When Silicon Valley Bank (SVB) collapsed, its wealthy depositors were protected—but not the promises made to finance much needed affordable housing and other community needs.

The Feds authorized the sale of the bank's assets, but did not require the new owner (First Citizens Bank) to honor a $11 billion community benefits agreement that SVB had signed.

The community benefits agreement required the bank to provide: (a) $2 billion for loans and investments to support affordable housing, (b) $1 billion in mortgage lending to low- and moderate-income borrowers in California, (c) $11 million to help nonprofits acquire property that would likely bought by investors and (d) various additional community concessions.

As a direct result, affordable housing is now in jeopardy. The agreement with SVB was a much-needed step to addressing our housing crisis, and was relied upon by advocates.

First Citizens Bank has grown more than tenfold since the 2008 financial crisis by scooping up failed rival banks at discount prices. The North Carolina bank bought SVB's assets for $16 billion less than the assessed value, so it absolutely can afford to honor this agreement.

We have an urgent need for affordable housing, which cannot be pushed aside by the greed of banks and lax government enforcement. First Citizens Bank has acquired the assets of SVB, and must keep the promise to the community of securing more affordable housing.

Sign the petition to First Citizens Bank: Keep the promise of affordable housing.

Participating Organizations: