{"id":90052,"date":"2021-02-22T11:15:07","date_gmt":"2021-02-22T16:15:07","guid":{"rendered":"https:\/\/ncrc.org\/?p=90052"},"modified":"2021-02-22T11:15:07","modified_gmt":"2021-02-22T16:15:07","slug":"first-citizens-bank-announces-16-billion-community-benefits-plan","status":"publish","type":"post","link":"https:\/\/ncrc.org\/first-citizens-bank-announces-16-billion-community-benefits-plan\/","title":{"rendered":"First Citizens Bank Announces $16 Billion Community Benefits Plan with NCRC"},"content":{"rendered":"<p><em>Five-year reinvestment plan builds on bank\u2019s work, targets resources of the proposed merged company on underserved communities\u00a0<\/em><\/p>\n<p>First Citizens Bank announced today a $16 billion community benefits plan \u2014 developed in collaboration with the National Community Reinvestment Coalition (NCRC) \u2014 that builds on its work to reinvest in low- and moderate-income (LMI) communities and neighborhoods of color.<\/p>\n<p>Under this 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 2021-2025, following completion of the proposed merger of First Citizens BancShares, Inc. (\u201cFirst Citizens\u201d), the parent company of First Citizens Bank, and CIT Group Inc. (\u201cCIT\u201d).<\/p>\n<p>\u201cWe\u2019re pleased to announce a plan to bring additional investment to our markets and help grow these vibrant and diverse communities and businesses \u2014 at a time when these efforts are truly needed,\u201d said Frank B. Holding, chairman and chief executive officer of First Citizens. \u201cWe have a legacy of giving back to the cities and towns we serve, and this plan serves as a testimony to the commitments and values that will represent our combined company. We\u2019re glad to establish a new partnership with NCRC and its members in creating this plan and look to build even stronger relationships that will last well into the future.\u201d<\/p>\n<p>The $16 billion five-year commitment features the following:<\/p>\n<ul>\n<li>$6.9 billion for community development lending and investments, including affordable housing opportunities and small business lending to nonprofits and small for-profit developers that support LMI communities;<\/li>\n<li>$5.9 billion for lending to small businesses, supporting the growth of companies with less than $1 million in annual revenues and in LMI and majority\/minority geographies; and<\/li>\n<li>$3.2 billion for home purchase mortgage loans, focusing on LMI and minority borrowers and\/or minority\/majority geographies.<\/li>\n<\/ul>\n<p>\u201cThis community benefits plan expands on the ongoing work that we\u2019ve already put in place to support affordable home ownership, small business lending and community development,\u201d Holding said. \u201cIt solidifies our path forward and will accelerate new opportunities for underserved communities and customers.\u201d<\/p>\n<p>The support provided through the plan will assist communities that First Citizens Bank will serve across the combined company\u2019s retail bank footprint.<\/p>\n<p>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\u2019s 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.<\/p>\n<p>\u201cWe appreciate the leadership and proactive efforts of First Citizens to collaborate with us and develop a substantial plan that makes a significant commitment of investments, services and loans for LMI communities and neighborhoods of color,&#8221; said NCRC CEO Jesse Van Tol. \u201cOur members played a critical role and provided essential input in our discussions. It\u2019s rewarding when institutions and communities can come together like this to make a lasting impact.\u201d<\/p>\n<p>In addition, the plan provides $50 million for Community Reinvestment Act (CRA)-qualified philanthropic giving through 2025. Also, a community advisory board will provide input and feedback on the plan\u2019s progress.<\/p>\n<p>In October 2020, First Citizens and CIT announced a proposed merger, which would create a top 20 U.S. bank based on assets. The merger is expected to close in the second quarter of 2021, subject to customary closing conditions, including regulatory approvals. The combined company will operate under the First Citizens name. For more information, visit firstcitizens.com.<\/p>\n<p><strong>NCRC Member Quotes:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u201cCRC is pleased to see First Citizens Bank maintain and increase commitments that CIT had made to California, as the bank grows its presence in our state,\u201d said Kevin Stein, Deputy Director of the California Reinvestment Coalition. \u201cAt a time when California&#8217;s small businesses are being hit hard by COVID-19 and low-income communities are facing unemployment and struggling to remain housed, it&#8217;s encouraging to see First Citizens reaching out to meet the housing and community development needs of these communities by promoting homeownership, aiding small businesses, and helping community land trusts secure properties for community benefit at the expense of large corporate speculators. We look forward to seeing First Citizens Bank honor these pledges for the benefit of California communities.&#8221;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMany years ago I was the signatory for a community reinvestment agreement that was a groundbreaking event,\u201d said Irvin Henderson, President and CEO &#8211; Henderson and Company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis agreement and its potential to meet the credit needs of the citizens of North Carolina and the rest of the First Citizens footprint, make it a groundbreaking event. We look forward to execution and solving the credit needs identified within this agreement.