First Citizens BancShares in Raleigh, N.C., amended its community benefits plan, upholding some of the commitments Silicon Valley Bank had made prior to its March failure.
The $214 billion-asset First Citizens bought the failed Silicon Valley Bank, which had outstanding commitments tied to its 2021 acquisition of Boston Private Bank.
First Citizens’ expanded commitment with the National Community Reinvestment Coalition applies to northern California and Massachusetts. The agreement adds $6.5 billion to the company’s previous $16 billion pledge it bought CIT Group.
The new commitment includes about $2.3 billion in small business lending, $3.6 billion in Community Reinvestment Act development lending and investing and $650 million in mortgages to low- and moderate-income borrowers.
First Citizens also committed $35 million in CRA grants or contributions, with $10 million of that amount dedicated to an affordable home mortgage subsidy program.
SVB had already invested $3.1 billion of its $11.2 billion pledge prior to its failure.
“First Citizens Bank has taken great pride in our continuing efforts to support clients, customers and associates, as well as the communities in which we live and work,” Frank Holding, Jr., the company’s chairman and CEO, said in the release.
“This addendum is a testament to that ongoing commitment as we extend our legacy of giving back to the cities and towns we serve, while also helping grow vibrant and diverse communities and businesses,” he added.