The Times and Democrat, March 19, 2021, First Citizens to aid low-income communities
First Citizens Bank announced a $16 billion community benefits plan — developed in collaboration with the National Community Reinvestment Coalition — that builds on its work to reinvest in low- and moderate-income communities and neighborhoods of color.
Under the plan, First Citizens Bank would support lending and investing in the areas of affordable housing, small business and community development over a five-year period from 2021-25, following completion of the proposed merger of First Citizens BancShares, Inc. (“First Citizens”), the parent company of First Citizens Bank, and CIT Group Inc. (“CIT”).
First Citizens participated in virtual listening sessions late last year with national and state members of NCRC, an association of more than 600 community-based organizations that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America’s working families. The plan is a direct result of input received from those meetings and was formed in conjunction with the NCRC and its member organizations.