First Citizens Bank Expands Boston Presence with New Development

Strategic Insights -

First Citizens Bank, a wholly owned banking subsidiary of First Citizens BancShares, has announced plans to develop a new office and branch space in the Boston area. The project, located at 26 Washington Street in Wellesley, Massachusetts, will increase the company's footprint in the region and provide a hybrid format for clients, featuring a traditional branch component and meeting spaces designed to serve the needs of First Citizens Wealth clients. The new 15,000-square-foot location will replace the existing branch at 336 Washington Street and is expected to be completed in 2028. First Citizens Bank has five branches in the greater Boston area, with a team of more than 500 associates and over 800 employees across New England.

Key Takeaways:

  • The new development will add approximately 15,000 square feet to First Citizens Bank's existing presence in the Boston area.
  • The project will feature a hybrid format for clients, including a traditional branch component and meeting spaces specifically designed for First Citizens Wealth clients.
  • The new location will replace the existing branch at 336 Washington Street and is expected to be completed in 2028.
  • First Citizens Bank has a long history in the Boston market, with its Silicon Valley Bank division having operated in the area for over 30 years.
  • The company has hired 15 employees on its Wealth team across various roles since 2024 and has a significant presence in the region, with more than 500 associates and over 800 employees across New England.
  • The new development is part of First Citizens Bank's expansion plans in the Boston area, with the company citing the region as a significant market for its operations.
  • First Citizens Bank's Regional Executive Vice President, Ron Sanchez, stated that the new location will provide a setting that matches the personalized experience clients expect from the company.

Statistics:

  • First Citizens Bank has five branches in the greater Boston area.
  • The company has over 500 associates in the region, with more than 800 employees across New England.
  • First Citizens Bank has a presence in the Boston market for over 30 years, dating back to its Silicon Valley Bank division.
  • The new 15,000-square-foot location will be completed in 2028.
  • Since 2024, First Citizens Bank has hired 15 employees on its Wealth team across various roles.

Sources:

  • First Citizens Bank press release, October 27, 2025.
  • "Boston is a significant market for us, and this is an exceptional location to serve existing and new clients," said Ron Sanchez, Regional Executive Vice President for First Citizens Bank.
  • First Citizens Wealth, "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," said Dwight Mathis, Regional Director, First Citizens Wealth.
  • First Citizens Bank, "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."
  • First Citizens Bank, "Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations."
  • Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500.