First Citizens broadens its focus on the middle-market segment

First Citizens Bank Expands Middle Market Banking Group in the Northeast

First Citizens Bank Expands Middle Market Banking Group in the Northeast

First Citizens Bank, a Raleigh-based financial institution, is making waves in the banking industry with its recent expansion of the Middle Market Banking group in the Northeast. This move comes as part of the bank’s strategic efforts to supplement its existing operations in various U.S. regions.

The middle-market unit was launched in 2022 with a focus on targeting companies with annual revenue ranging from $75 million to $1 billion. This marks a new approach for First Citizens, which has traditionally concentrated on serving the Southeast region as the nation’s largest family-owned bank.

The bank’s acquisition of New York-based CIT Group in October 2020 for $2.2 billion played a significant role in this expansion. By adding CIT’s commercial lending presence, First Citizens was able to double its assets to approximately $100 billion. The acquisition also brought in CIT’s middle-market banking business in California, Nebraska, and Texas, which are now part of the expanding First Citizens unit.

In a government-assisted rescue of failed Silicon Valley Bancshares in 2023, First Citizens further bolstered its assets by over $100 billion, making it one of the 15 largest U.S. banks. The company’s assets have quadrupled since 2020, reaching the $220 billion range as of June 30.

To lead its Boston middle-market banking office, First Citizens has hired Northeast Market Executive Nate Pusey and Managing Director John Tyson, along with Managing Director Marc Einerman for the New York office. These executives bring valuable experience from their previous roles at City National Bank.

“We’re pleased to expand our Middle Market Banking business to support clients in the Northeast,” said Brendan Chambers, who leads First Citizens Middle Market Banking.

The bank’s middle-market banking offerings include senior secured and cash-flow loans, capital markets services, foreign exchange capabilities, asset-based lending, and treasury and payment services. While First Citizens does not have any bank branches north of Maryland, its Silicon Valley Bank unit operates three offices in the Boston area. The bank currently has 275 offices in North Carolina and 140 in South Carolina.

With its recent expansions and strategic acquisitions, First Citizens Bank is solidifying its position as a major player in the U.S. banking industry, offering a wide range of financial services to clients in the Northeast and beyond.

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