First Citizens Bank Announces Boston Market Expansion, Real Estate Purchase

Rhea-AI Summary

First Citizens Bank (Nasdaq: FCNCA) announced the purchase of a property at 26 Washington Street, Wellesley, MA to redevelop into a new office and branch serving consumer, business and Wealth clients.

The project will add approximately 15,000 square feet, replace the current Wellesley branch at 336 Washington Street and is expected to be completed in 2028. First Citizens currently operates five Boston‑area branches, has had a Silicon Valley Bank presence in Boston for 30+ years, and reports 500+ associates in the region and 800 employees across New England. Management highlighted recent Wealth hiring, including 15 Wealth team hires since 2024, and said the site will offer a hybrid branch and dedicated Wealth meeting space.

Positive

• Adds approximately 15,000 sq ft of office and branch space
• Target completion date: 2028
• Existing regional scale: 500+ associates in the Boston region
• Wealth hiring: 15 employees added since 2024

Negative

• New location completes in 2028, creating a multi‑year rollout
• Wellesley branch will be replaced, not adding an immediate additional branch

News Market Reaction – FCNCA

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In the Oct 27 session, FCNCA gained 0.61%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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RALEIGH, N.C., Oct. 27, 2025 /PRNewswire/ -- First-Citizens Bank & Trust Company ("First Citizens Bank"), the wholly owned banking subsidiary of First Citizens BancShares, Inc. ("BancShares") (Nasdaq: FCNCA), today announced plans to develop a new Boston area location for its consumer, Wealth and business banking clients with the purchase of a new property. Located at 26 Washington Street in Wellesley, Mass., 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 today 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 in Wellesley at 336 Washington Street.

"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. "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."

"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. "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' five current locations in the Boston area are:

• 35 State Street, Boston;
• 450 Boylston Street, Boston;
• 265 Main Street; Cambridge;
• 336 Washington Street, Wellesley;
• 57 Enon Street, Beverly.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services with branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. 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™. Discover more at firstcitizens.com.

About First Citizens Wealth

First Citizens Wealth offers a full range of financial planning, asset management, private banking, brokerage, investment advisory, insurance and trust services to individuals and institutional clients. Learn more at https://www.firstcitizens.com/wealth.

Media Contact
Liz Shapiro
Elizabeth.shapiro@firstcitizens.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-citizens-bank-announces-boston-market-expansion-real-estate-purchase-302595315.html

SOURCE First Citizens Bank

FAQ

What property did First Citizens Bank (FCNCA) buy in Massachusetts on October 27, 2025?

First Citizens bought the property at 26 Washington Street, Wellesley, MA to redevelop into a branch and office.

When will the new First Citizens (FCNCA) Wellesley location open?

The new development is expected to be completed in 2028.

How much space will First Citizens (FCNCA) add with the Wellesley redevelopment?

The project will add approximately 15,000 square feet of office and branch space.

Will the new First Citizens (FCNCA) site increase the number of branches in the Boston area?

The Wellesley site will replace the existing branch at 336 Washington Street, so it is not an immediate net branch count increase.

How many First Citizens employees are in the Boston and New England region after the expansion announcement?

First Citizens reports 500+ associates in the Boston region and 800 employees across New England.

How has First Citizens (FCNCA) grown its Wealth team in the Boston area since 2024?

The company said it has hired 15 employees on its Wealth team since 2024.