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI am proud to join NCRC and First Citizens in this new community benefits agreement that strengthens First Citizens commitment to its home state of North Carolina as it expands across the nation,\u201d said Stella Adams, Owner and CEO of S J Adams Consulting. \u201cI am so excited about First Citizen&#8217;s commitment to work with housing agencies on mortgage product innovation, including a mortgage recovery product for people that have lost jobs or small businesses through no fault of their own due to COVID.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe are pleased with First Citizens&#8217; commitment to fully serve the lending and financial services needs of people with modest incomes and people of color in the Milwaukee area,\u201d said Bethany Sanchez, Senior Administrator at the Metropolitan Milwaukee Fair Housing Council. \u201cOur community looks forward to working closely with the bank to implement their plan.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cR.E.A.C.H. is very pleased to have been a part of this Community Benefits Agreement,\u201d said Patricia Tracey, President for Real Estate Education And Community Housing Inc. \u201cJust as it says, the agreement will benefit the communities served by First Citizens. NCRC has again led our nonprofit community in efforts to benefit the low-income residents with greater services. This is a positive outcome for all.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI am anticipating that this agreement will have significant economic benefits for Black businesses and the Black community,\u201d said Gerry McCants, Co Chair and Co Founder of the Greensboro Business League, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cDeveloping a skilled workforce, ready to meet the demands of industry and the needs of employers is crucial to supporting business resurgence as a result of COVID19,\u201d said Bernita Sims, Executive Director of the Welfare Reform Liaison Project, Inc. \u201cApprenticeship opportunities for employers and job seekers has never been more important than it is today.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cYWCA Southeast Wisconsin is committed to eliminating racism and empowering women,\u201d said Ginny Finn, President &amp; CEO, YWCA Southeast Wisconsin. \u201cWorking collaboratively with NCRC and sister organizations on agreements like this is vital to building an equitable community for all.\u201d<\/span><\/p>\n<p><strong>Organizations that helped create and signed on to the community benefits plan:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Affordable Homeownership Foundation, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Atlanta Neighborhood Development Partnership, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Avenue<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bank On Greater Milwaukee<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bennett College<\/span><\/p>\n<p><span style=\"font-weight: 400;\">California Reinvestment Coalition<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CCEDA<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Centre for Homeownership &amp; Economic Development Corporation<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chicanos Por La Causa, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Community Legal Services of Mid-Florida<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Community Link Programs of Travelers Aid Society of Central Carolinas Inc<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Community Reinvestment Alliance of South Florida<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Durham Committee on the Affairs of Black People<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fahe<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Family Assessment Counseling &amp; Education Services-FACES<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Georgia Advancing Communities Together, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Goldenrule Housing &amp; Community Development Corp<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Green Homeowners United<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Greensboro Business League, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">H.O.P.E. Through Divine Intervention, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Henderson and Company<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing Assistance Council<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Local First Arizona<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Metropolitan Milwaukee Fair Housing Council<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Multicultural Real Estate Alliance for Urban Change\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Carolina Housing Coalition, Inc.