Citizens Deepens San Francisco Commitment through Community and Economic Investments

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Key Terms

Community Development Financial Institution financial

A community development financial institution (CDFI) is a specialized lender—like a neighborhood bank on a mission—that provides loans, investments and basic financial services to underserved people, small businesses and local projects such as affordable housing and community facilities. It matters to investors because CDFIs channel capital into areas mainstream banks avoid, offering access to impact-driven opportunities, potential government support or incentives, and a way to balance financial return with measurable social benefit.

03/17/2026 - 11:00 AM

SAN FRANCISCO--(BUSINESS WIRE)-- Citizens today announced a series of coordinated community and economic investments that underscore its long-term commitment to San Francisco as a place to do business, build community and drive inclusive growth. Together, these commitments reflect Citizens’ belief that sustained progress comes from working alongside local leaders, nonprofits and entrepreneurs to strengthen the city’s economic foundation.

During a fireside chat with San Francisco Mayor Daniel Lurie this month at the Citizens Tech Conference, Citizens Chairman and CEO Bruce Van Saun reiterated the bank’s local support: "Strong cities are built through partnership—between corporations, government, universities and nonprofits—working together to remove barriers, support small businesses and create the conditions for long-term growth. Citizens is proud to help bring energy back to the streets of San Francisco and strengthen the small businesses that are essential to a vibrant, pro-business downtown."

Mayor Lurie added: “Through our Heart of the City plan, our administration is working every day to accelerate San Francisco’s economic comeback and bring energy back to our downtown. Investments like this one help strengthen our downtown and support the small businesses that make our city thrive. Thank you to Citizens for their commitment to San Francisco and investment in our economic recovery.”

Supporting Small Businesses and Downtown Revitalization

Recognizing that a vibrant downtown is essential to San Francisco’s economic recovery, Citizens is making targeted investments to help small businesses open, grow and succeed in the city’s core commercial corridors. These include:

Announcing a $250,000 grant as a founding supporter of the San Francisco Downtown Development Corporation’s Downtown Business Fund to help new and existing businesses open and grow in currently vacant storefronts across high-traffic corridors such as Powell Street, Stockton Street, and other key retail areas.
Committing $500,000 to Main Street Launch, a local Community Development Financial Institution, to support their San Francisco Downtown Small Business Fund that provides access to capital and technical assistance for early-stage and undercapitalized small businesses.
Committing an additional $5 million in dedicated lending capacity to support larger small businesses in downtown San Francisco with their more significant and complex capital needs. This commitment includes support for real estate improvements, buildouts, long-term expansion and will strengthen small business resilience while contributing to a more active, welcoming downtown environment for residents, workers and visitors.

“Opening more businesses downtown is essential to the city’s recovery,” said Shola Olatoye, CEO of the San Francisco Downtown Development Corporation. “Citizens’ investment will help entrepreneurs create jobs and turn vacant storefronts into places people want to visit, work and spend time.”

Investing in Housing Stability and Opportunity

As part of its broader commitment to housing affordability across California, Citizens is supporting the creation of new affordable housing in San Francisco neighborhoods experiencing rapid change. In 2025, that included nearly $125 million of lending and equity investments across the city, including the recently finished project in Bernal Heights, and the bank expects to meet or exceed that funding level in 2026.

At 3300 Mission Street in Bernal Heights, Citizens provided a combination of equity and construction financing to support the development of 35 new affordable rental homes, replacing a long-vacant property with housing for low- and moderate-income residents.

Citizens goes beyond the financing by investing in residents through its Economic Opportunity Fund. The bank committed more than $500,000 to support resident services at the Mission Street property, including access to technology, financial empowerment programming, and life-coaching—resources designed to help residents build stability, strengthen financial health and pursue long-term opportunity.

A Durable Partner in San Francisco’s Future

Since expanding into California with the acquisitions of JMP Securities and Trinity Capital, followed by the launch of Citizens Private Bank in 2023, the bank has broadened its presence across the state through community partnerships aimed at fostering financial empowerment and supporting workforce development.

Citizens brought its signature Champions in Action community program to the region, recognizing three local nonprofits and providing $150,000 in funding.
Citizens recently committed $400,000 to bring Education Design Lab to California and establish new workforce micro pathways at several community colleges, aligning education with local workforce demand.
As part of a larger partnership with California-based career exploration nonprofit Roadtrip Nation, Citizens is proud to fuel Many Roads Forward, a two‑episode documentary series that explores how individuals across the country are navigating nontraditional pathways into meaningful careers.
Citizens has committed $65,000 to support three Junior Achievement chapters in California, including JA of Northern California, to help students build financial skills and career awareness.

These community investments reflect Citizens’ broader California strategy: pairing the strength and stability of a national financial institution with local leadership, tailored solutions and long-term commitment. From affordable housing and workforce support to small business growth and downtown revitalization, Citizens’ investments are designed to support San Francisco’s progress and resilience.

“San Francisco has always been a center of innovation, talent and opportunity,” said Mark Lehmann, California Market President, Citizens. “By providing capital, expertise and partnership, Citizens is committed to helping San Francisco, and its residents, thrive both today and for the long-term.”

With approximately 400 colleagues across 14 Corporate and Private Bank offices, and cross-sector capabilities, Citizens serves the entrepreneurs, innovators and community partners who drive the city and state forward.