iStock photo

First Citizens Bank continues to grow its presence in the Northeast.

The $219.83 billion-asset bank – which is headquartered in Raleigh, North Carolina and has branches and offices in 30 states – will be bringing its middle-market banking group to the region.

“We’re pleased to expand our middle-market banking business to support clients in the Northeast,” Brendan Chambers, who leads the group, said in a statement. “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.

This expansion of First Citizens’ middle-market banking group isn’t the financial institution’s first foray into the region. After purchasing Silicon Valley Bank out of FDIC receivership following last year’s banking crisis, First Citizens confirmed plans at the end of the first quarter of this year to rebrand existing Silicon Valley branches in the Boston area to First Citizens Wealth branches.

“This latest expansion demonstrates the valuable services we provide and the talented bankers we have serving clients across our footprint,” Chambers said. “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.”

Along with the expansion into the Northeast, First Citizens said it has hired two Boston-based executives, Northeast Market Executive Nate Pusey and managing director John Tyson, and one New York City-based managing director, Marc Einerman. Pusey brings over 35 years of financial services experience while Tyson also boasts nearly 30 years of experience in the banking industry.

According to their LinkedIn profiles, Pusey was formerly the New England market executive for RBC Bank while Tyson was a Boston-based senior vice president for City National Bank and Einerman held the same title but was based in New York City. Both Boston executives’ profiles state they were hired in November 2023, while Einerman appears to have been hired in January.

First Citizens’ middle-market banking group focuses on companies ranging in revenues from $75 million to $1 billion, the bank said. The group serves a variety of industries and provides offerings that include senior secured loans, cashflow loans, capital markets services, foreign exchange capabilities, asset-based lending and treasury and payment services.

The bank is coming off a strong second quarter where it announced a share repurchase plan as well as an increase in deposits. Deposits totaled $151.08 billion in the Second Quarter, an increase of $1.47 billion, or 4.0% on an annualized basis, since March 31, 2024.

“We are pleased with our second quarter financial results, which reflected broad-based loan and deposit growth, strong profitability metrics and continued stabilization of credit,” said First Citizens Chairman and Chief Executive Officer Frank B. Holding, Jr. “These results reflected the solid performance from all of our business segments and we were encouraged by the continued progress in our SVB Commercial segment, which achieved both loan and deposit growth.”