We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CFG Expands in California With New Private Banking Offices and Team
Read MoreHide Full Article
Citizens Financial Group, Inc. (CFG - Free Report) announced the next stage of its West Coast expansion strategy, which includes the addition of a highly-experienced Private Banking team in Southern California. The bank also revealed plans to open new Private Bank office locations in the region as part of its ongoing efforts to strengthen its presence and serve clients across key California markets.
This latest expansion follows the earlier announcements related to Citizens Financial's expansion in California, which highlights the integrated approach to growth across the key business lines of Private Banking, Wealth Management and Corporate & Investment Banking.
While the latest expansion demonstrates CFG’s continued West Coast expansion efforts, the bank already enjoys a strong and growing presence in California for its Commercial Banking business through investment banking, equity research, sales and trading services. It recently added a corporate banker in San Francisco to lead a new group that targets middle-market companies.
CFG’s Expansion into Southern & Northern California
The firm created a Private Banking team full of experienced professionals to serve in Southern California, focusing on the San Diego and Newport Beach markets. This team will be led by Victor Mena, a Private Bank Market Executive who brings significant regional expertise, strong regional relationships and a proven history of providing exceptional customer service. Citizens Private Bank also plans to expand further, with new offices in Newport Beach, San Diego, and Silicon Valley, expected to open by mid-2025.
To further solidify its presence in California, Citizens Financial has opened two new Private Banking offices in Mill Valley and Downtown San Francisco, marking the bank’s first branches in this region. These offices provide personalized, high-touch Private Banking and wealth management services to high-net-worth individuals, families, businesses, entrepreneurs in the innovation sector, and philanthropic organizations.
These locations serve as centers of excellence within CFG’s portfolio, which provides a wide range of tailored financial services to cater to the exceptional needs of the clients in the West Coast region.
Susan deTray, Head of Citizens Private Bank, said, “We look forward to deepening our presence and delivering a robust suite of comprehensive banking and wealth management services with an emphasis on personal relationships, extraordinary service, and tailored solutions and advice.”
CFG’s Strategic Rationale Behind its Expansion
Mark Lehmann, CEO of Citizens JMP and Citizens California President, said, “California would be the fifth largest economy in the world if it were a country, and its businesses continue to be key drivers of innovation and growth.”
Through these expansions, CFG is diversifying its geographic footprint and strengthening its position in a highly-competitive financial services landscape. This will open the possibilities for it to gain more clients and generate revenues.
In the past six months, shares of Citizen Financial have increased 17.5% compared with the industry's 12.6% growth.
In September 2024, Columbia Banking System, Inc.’s (COLB - Free Report) subsidiary, Umpqua Bank, announced expansion across the Western region, with new branches opening in Phoenix, Scottsdale and Mesa by the end of 2024.
In addition to its Arizona expansion, Umpqua Bank has been actively broadening its footprint in other regions through several key initiatives. On Sept. 5, 2024, COLB’s subsidiary announced the hiring of six experienced bankers to enhance and broaden its services for small and midsize wineries across Northern California. This strategic move is part of the bank’s ongoing efforts to grow its North Coast Wine Specialty Group.
The same month, Huntington Bancshares Inc. (HBAN - Free Report) announced its plans to expand its banking franchise in North Carolina and South Carolina. HBAN intends to add more than 350 employees across varied business divisions and launch roughly 55 retail branches within the next five years.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
CFG Expands in California With New Private Banking Offices and Team
Citizens Financial Group, Inc. (CFG - Free Report) announced the next stage of its West Coast expansion strategy, which includes the addition of a highly-experienced Private Banking team in Southern California. The bank also revealed plans to open new Private Bank office locations in the region as part of its ongoing efforts to strengthen its presence and serve clients across key California markets.
This latest expansion follows the earlier announcements related to Citizens Financial's expansion in California, which highlights the integrated approach to growth across the key business lines of Private Banking, Wealth Management and Corporate & Investment Banking.
While the latest expansion demonstrates CFG’s continued West Coast expansion efforts, the bank already enjoys a strong and growing presence in California for its Commercial Banking business through investment banking, equity research, sales and trading services. It recently added a corporate banker in San Francisco to lead a new group that targets middle-market companies.
CFG’s Expansion into Southern & Northern California
The firm created a Private Banking team full of experienced professionals to serve in Southern California, focusing on the San Diego and Newport Beach markets. This team will be led by Victor Mena, a Private Bank Market Executive who brings significant regional expertise, strong regional relationships and a proven history of providing exceptional customer service. Citizens Private Bank also plans to expand further, with new offices in Newport Beach, San Diego, and Silicon Valley, expected to open by mid-2025.
To further solidify its presence in California, Citizens Financial has opened two new Private Banking offices in Mill Valley and Downtown San Francisco, marking the bank’s first branches in this region. These offices provide personalized, high-touch Private Banking and wealth management services to high-net-worth individuals, families, businesses, entrepreneurs in the innovation sector, and philanthropic organizations.
These locations serve as centers of excellence within CFG’s portfolio, which provides a wide range of tailored financial services to cater to the exceptional needs of the clients in the West Coast region.
Susan deTray, Head of Citizens Private Bank, said, “We look forward to deepening our presence and delivering a robust suite of comprehensive banking and wealth management services with an emphasis on personal relationships, extraordinary service, and tailored solutions and advice.”
CFG’s Strategic Rationale Behind its Expansion
Mark Lehmann, CEO of Citizens JMP and Citizens California President, said, “California would be the fifth largest economy in the world if it were a country, and its businesses continue to be key drivers of innovation and growth.”
Through these expansions, CFG is diversifying its geographic footprint and strengthening its position in a highly-competitive financial services landscape. This will open the possibilities for it to gain more clients and generate revenues.
In the past six months, shares of Citizen Financial have increased 17.5% compared with the industry's 12.6% growth.
Image Source: Zacks Investment Research
Currently, CFG carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expansion Efforts by Other Banks
In September 2024, Columbia Banking System, Inc.’s (COLB - Free Report) subsidiary, Umpqua Bank, announced expansion across the Western region, with new branches opening in Phoenix, Scottsdale and Mesa by the end of 2024.
In addition to its Arizona expansion, Umpqua Bank has been actively broadening its footprint in other regions through several key initiatives. On Sept. 5, 2024, COLB’s subsidiary announced the hiring of six experienced bankers to enhance and broaden its services for small and midsize wineries across Northern California. This strategic move is part of the bank’s ongoing efforts to grow its North Coast Wine Specialty Group.
The same month, Huntington Bancshares Inc. (HBAN - Free Report) announced its plans to expand its banking franchise in North Carolina and South Carolina. HBAN intends to add more than 350 employees across varied business divisions and launch roughly 55 retail branches within the next five years.