Banks in downtown Raleigh?

[RiverwoodCLT]

On 1/21/2016 at 4:26 PM, DwnTwnRaleighGuy said:

According to TBJ, downtown Raleigh is now losing the headquarters for Capital Bank to Charlotte....

Their SEC filing note the following (this is typically where you find how a company defines their HQ)

 

Located In South Park-Charlotte

4725 Piedmont Row Drive, Suite 110

Charlotte, North Carolina 28210

(Address of principal executive offices)(Zip Code)

 

Sources said Capital Bank still has a lot of time left on its lease in Raleigh and would probably keep employees in the Triangle.

http://www.bizjournals.com/charlotte/print-edition/2016/01/29/capital-bank-to-move-hq-to-charlotte.html

 

 

[ctl]

Seems to be an endless cycle of second-tier regional banks that pop up, go through a merger and consolidation phase, and then close or sell branch offices when the consolidation phase reaches its natural end. Some free-standing bank buildings in north Raleigh are already on their third incarnation of a second-tier bank. I can't keep them straight in my mind; too many names, too short the durations. Frankly this is all about enriching the founders of these second-tier banks, their early investors, and the Wall Street M&A apparatus than it is about providing long-run service to local businesses and residents. I apologize if I sound too cynical. 

Any HQ of a second-tier bank must be considered a transient situation. Enjoy it while it lasts.

Meanwhile, anti-trust and too-big-to-fail criteria appear to have stopped consolidation at or by the top-tier (WF, BofA, BB&T, FCB). 

[Spatula]

The best banking institution in the state, NCSECU, is downtown and unlikely to leave any time soon. It may not sport as glamorous a tower as a big bank would, but we can feel proud that it's actually a force for good in an industry that's mostly rotten to the core.

[Jones_]

Where would the Credit Union go? It's core members are State Employees, the largest concentration of which is in downtown Raleigh. And while I'm not too up on the differences between banks and credit unions, they are not the same in some very important ways. I am pretty sure credit unions cannot create money to loan out, they must do so from assets. Credit unions also do not pay the sorts of taxes. The idea is they were a source of credit for people who have not had the chances to land loans in other places. If I remember right, the SECU will loan you money for a car regardless of your credit score, if your credit history with them is in good shape, as an example. 

And props to them for building a pretty nice headquarters building downtown...(as we've all discussed before)

[DwnTwnRaleighGuy]

By December 2017, Raleigh will only have the corporate headquarters of First Citizens Bank and North State Bank. And so while FCB has it’s HQS at NH, NSB has it’s HQS on Falls of the Neuse Rd. Meanwhile, back downtown (at the bat cave...Lol) we have the regional HQS for PNC, and the soon to be regional HQS for FNB. In a city of almost 500,000 people I expect more...old story I know...

Now for the latest news: Available via the N&O or TBJ...FCB announced that it would be consolidating about 125/or so personal from it’s NH and Garner locations to the Prominode 2 on Six Forks rd. Stateing that “where trying to keep personal under one roof”.  This really surprises me as surely they could have simply put everyone together at NH? Anyone want to venture a reason as to what’s going on with FCB? Please and thank you! 

[KJHburg]

The one company that could anchor a 30 plus story office tower anywhere in Raleigh is First Citizens IF they wanted to.   FCB is so large I am not sure why they would not want to anchor a tall building in downtown Raleigh like all the banks big and small do in Charlotte and in the past Winston.  I saw that new lease and it is probably built out space cheap and that is way they seem to operate despite their huge size. 

[ctl]

Size is relative. By the size of their assets, First Citizens is #28 in the nation according to data published by Forbes in January. BofA (#2) has 66X the assets of First Citizens, and WF (#3) has 59X. By the way PNC is #7 and BB&T is #10. 

[DwnTwnRaleighGuy]

If I remember correctly, 10 plus years ago FCB had planned to put a 30 story HQS building where PNC is now...

[KJHburg]

One 35-40 story building for First Citizens should suffice.  Of course BofA and Wells Fargo have multiple towers in that size range in Charlotte but I would think First Citizens with Raleigh being its hometown would want a signature tower that would define the skyline for years and years to come.   BofA Corporate Center completed in 1992 has not been challenged in height for all those years in Charlotte everything built since and that is a lot is shorter. 

[Jones_]

6 hours ago, DwnTwnRaleighGuy said:

If I remember correctly, 10 plus years ago FCB had planned to put a 30 story HQS building where PNC is now...

That was 1991 I think. And that 'planned tower' was a public relations stunt to justify imploding one of Raleigh's most iconic historic buildings (gothic revival, Commercial National Bank Building) just to get it off their tax rolls. They've not even attempted to build out the long ago announced NH campus around that round building they built, consistent with all of their other moves. This is a penny pinching, ultra conservative operation. 

[ctl]

Yes FCB and the Holdings are tight with money, although I must say their private art gallery at NH is nice. Nothing in their DNA would drive them to build a best-of-skyline building downtown. 

BofA and WF in Charlotte are looking more and more like accidents of history, never to be repeated.  

[Merthecat]

First Citizens Bank is leasing space on Six Forks Rd., according to this article from 3 Oct.:

https://www.bizjournals.com/triangle/news/2017/10/03/first-citizens-bank-signs-lease-at-former-salix.html