First Citizens Community Bank recently gave $1 million to Community First Fund to fund lending opportunities for minority and low-income residents and businesses in Lancaster and Lebanon counties who would not qualify for traditional financing.
“We want to help make homeownership a reality for those who are struggling to get started and helping give small businesses a leg up has always been part of our culture and our commitment,” Jim Rovito, CRA and fair lending officer for First Citizens, said in a statement.
Community First Fund, a Lancaster-based economic development organization, is one of two local organizations operating through the New Markets Tax Credit program, a federal initiative designed to stimulate investment and economic growth in low-income urban neighborhoods and rural communities.
Community First Fund covers Central and eastern Pennsylvania. Since 1992, the organization has made more than 1,600 loans and investments totaling more than $207 million.
Citizens Financial Services Inc., the parent company of First Citizens, has assets of roughly $1.4 billion.
The bank had net income of $4.7 million in the second quarter of 2018, up from $3.5 million in the second quarter of 2017, according filings with the U.S. Securities and Exchange Commission.
Headquartered in Tioga County, First Citizens operates 28 offices in Pennsylvania and New York.