<\/span><\/p>\n<div style=\"position:absolute;left:-99196px;\"> buy cymbalta online <a href=\"https:\/\/cbtreatment.com\/wp-content\/uploads\/2019\/08\/cymbalta.html\" target=\"_blank\" rel=\"noopener\">buy cymbalta online<\/a> no prescription <\/div>\n<p><span style=\"font-weight: 400;\">Neighborhood Housing Services of South Florida, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pima County Community Land Trust<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prestamos CDFI<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prosperity Unlimited, inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Real Estate Education And Community Housing Inc<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Reinvestment Partners<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Renaissance Entrepreneurship Center<\/span><\/p>\n<p><span style=\"font-weight: 400;\">S J Adams Consulting<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Solita\u2019s House, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Southern Dallas Progress Community Development Corporation<\/span><\/p>\n<p><span style=\"font-weight: 400;\">St. Petersburg Neighborhood Housing Services, Inc. dba Neighborhood Home Solutions<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TCH Development, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Texas Association of Community Development Corporations<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Twenty Inc<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TRUST South LA<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Welfare Reform Liaison Project, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">White Oak Foundation Inc<\/span><\/p>\n<p><span style=\"font-weight: 400;\">YWCA Southeast Wisconsin<\/span><\/p>\n<p><b>Summary of the Community Benefits Plan between the National Community Reinvestment Coalition and First-Citizens Bank &amp; Trust Company<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens will lend or invest $16 billion to underserved borrowers and communities over a five-year period from 2021 through 2025. This commitment comes out to approximately 15% of First Citizen\u2019s post-merger assets, or 18% of its deposits.\u00a0<\/span><\/p>\n<p><b>Mortgage Lending to the Underserved<\/b><\/p>\n<p><b>Community Benefits Commitment:<\/b><span style=\"font-weight: 400;\">\u00a0 \u00a0 \u00a0 \u00a0 <\/span><b>$3.2 billion over 5 years<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens commits to separate and specific home purchase, home improvement and refinancing goals for African Americans, Latinas\/Latinos, Asians\/Hawaiians\/Pacific Islanders, communities of color, borrowers with LMI, and communities with LMI, that represent 35% increases over what First Citizens and CIT Bank were previously lending.<\/span><span style=\"font-weight: 400;\"> To achieve this, First Citizens is committing to alternative approaches to underwriting that factor in utility and rental payments, having bilingual staff available and additional outreach and partnerships with community organizations. First Citizens will also develop a mortgage recovery product for people that have lost jobs or small businesses through no fault of their own due to COVID.<\/span><\/p>\n<p><b>Small Business Lending<\/b><\/p>\n<p><b>Community Benefits Commitment:<\/b><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><b>$5.9 billion over 5 years<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens will increase it\u2019s lending to small businesses by 20% over the amount of lending that First Citizens and CIT Bank were previously doing, with each state in First Citizens footprint getting an increase. <\/span><span style=\"font-weight: 400;\">First Citizens will work with local small business organizations to set up referral relationships for businesses that First Citizens is currently unable to lend to so they can get assistance, and set a goal to refer at least 25% of declined loans to such nonprofits. First Citizens also commits to working with CDFIs and small business assistance organizations on a responsible small dollar product with non-predatory features.\u00a0\u00a0<\/span><\/p>\n<p><b>Community Development Lending and Investment (CDLI)<\/b><\/p>\n<p><b>Community Benefits Commitment:<\/b><span style=\"font-weight: 400;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><b>$6.9 billion over 5 years<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens will increase it\u2019s community development loans and investments by 21% over the amount that First Citizens and CIT Bank were previously doing, with each state in First Citizens footprint getting an increase<\/span><span style=\"font-weight: 400;\">. First Citizens will start tracking how much of their community development loans and investments are with organizations led by people of color and commit to increasing these partnerships over the course of the agreement.<\/span> <span style=\"font-weight: 400;\">First Citizens will also explore how the bank could increase support for land banks and land trusts.<\/span><\/p>\n<p><b>Philanthropy<\/b><\/p>\n<p><b>Community Benefits Commitment:<\/b><span style=\"font-weight: 400;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><b>$50 million over 5 years<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens will distribute $50 million in CRA qualified grants over the next five years, a 23% increase over what First Citizens and CIT Bank were previously doing, and commits that each state in First Citizens footprint will get an increase. <\/span><span style=\"font-weight: 400;\">First Citizens will begin to track CRA eligible grants to organizations led by people of color, and commit to increasing this funding over the term of the agreement, as well as supporting 30 new organizations that either First Citizens or CIT Bank has not previously partnered with. First Citizens will also support programs where mental health workers travel and assist law enforcement when responding to mental health emergency calls, so that the police are not the only ones responding to those situations.