First Citizens Middle Market Banking Expands in the Midwest and South Central U.S.

Rhea-AI Summary

First Citizens Bank has announced the expansion of its Middle Market Banking group to better support midsize businesses in the Midwest and South Central U.S.. Since its official launch in September 2022, the group has been growing steadily and now comprises over 30 relationship managers. The bank caters to companies with revenues between $75 million and $750 million, offering various services including senior secured loans and treasury services. This expansion aims to strengthen their presence in the market and enhance financial solutions for public and family-owned companies, as noted by the group head, Brendan Chambers.

Positive

• Expansion of Middle Market Banking group enhances service offerings.
• Team growth to over 30 relationship managers indicates strength.
• Ability to serve midsize companies with $75 million to $750 million in revenues.

Negative

• None.

RALEIGH, N.C., March 14, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking group is expanding yet again – this time to better support the financial needs and goals of midsize businesses in the Midwest and South Central U.S.

First Citizens Middle Market Banking has been steadily growing since its official launch in September 2022 and the introduction of the business in the Southwestern U.S. in October 2022.

With this latest expansion, the team is now comprised of over 30 high-performing relationship managers and associates who serve clients in a variety of industries across the country.

First Citizens Middle Market Banking has extensive experience providing financial guidance to companies ranging in revenues from $75 million to $750 million. 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.  

"We're proud to continue to grow First Citizens Middle Market Banking to provide future-focused financial solutions to public and family-owned companies across the country," said Brendan Chambers, managing director and group head of First Citizens Middle Market Banking.

"Our experienced team is dedicated to developing long-lasting relationships with our clients to help them advance their strategy and reach their goals," added Chambers. "We're excited to build our team in the Midwest and South Central U.S. so we can support even more clients with the tactical guidance and financing they need to succeed in today's economy."

Founded is 1898, First Citizens Bank is celebrating its 125^th anniversary and its successful history of supporting businesses and consumers alike. The bank took one of its largest steps forward in 2022 when it merged with CIT, a leading national bank with strong expertise in serving middle market clients.  

First Citizens Middle Market Banking delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. We offer an array of general banking services including a network of 500-plus branches in 22 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. First Citizens Bank, Member FDIC. 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 is the recent expansion announcement by First Citizens Bank regarding FCNCA?

First Citizens Bank announced the expansion of its Middle Market Banking group to support midsize businesses in the Midwest and South Central U.S.

When was the Middle Market Banking group launched by First Citizens Bank?

The Middle Market Banking group was officially launched in September 2022.

How many relationship managers are part of First Citizens Bank's Middle Market Banking team after the recent expansion?

The team now comprises over 30 high-performing relationship managers.

What revenue range does First Citizens Middle Market Banking target?

The group serves companies with revenues ranging from $75 million to $750 million.

What services does First Citizens Bank's Middle Market Banking offer?

The services include senior secured loans, cash-flow loans, capital markets services, foreign exchange capabilities, and treasury services.