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Thursday, Mar 28, 2024

North Carolina Bank Now Ready to Make Valley Moves

After a year of stabilizing the core of its branch acquisitions and hiring banking officers with knowledge of the local market, North Carolina-based First Citizens Bank & Trust Co. is preparing to grow its footprint in the San Fernando Valley region. The bank will open its new Glendale office Feb. 11, and will also be relocating its Encino branch to a bigger ground floor space in the next six months. “We believe this is a great market for us,” said Brad McCoy, First Citizens area executive for Greater Los Angeles, who explained that the bank’s westward expansion has been focused on finding areas with high concentrations of small businesses. “We focus on small to medium sized businesses, from medical professionals and CPA firms up to large distributors and manufacturers with $30 million in revenue.” The business bank offers a broad range of financial services that aim to meet the demands of businesses, their owners and their employees, which include wealth management and trust services, said McCoy. With assets of $2.18 billion and deposits of $1.87 million, the bank expanded into the L.A. area last February with the acquisition of Century-City based First Regional, which was shut down by federal regulators. First Citizens acquired 8 branches that belonged to First Regional, including offices in Glendale, Westlake Village and Encino. First Regional also had a merchant services department in Agoura Hills. Consolidation After consolidating and shutting down certain locations, First Citizens is now operating offices in Century City, Glendale, Encino and Torrance. At the time of the acquisition Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank said First Regional’s branches represented a perfect match for the company’s strength in serving business customers. “It expands our presence in the greater Los Angeles area, and it allows us to take advantage of our longstanding experience as one of the nation’s top financial service providers for businesses and professionals,” he said. A year after the acquisition, both the Glendale and Encino offices are getting makeovers. As part of First Citizen’s strategy to penetrate the San Fernando Valley market, both offices will move to ground floor space where signage will be highly visible form the streets. The Glendale office will move from the 15th floor of the building located at 655 North Central Ave, and will occupy a larger space on the building’s first floor, according to McCoy. “Our banking operation will be larger on the first floor, we’ve hired additional bankers there,” he said. “And we’ll be moving the Encino branch to a much better and larger ground floor on Ventura Boulevard in the next six months.” Direct approach Largely unknown in the region, the bank is getting its name out there by reaching out directly to business owners. The bank’s strategy has largely consisted of hiring local business banking professionals who have been establishing and developing relationships in the area over the past year. “You won’t see us in a lot of magazines or billboards, ours is really a direct approach,” McCoy said. “We’ve been really focused on getting to know the customers that we acquired and getting them introduced to our products and services, making sure they’re happy. And it’s gone really well.” The Raleigh based bank, owned by First Citizens BancShares, has seen continued growth in recent years. The company recently reported a higher profit for both the fourth quarter and full year of 2010. First Citizens posted fourth quarter net income of $30.1 million, up from $19 million a year ago. For the year, the bank’s net income rose to $193 million from $116.3 million. Early in January the bank completed its merger with IronStone Bank, which is now becoming a division of First Citizens Bank. On Jan. 21 the bank’s holding company announced its acquisition of United Western Bank of Denver. First Citizens Bank & Trust Co.Local Branches: Glendale, EncinoAssetS: $2.18 billionheadquarters: Raleigh, N.C.

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