Katie Porter: “When banks make promises to the public, we should expect that they are upheld. Disappointingly, First Citizens Bank is…”

“When banks make promises to the public, we should expect that they are upheld. Disappointingly, First Citizens Bank is falling short of this standard. After purchasing Silicon Valley Bank's assets at a whopping $16.5 billion discount, First Citizens has been silent on whether it will uphold Silicon Valley Bank's promise to invest $9 billion in California's low-income communities. This investment promised to expand affordable housing, small business loans, and other needed services in underserved areas. I led 15 of my California colleagues in a letter last month calling on First Citizens Bank to honor this commitment. They have not responded. It is an injustice that communities of color and low-income households stand to lose out more from First Citizens' purchase than all of Silicon Valley Bank's billionaire depositors. First Citizens has a responsibility to make sure that neighborhoods with the least financial resources are not left behind. {time} 1015 CalOptima Funding for Youth Mental Health”