First Citizens Bank Fuels Southeast Expansion with Key Middle Market Hire

Raleigh, N.C. – November 6, 2025 – First Citizens Bank is strategically expanding its presence in the Southeast’s vital middle market segment with the appointment of Mike Spencer as Managing Director of Middle Market Banking for Georgia and nearby states. The move signals a continued investment in a key demographic and positions the bank for sustained growth in a competitive landscape.

Spencer, a 30-year banking veteran, joins First Citizens from Synovus, where he spent the last eight years growing the middle market platform across five southeastern states. His experience, coupled with prior leadership roles at Wells Fargo and JPMorgan Chase, brings a wealth of knowledge to First Citizens’ expanding operation.

“Mike’s deep sector expertise, coupled with a proven track record of building long-term client relationships to help businesses reach their full potential, make him an excellent addition to our team,” said Matt Tollenaer, Managing Director and Market Leader of First Citizens Middle Market Banking. “He brings ample experience with specialty sectors such as manufacturing, wholesale and distribution, which will further enhance growth within our middle market banking business.”

Targeting the ‘Sweet Spot’ of Business Banking

First Citizens’ focus on the middle market – businesses with revenues exceeding $75 million – is a deliberate strategy. This segment represents a “sweet spot” for banks, offering a balance between the complexity of large corporate clients and the volume of smaller businesses. The middle market is often the engine of regional economic growth, providing employment and driving innovation.

“Banks are increasingly recognizing the importance of the middle market,” explained one anonymous banking analyst. “These businesses require sophisticated financial solutions but are often underserved by larger institutions focused on national accounts. It’s a high-growth, high-potential segment.”

First Citizens established its dedicated middle market banking practice in 2022 and has been steadily building its capabilities. Spencer’s appointment is a clear indication that the bank is accelerating its efforts in this area.

A Competitive Landscape

First Citizens isn’t alone in its pursuit of middle market clients. The Southeast is a fiercely competitive banking market, with major players like Truist, Bank of America, PNC, and Regions Bank all vying for market share. Each bank brings its strengths to the table – Truist with its strong regional presence, Bank of America with its national resources, and PNC with its focus on innovation.

“The competition is intense,” said another anonymous source within the Atlanta financial community. “Banks are constantly looking for ways to differentiate themselves and attract middle market clients. It's about more than just offering competitive rates; it's about building relationships and providing tailored solutions.”

First Citizens aims to differentiate itself through a high-touch, client-centric approach. The bank emphasizes building long-term relationships and providing personalized financial advice. Spencer’s experience in building client relationships will be crucial in this effort.

Beyond Banking: Community Engagement

First Citizens' commitment extends beyond financial services, with a strong emphasis on community engagement. This resonates with middle market business owners who often prioritize relationships and local partnerships.

Spencer's involvement with organizations like Children’s Healthcare of Atlanta, the Georgia Chamber of Commerce, and the Association for Corporate Growth, speaks to a commitment to community involvement.

“Middle market business leaders are often deeply involved in their communities,” one anonymous source noted. “They value banks that share those values and are committed to giving back.”

A Strategic Investment for Future Growth

The appointment of Mike Spencer is more than just a personnel move; it’s a strategic investment in the future of First Citizens Bank. The bank is betting that a focused approach to the middle market, combined with a strong emphasis on client relationships and community engagement, will drive sustainable growth in the Southeast and beyond.

“First Citizens is making a clear statement about its commitment to the middle market,” concluded one industry analyst. “They’re investing in the right people and the right strategies to succeed in this competitive landscape. It’s a smart move that positions them for long-term growth.”

First Citizens Bank’s aggressive pursuit of the middle market is a trend to watch, as it reflects a broader industry recognition of the importance of this vital segment of the economy. The bank’s success will depend on its ability to execute its strategy, build strong client relationships, and adapt to the ever-changing business environment.