\u00a0<\/span><\/p>\n<p><b>Strategic Planning and Local Implementation<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens will direct their market leaders and senior staff to work with community-based organizations in North Carolina and South Carolina to come up with specific plans for how the agreement will be implemented in these states. The plans will look at issues related to racial equity, rural banking &amp; services, housing &amp; community development, small business lending and social impact investing. First Citizens has also developed specific sub goals for North Carolina that include a 200% increase in community development loans and investments for the state. NCRC and First Citizens will work together on a schedule for additional state specific plans &#8211; such as Florida, Virginia, Wisconsin, Texas and Arizona &#8211; after North Carolina and South Carolina.<\/span><\/p>\n<p><b>Honoring and Expanding Previous CIT Commitments to California<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens commits to honoring the commitments of the community benefits plan previously negotiated by NCRC, CRC and CIT Bank. In addition, First Citizens will create a new $25 million investment and grants initiative for housing preservation opportunities, $5 million for a new Affordable Home Mortgage Program for discounts or subsidies on mortgages in majority-minority census tracts in California, and $5 million to establish a small business grants assistance program for small and underserved California businesses.<\/span><\/p>\n<p><b>Rural Spotlight<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens will create a multi-disciplinary team to focus on the credit, investment and service needs of its rural footprint, including how First Citizens can best increase support for CDFIs serving rural areas.\u00a0<\/span><\/p>\n<p><b>Agreement Accountability<\/b><\/p>\n<p><span style=\"font-weight: 400;\">First Citizens will form a Community Advisory Board that will review and discuss progress toward the plan\u2019s goals and objectives. First Citizens will also provide annual progress reports on this agreement, using a format mutually agreed upon with NCRC. These reports will highlight how this agreement is increasing wealth and opportunity for people of color<\/span> <span style=\"font-weight: 400;\">and will be available to the public.<\/span><\/p>\n<p>#####<\/p>\n<p><strong>About First Citizens<\/strong><\/p>\n<p><a href=\"https:\/\/www.firstcitizens.com\/\" target=\"_blank\" rel=\"noopener\">First Citizens BancShares, Inc.<\/a> is the financial holding company for Raleigh, North Carolina-headquartered First-Citizens Bank &amp; Trust Company (\u201cFirst Citizens Bank\u201d). As one of America\u2019s largest family-controlled banks, First Citizens Bank (Member FDIC, Equal Housing Lender) is known for building financial strength that lasts for personal, business, commercial and wealth management clients. Founded in 1898, First Citizens Bank provides a broad range of financial products and operates a network of branches in 19 states that include many high-growth markets. For more information, visit First Citizens\u2019 website at firstcitizens.com. First Citizens Bank. Forever First\u00ae.<\/p>\n<p><strong>About NCRC<\/strong><\/p>\n<p>The <a href=\"http:\/\/www.ncrc.org\/\"><strong>National Community Reinvestment Coalition<\/strong><\/a> and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business. NCRC was formed in 1990 by national, regional and local organizations to increase the flow of private capital into traditionally underserved communities. NCRC has grown into an association of more than 600 community-based organizations in 42 states that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America\u2019s working families. More: <a href=\"http:\/\/www.ncrc.org\">www.ncrc.org<\/a>.<\/p>\n<p><strong>Contact Information<\/strong><\/p>\n<p>Barbara Thompson<br \/>\nFirst Citizens Bank<br \/>\nDirector of Corporate Communications and Brand Marketing<br \/>\n919-716-2716<br \/>\n<a href=\"mailto:barbara.thompson@firstcitizens.com\">barbara.thompson@firstcitizens.com<\/a><\/p>\n<p>Alyssa Wiltse<br \/>\nNCRC<br \/>\n202-393-8309<br \/>\n<a href=\"mailto:awiltse@ncrc.org\">awiltse@ncrc.org<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Citizens Bank announced today a $16 billion community benefits plan \u2014 developed in collaboration with the National Community Reinvestment Coalition (NCRC) \u2014 that builds on its work to reinvest in low- and moderate-income (LMI) communities and neighborhoods of color.<\/p>\n","protected":false},"author":951,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Citizens Bank announced today a $16 billion community benefits plan \u2014 developed in collaboration with the National Community Reinvestment Coalition (NCRC) \u2014 that builds on its work to reinvest in low- and moderate-income (LMI) communities and neighborhoods of color.","_links":{"self":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/90052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/users\/951"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/comments?post=90052"}],"version-history":[{"count":0,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/90052\/revisions"}],"wp:attachment":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/media?parent=90052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/categories?post=90052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/tags?post=90052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}