Less than two weeks after acquiring Silicon Valley Bank, North Carolina-based First Citizens has already reached out to key Boston leaders to discuss the failed bank's commitments to financing affordable housing developments in the Boston area.
“Other discussions with more groups and government officials are scheduled for the days ahead. We want to take an informed and thoughtful approach to doing what’s right to strengthen the Greater Boston area,” Barbara Thompson, an assistant vice president at First Citizens told the Business Journal.
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After SVB purchased Boston Private Bank and Trust in 2021, the California bank took on the commitments to financing affordable housing that Boston Private had made.
Currently, there are “at least” 18 affordable housing developments under construction across the state that had been financed by SVB, representing over 800 homes for low-income residents, a letter from elected officials to Frank Holding Jr., the CEO of First Citizens Bank, said. In the letter, the officials urged First Citizens to honor those commitments.
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