PROVIDENCE – Citizens Financial Group Inc. says it is entering the next phase in its West Coast expansion strategy, adding a top private banking team in Southern California and announcing plans to add new private bank office locations in the market.
Providence-based Citizens recently announced its California expansion strategy, designed to serve the market in a way that leads to growth in private banking, wealth management, and corporate and investment banking.
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Learn MoreCitizens has opened two new private banking offices in downtown San Francisco and Mill Valley, Calif., representing the first West Coast branches in the bank’s portfolio.
The new Citizens Private Bank offices provide “holistic, high-touch” private banking and wealth management solutions to high-net-worth individuals, families, businesses, innovation-economy entrepreneurs and philanthropic organizations, the bank said.
To further expand its presence, Citizens Private Bank has added a highly experienced private banking team in Southern California to serve the San Diego and Newport Beach markets. The team is led by Victor Mena, a private bank market executive who brings deep regional relationships and a proven track record of delivering exceptional client service, the bank said.
Mena will report to Susan deTray, head of Citizens Private Bank, and he and his team of experienced bankers are aiming to extend Citizens Private Bank’s growth in California. Citizens Private Bank intends to open additional offices throughout California, including Newport Beach, San Diego and Silicon Valley by mid-2025.
“We’re pleased to continue executing against the Citizens Private Bank growth strategy with the opening of our first two private banking offices in the San Francisco Bay area, and the addition of experienced bankers in Southern California,” deTray 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.”
While these mark Citizens’ latest moves in its West Coast expansion, the bank said it has a strong and growing commercial banking presence in California providing investment banking, equity research, and sales and trading services. In addition, Citizens recently hired an experienced corporate banker in San Francisco to build a team of advisers supporting middle-market companies across the state.
“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,” said Mark Lehmann, CEO of Citizens JMP and Citizens’ California president. “Citizens’ bankers have been working closely with California’s top innovators for years as trusted advisers and we are here for the long haul to invest, deepen relationships and partner with clients to help further expand the California economy and support our local communities.”
Citizens is also expanding its Champions in Action grant program in California – a corporate-wide initiative that celebrates and supports local nonprofits with operating budgets under $5 million that are helping the communities they serve across the United States. Citizens recently launched this program in San Francisco to award $50,000 in unrestricted funding, volunteer and promotional support to a local nonprofit focused on improving access to mental health and well-being programming.
Since the program’s launch 22 years ago, Citizens has awarded more than $11 million in contributions and promotional support to over 380 nonprofits across the bank’s footprint.