First Citizens BancShares, Inc. (FCNCA) has acquired a six‑story, 160,000‑square‑foot office building at 667 Mission Street in downtown San Francisco. The property includes an 8,000‑square‑foot rooftop terrace and event space and will be renovated for First Citizens’ use and for leasing to third‑party tenants, with a projected move‑in date in 2027.
The San Francisco purchase follows a second Bay Area acquisition this year—a 43,000‑square‑foot mixed‑use building in Palo Alto that was also slated for completion in 2027. The two transactions are part of a broader strategy that began with First Citizens’ acquisition of Silicon Valley Bank (SVB) in March 2023, which gave the bank a substantial presence in the technology, life‑science, and venture‑capital markets of the Bay Area.
First Citizens’ Q3 2025 financial results provide context for the real‑estate investment. Net income rose to $568 million, with adjusted net income of $587 million, while loans increased to $144.76 billion (+2.5% QoQ) and deposits grew to $163.19 billion (+2.0% QoQ). The net interest margin stood at 3.26%, reflecting steady earnings power amid a competitive lending environment.
The acquisition is intended to deepen the bank’s physical footprint in a key market for its SVB division. By securing a prime San Francisco location, First Citizens aims to strengthen client relationships, expand its regional network, and create a platform for future growth in the Bay Area’s dynamic financial ecosystem. The move also signals the bank’s continued commitment to the innovation economy, a focus that has guided its post‑SVB strategy.
Frank B. Holding Jr., Chairman and CEO, noted that the real‑estate expansion supports the bank’s long‑term growth plan in the Bay Area, while Marc Cadieux, President of the SVB division, emphasized that the new San Francisco office will enhance service delivery to technology and venture‑capital clients.
The purchase positions First Citizens to capture additional market share in a region that remains a hub for high‑growth technology firms. The bank’s robust loan and deposit growth, combined with its strategic real‑estate investments, suggest a confidence in the Bay Area’s continued economic dynamism and a readiness to support its clients’ evolving needs.
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