In this month’s Bank Rundown, we look at a potential merger between the United State’s 11th largest bank by total assets and the 39th largest; a California loan company’s bid to become a bank; and more.

CIT Bank being bought by First Citizens Bank of North Carolina

In November, First Citizens Bank, a bank with nearly $50 billion in assets, more than 550 branches in multiple states (with over 20 First Citizen branches statewide), and a troublesome history (FCB previously bought a bank with a discrimination complaint filed against it), announced its plans to acquire CIT.

CIT Bank retains most of its operations in California, with more than 60 branches and most of its $60 billion in assets based in Southern California. Last year, CRC settled its redlining complaint against CIT, and also entered into a Community Benefits Agreement (CBA) with CIT when it acquired Mutual of Omaha Bank. CRC members met with First Citizens Bank and CIT in December, and are negotiating a CBA with NCRC and members now, with the comment period closing this week.

Oportun applies for a national bank charter

Lending company Oportun has applied for a bank charter. The lending company, which primarily targets Latino and low-income borrowers, was the subject of multiple high-profile news investigations last year. The investigations uncovered the company’s “egregious debt collection practices” as well as its poor and harmful underwriting. In December, CRC joined Center for Responsible Lending and other allies in calling on the Office of the Comptroller of the Currency (OCC) to require significant improvements before approving Opportun’s national bank charter. The comment period ran on Christmas Day. CRC and allies have sought an extension of the comment period, called for public hearings, and hope to engage Oportun.

PNC plans to acquire BBVA

Pittsburgh-based PNC BANK announced plans to acquire BBVA in 2020 for $11.6 billion. If the acquisition goes through this summer as planned, PNC would move up from the 11th largest to the fifth-largest bank in the country, measured by assets. California is home to about 61 BBVA branches. There are about 30 ATMs operated by PNC in California, with most located in the San Joaquin Valley.

Silicon Valley Bank to acquire Boston Private

Santa Clara-based SVB — with just six branches, but almost $100 billion in assets — recently announced its intention to acquire Boston Private Bank.

Boston Private Bank has 12 branches and nearly $8 Billion in deposits in California, and locations in San Francisco, San Jose and Los Angeles.

— Do you have any experience with any of the above banks, good or bad? If so, we’d like to hear from you. Send us an email at:

Also, Bank of Hope seeks grant applicants

CRC members help advocate for and partner with banks to better serve their communities. Coming out of a December meeting with CRC member organizations, Bank of Hope has extended an invitation to CRC members, allies, and all community organizations to apply for grant funding.

“Bank of Hope helps to meet credit needs of the community by providing financial resources for affordable housing, economic development, and community services that serve low and moderate-income people and small businesses in low and moderate-income areas (or areas designed for revitalization and stabilization) with Charitable Contribution,” said Kelvin James, Senior Vice President and CRA Manager of Bank of Hope’s Regulatory Compliance Department.

Learn more about Bank of Hope’s Community Reinvestment Funding program. You can find its CRA Funding Application here, or send an email to or mail-in an application to the following address:
Bank of Hope
Attn: Regulatory Compliance Department – CRA Compliance
3200 Wilshire Blvd. Suite 228
Los Angeles, CA 90010

If you’ve applied to Bank of Hope’s grant funding, send an email to to let us know.