The plan, negotiated in partnership with the bank and local community-based organizations, sets out goals for over $4 billion in loans, investments, and financial services to low and moderate income communities and communities of color over ten years across the geographic footprint of the combined bank, including Los Angeles and Orange Counties, portions of Riverside and San Bernardino Counties, San Diego County, Alameda and Contra Costa Counties, San Francisco and San Mateo Counties, Santa Clara County, and Sacramento County. Read the full plan here.
The plan, developed in partnership with the bank and local community-based organizations, sets public goals for reinvestment in low and moderate income communities and communities of color totaling 10% of the bank’s statewide deposits in 2017, increasing to 12% by 2021, and 15% by 2025. Over a ten year period, this amounts to at least $8.1 billion worth of reinvestment activity. Read the full plan here.
The plan, developed after several months of negotiations, calls for the bank to achieve a minimum of $11 billion in cumulative qualified CRA activity during the next five years. The $11 billion amount corresponds to the bank’s goal of reaching a level of qualified Community Reinvestment Act (CRA) activity equal to 15% of the bank’s normalized California deposits by 2021. Read the full plan here.
To read the full agreement, click here.
As part of its acquisition of 20 Banco Popular branches, and in consultation with CRC members, Banc of California announced a robust Community Benefit Plan in September 2014. Under the plan, the bank leadership committed to investing in a level of Community Reinvestment Act activities that is equivalent to 20% of the bank's deposits. The bank also committed to developing a checking account that meets SafeMoney standards, and reconfiguring their ATM machines so that CalWORKs recipients are not charged ATM fees to withdrawal their benefits. To see the full plan, click here. To see the CRC press release announcing our support for the plan, click here.
Your support enables CRC members to continue pressing California's largest banks to invest in low income communities and communities of color. Click here to make a donation today.