First Citizens Bank Expands Its Footprint Across the U.S. with Strategic Acquisition

Major Expansion for First Citizens Bank

First Citizens Bank & Trust Company, a wholly owned subsidiary of First Citizens BancShares, Inc., has initiated an exciting and aggressive expansion strategy in the United States by agreeing to acquire 138 branches from BMO Bank N.A. This acquisition will assert the bank's presence in key regions, significantly broadening its footprint across the Midwest, Great Plains, and West.

Acquisition Details

The branches to be acquired are strategically located throughout a wide geographic area including states such as North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho. Additionally, select branches in western Minnesota, a branch in eastern Oregon, and one branch in southern Illinois will also be included in this transaction. With this acquisition, First Citizens Bank will assume around $5.7 billion in deposit liabilities alongside approximately $1.1 billion in loans, thereby welcoming new clients and associates from these regions.

Leadership Insights

Frank B. Holding, Jr., Chairman and CEO of First Citizens Bank, expressed enthusiasm for this expansion, emphasizing the bank’s commitment to providing exceptional service. He stated, "This deposit franchise is solid, and we look forward to serving individuals and business clients in these areas." The expansion will not only augment their market presence but is also expected to enhance First Citizens Bank’s liquidity position, giving them additional flexibility for strategic initiatives going forward.

Hope Holding Bryant, Vice Chairwoman, and Head of the General Bank at First Citizens reiterated the bank’s focus on client-centered solutions, saying, "We’re excited about embracing new associates and clients as we continue to build our branch network. Our mission is to deliver high-touch service and in-depth sector expertise across the communities we serve."

Comprehensive Banking Services

First Citizens Bank caters to a broad range of financial needs among personal, business, and wealth clients, providing a wide array of general banking services that includes a comprehensive network of branches and offices nationwide. The bank’s offerings extend to expert commercial banking services, innovative financial products, and a direct banking channel for personal savings.

The transaction is expected to close by mid-2026, pending regulatory approvals and customary closing conditions. Until then, customers of BMO Bank are advised to continue their banking activities as usual with their current accounts and services.

As First Citizens Bank moves forward, their dedication to serving new markets and fostering community relationships will play a pivotal role in their ongoing growth strategy. The acquisition is not just about expanding branch locations but fundamentally about enhancing customer experience in these areas—bringing long-term financial solutions to an even wider audience.

Conclusion

This acquisition represents a significant step for First Citizens Bank in their journey towards becoming one of the leading financial institutions in the United States, with over $200 billion in assets and a strong legacy of stability and customer commitment. Investors and stakeholders alike keenly watch the evolving dynamics within the U.S. banking sector, and First Citizens is now poised to make a remarkable impact.