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.
The Raleigh, N.C., company said on Monday that the five-year plan includes $6.9 billion for community development lending and investments, $5.9 billion in small-business lending and $3.2 billion in mortgage lending to low- and moderate-income and minority borrowers. It will also earmark $50 million for Community Reinvestment Act-qualified philanthropic giving through 2025.
Regulators had set Monday as the deadline for public comments for the proposed merger.
“This community benefits plan expands on the ongoing work that we’ve already put in place to support affordable home ownership, small-business lending and community development,” First Citizens Chairman and CEO Frank Holding said in a press release.