Noyes Museum of Stockton University.

Media Contact: Lacey Dean
Office: 717-735-8688

About Fulton Bank, N.A.:
Fulton Bank, N.A. is a subsidiary of Fulton Financial Corporation, a $26 billion financial holding company headquartered in Lancaster, PA. Fulton Bank operates more than 200 financial centers throughout Pennsylvania, New Jersey, Maryland, Delaware and Virginia. Learn more at