First-Citizens Bank & Trust, the wholly owned banking subsidiary of First Citizens BancShares, plans to develop a new Boston area location for its consumer, wealth and business banking clients with the purchase of a new property. First Citizens will redevelop the site into a new office and branch space that will increase the company’s Boston-area footprint. The new build is expected to be completed in 2028.
First Citizens Bank has five branches in the greater Boston area as well as business, commercial, and wealth teams that provide a host of banking services for clients across New England. First Citizens’ Silicon Valley Bank division has had a presence in the Boston market for more than 30 years, and First Citizens Bank has more than 500 associates in the region, with more than 800 employees across New England.
The new development will add approximately 15,000 square feet, offering a new, hybrid format for clients, with a traditional branch component, and meeting spaces specifically designed to serve the needs of First Citizens wealth clients. Once complete, the new location will replace the existing branch location.
“Boston is a significant market for us, and this is an exceptional location to serve existing and new clients,” Ron Sanchez, regional executive vice president for First Citizens Bank, said. “Increasing our investment in this region will give our experienced teams and our existing and new clients a setting that matches the personalized experience they expect.”
Dwight Mathis, regional director for First Citizens Wealth, said, “We continue to grow our presence in the Boston market at a rapid pace, and, since 2024, we have hired 15 employees on our wealth team across a variety of roles. We have a number of clients in Wellesley and the surrounding areas, and this space will allow us to continue serving our clients through a high-touch, relationship-based approach in a meaningful way.”
