First Citizens Expands Middle Market Banking to Serve Northeastern U.S.

Rhea-AI Summary

First Citizens Bank has expanded its Middle Market Banking group to the Northeastern U.S., building on its continuous growth since launching in 2022. The expansion is supported by recent key hires in Boston and New York. This move follows earlier expansions in the Midwest and South Central U.S., complementing existing strengths in the Carolinas and adjacent regions.

The Middle Market Banking group serves companies with revenues from $75 million to $1 billion across various industries. It offers a comprehensive suite of financial solutions, including senior secured loans, cash-flow loans, capital markets services, foreign exchange capabilities, asset-based lending, and treasury and payment services. The group aims to provide tailored financing solutions through a relationship-based approach, deep industry knowledge, and product expertise.

Positive

• Expansion into the Northeastern U.S. market, potentially increasing revenue and market share
• Continuous growth trajectory since 2022 launch, indicating successful business development
• Strategic hiring of experienced banking professionals in key Northeast markets
• Diversification of geographical presence, reducing regional economic risk

Negative

• None.

RALEIGH, N.C., July 29, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking group is expanding in the Northeastern U.S., leveraging its deep middle market expertise to provide a full-suite of financial solutions to midsize businesses across the region.

Since its launch in 2022, First Citizens Middle Market Banking has been on a continuous growth trajectory and has cultivated a high-performing team of banking experts positioned to serve clients in a wide range of industries nationwide.

The group's Northeast expansion is bolstered by recent hirings of Boston-based Northeast Market Executive Nate Pusey and Managing Director John Tyson, as well as New York-based Managing Director Marc Einerman.

"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. "Through a relationship-based approach, deep industry knowledge and unparalleled product expertise, our focused team of middle market bankers is ready to serve clients with tailored financing solutions at all stages of their business journey."

The Northeast expansion adds to earlier geographic expansions in the Midwest and South Central U.S., which augmented existing strengths in the Carolinas and adjoining regions.

"This latest expansion demonstrates the valuable services we provide and the talented bankers we have serving clients across our footprint," continued Chambers. "We're excited by our business' continued growth and look forward to helping middle market companies in the Northeast achieve their business goals and thrive."

First Citizens Middle Market Banking has extensive experience providing financial guidance to companies ranging in revenues from $75 million to $1 billion. The group serves a variety of industries and provides offerings that include senior secured loans, cash-flow loans, capital markets services, foreign exchange capabilities, asset-based lending and treasury and payment services.  

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Lexa Tutela Losey
212-461-5305
Lexa.Tutela@firstcitizens.com 

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SOURCE First Citizens Bank

FAQ

What regions has First Citizens Bank (FCNCA) expanded its Middle Market Banking to in 2024?

First Citizens Bank has expanded its Middle Market Banking group to the Northeastern U.S. in 2024, following earlier expansions in the Midwest and South Central U.S.

What revenue range does First Citizens Bank's (FCNCA) Middle Market Banking group serve?

First Citizens Bank's Middle Market Banking group serves companies with revenues ranging from $75 million to $1 billion.

What financial services does First Citizens Bank (FCNCA) offer through its Middle Market Banking group?

First Citizens Bank's Middle Market Banking group offers senior secured loans, cash-flow loans, capital markets services, foreign exchange capabilities, asset-based lending, and treasury and payment services.

When did First Citizens Bank (FCNCA) launch its Middle Market Banking group?

First Citizens Bank launched its Middle Market Banking group in 2022.