First Citizens Bank acquires Silicon Valley Bank's assets in multi-billion dollar deal.
Community activists are urging First Citizens BancShares to uphold the $11.2 billion community benefits agreement made by Silicon Valley Bank (SVB) in 2021, which was set to run through December 2026. Following the implosion of SVB's banking unit, advocates are worried about the disruption and potential loss of the plan. Discussions between First Citizens and at least three community reinvestment groups began last week, and more detailed meetings could take place as early as this week. The fact that First Citizens is engaged in its own five-year community benefits plan is a good sign, but it remains to be seen whether the bank will uphold SVB's commitments.