Press release
First Citizens Announces Expanded Commitment to Communities in Northern California and Eastern Massachusetts
Agreement adds $6.5 billion in community lending to First Citizens' longstanding legacy of community support RALEIGH, N.C., Nov. 14, 2023 /PRNewswire/ --
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"Agreement adds $6.5 billion in community lending to First Citizens' longstanding legacy of community support\nRALEIGH, N.C., Nov. 14, 2023 /PRNewswire/ -- First Citizens Bank today announced an amendment to its existing Community Benefits Plan agreement with the National Community Reinvestment Coalition (NCRC) and its members that extends the bank's longstanding community support to Northern California and Massachusetts following its March acquisition of Silicon Valley Bank.\n\n \n \n \n \n \n \n\n \nThe additional commitment, which recognizes pre-existing Silicon Valley Bank relationships, establishes a new $6.5 billion community financial target with the following components:\n$2.25 billion in small business lending.$3.6 billion in Community Reinvestment Act (CRA) development lending and investing.$650 million in residential mortgages to low- and moderate-income (LMI) borrowers and in selected LMI census tracts.First Citizens is also committing to $35 million in CRA grants or contributions, with $10 million of that sum dedicated to an affordable home mortgage subsidy program.\nThe new commitment comes in addition to $3.1 billion that SVB had spent in furtherance of its Community Benefits Plan prior to First Citizens' acquisition of certain assets and liabilities of SVB from the Federal Deposit Insurance Corporation (FDIC) in March. This new First Citizens commitment also comes in addition to the $16 billion Community Benefits Plan that First Citizens announced in February 2021. That plan remains on track to meet its own financial targets.\nAlthough First Citizens had no obligation to assume responsibility for SVB's prior Community Benefits Plan, it agreed to this addendum to further the bank's ongoing commitment to serve the communities where it does business. Some other banks recently acquired through FDIC receivership did not continue their Community Benefits Plan targets.\nIn formulating the addendum, First Citizens, NCRC, Rise Economy, The Greenlining Institute, the Massachusetts Affordable Housing Alliance (MAHA) and Massachusetts Association of Community Development Corporations (MACDC) worked together to identify the initiatives of greatest impact to LMI communities.\n\"For its entire 125-year history, First Citizens Bank has taken great pride in our continuing efforts to support clients, customers and associates, as we...