American Banker: First Citizens commits $16 billion to community development lending

American Banker

, February 22, 2021. First Citizen commits $16 billon to community development lending

First Citizens BancShares will pour $16 billion into low- and moderate-income communities under a new community reinvestment plan tied to its pending purchase of CIT Group.

Large-dollar community reinvestment plans often follow announcements of bank mergers, though the pandemic and nationwide protests over racial injustice have put more pressure on banks to address income inequality in the U.S.

First Citizens said it worked with the National Community Reinvestment Coalition and its member organizations to develop the plan announced on Monday.