The Most Powerful Women in Banking, No. 18, Hope Holding Bryant, First Citizens Bank

Hope Holding Bryant leads a substantial portion of First Citizens Bank’s financial portfolio.

In the previous year, this North Carolina-headquartered bank boosted its general bank loans by an impressive $3.9 billion, marking a 6.3% increase compared to the prior year. By the end of Q4 2024, general bank loans stood at $66.8 billion, representing 48% of the bank’s total loans. Conversely, general bank deposits rose by $9.4 billion to reach $73.1 billion, accounting for 47% of total deposits.

As vice chairwoman, Holding Bryant credits this achievement to serendipitous acquisitions executed over the years. First Citizens acquired Biscayne Bank in April 2019, merged with CIT Group in January 2022, and took over Silicon Valley Bridge Bank in March 2023.

“We didn’t anticipate that uniting these entities would create such an effective strategy for reducing risks and positioning the company for remarkable growth ahead,” Holding Bryant shared with American Banker. “However, we maintain very low costs with a stable deposit base, which is crucial for us to capitalize on the opportunities available.”

These advancements have driven First Citizens Bank into several niche sectors, such as wine and cannabis.

The cannabis endeavor followed the Biscayne acquisition, and initially, First Citizens was uncertain about banking such enterprises. However, the robust compliance department initiated strategic discussions, as noted by Holding Bryant.

The bank received inquiries about cannabis services from various existing clients, including small businesses in California and Colorado, agricultural firms on the East Coast, and several medical clients. Recognizing the capability of their strong compliance department, they realized they could efficiently manage these types of businesses.

“Smaller banks wouldn’t be able to afford a comprehensive compliance team, while larger banks lacked the motivation for new growth, allowing us to leverage our strengths in business banking,” Holding Bryant commented. “I find niche markets like these incredibly appealing. It’s where we believe we can contribute value while enhancing our existing operations.”

Furthermore, First Citizens Bank has been proactive in giving back, particularly during years marked by more frequent natural disasters. Holding Bryant expressed pride in the bank’s response to the hurricanes Hellene and Milton in 2024.

“We’ve been heavily focused on our cultural initiatives due to two significant acquisitions, and our team’s response to these disasters was remarkable,” she stated. “It reinforced the foundation of our efforts.”

The bank committed $3.5 million for hurricane relief on the East Coast and $2 million for fire relief on the West Coast.

“The credit losses in these areas were minimal. We developed effective ways to support clients and help them recover,” Holding Bryant said.

“Our Consumer and Wealth segments have achieved unprecedented success in 2024, both in financial results and operational benchmarks,” remarked Michael Wilson, the executive responsible for wealth and consumer banking at First Citizens Bank. “Hope has played a vital role in this journey, nurturing a culture of empowerment, achievement, and efficiency—while ensuring we remain committed to our core identity as a client-centric, relationship-driven organization.”