Luciano Noir-Jones, North Florida Area Executive, First Citizens Bank & Trust

Invest: spoke to Luciano Noir-Jones, North Florida area executive of First Citizens Bank & Trust, about the banking and finance sector in the Jacksonville region, how technology has changed the way many people bank, and how important it is for humans to connect face to face or on the phone regardless of technological advancements.

What have been the overall contributions or impact of First Citizens Bank in the Jacksonville region within the last year?

As a financial institution, our primary job is to provide businesses and households with financial advice and banking solutions. At First Citizens Bank in Jacksonville, we focus primarily on business and commercial clients rather than consumer banking. Last year, we provided $130 million in financing to local businesses, which is a significant figure given our size in Jacksonville. This year, we’re on pace to provide roughly another $90 million. While the number of projects remains the same, we’ve noticed they are generally smaller, possibly due to the economic slowdown. Nonetheless, our ability to continue financing demonstrates our strong commitment to supporting local businesses and the regional economy.

What is your overview of the banking and finance sector in the Jacksonville region?

Financing remains readily available in Jacksonville, even though the Federal Reserve has implemented prolonged higher interest rates to slow down the economy. Business and commercial owners can still find financing opportunities, but there are niche areas, such as commercial real estate office buildings, where financing is less available. However, if you are a manufacturer, wholesaler, or service firm performing well, banks are eager to support your growth. The key is that financing is accessible to those with solid business models and growth potential.

What makes Jacksonville an ideal location for business expansion and relocation?

Jacksonville is the largest city by landmass in the United States, covering 980 square miles. This provides ample affordable land, especially compared to the rest of Florida. The city boasts significant infrastructure, including rail, ports, beaches, and rivers, alongside a lower cost of labor and a robust professional services sector. Many companies are relocating from states like California and New Jersey, attracted by Jacksonville’s lower costs and high quality of life. Historically, businesses moving to Florida considered Tampa, Miami, or Orlando. Site selectors and executives are increasingly looking at Jacksonville due to its cost advantages and excellent living conditions.

How does First Citizens leverage technology and innovation to operate efficiently?

First Citizens Bank operates four branches in the Jacksonville area, but we are heavily investing in digital channels, including online and mobile banking. We are advancing toward enabling customers to open accounts and apply for loans entirely online. This digital push allows us to better connect with our customers, whether they prefer digital interactions, phone calls, or in- person visits. Investing in these technologies ensures that we can meet our customers wherever they are, enhancing convenience and service quality.

How do you believe artificial intelligence will impact the banking sector workforce?

While I might be a bit of a laggard in adopting artificial intelligence, I recognize its potential to improve customer experiences. Banks will leverage Al to offer better services, but at First Citizens Bank, the human connection remains essential. Customers can still reach out to a branch or their banker directly, ensuring personalized and attentive service. We believe this human touch is particularly valuable in financial services, where customers often prefer discussing their issues and solutions with a knowledgeable banker.

What products or services do you expect to be the main drivers of growth moving forward and why?

In our business segment, companies often need fixed assets, such as office buildings and warehouses, equipment like trucks and bulldozers, and working capital to grow. These needs will continue to drive demand for financing. Companies that are currently renting may seek to purchase their properties, or they may need additional locations as they expand. Equipment lending and working capital are also crucial as businesses grow and require more resources. Therefore, real estate and equipment lending, along with working capital financing, will be the main drivers of growth. 

How does the fiscal environment in the Jacksonville region differ from other markets where First Citizens operates?

Jacksonville is unique because it is the headquarters for our equipment division, which employs around 500 people. This makes Jacksonville our fourth-largest employment center. The city’s status as a Top 10 growing city, its ports, rail infrastructure, affordable land, and high quality of life create an excellent environment for business success. The large local presence allows us to engage more deeply with the community, supporting various initiatives and creating a positive impact through both our banking services and community involvement.

What are some ways First Citizens is engaging in community building and corporate social responsibility?

Our recent acquisitions have doubled our size, emphasizing our commitment to social responsibility. We focus heavily on community reinvestment, particularly in affordable housing, with a dedicated Community Lending Team. We support organizations like SCORE Jacksonville, which aids business owners, and the Hubbard House, a domestic violence shelter. We also have a foundation that plans to give significant funds to various causes over the next few years. Additionally, we participate in local initiatives, such as supporting social services and celebrating community events, to foster a strong, supportive presence in Jacksonville

What is First Citizens’ commitment to diversity, equity, and inclusion?

First Citizens Bank has established Business Resource Groups (BRGs) for African Americans, the LGBTQ+ community, Latinos, women, and veterans. Jacksonville, with its significant military presence, has a robust veteran’s group. We encourage our associates to join these groups and participate in events, especially in larger markets like Jacksonville. For example, in June, associates attended a Jacksonville Jumbo Shrimp baseball game to celebrate Pride Month. These groups and events provide channels for associates to engage with and support diverse communities within our organization.

What challenges does the banking industry face, and how is First Citizens addressing them?

The banking industry faces challenges from higher interest rates, which have been elevated for longer than expected. This environment pressures business owners with higher costs and loan spreads. Banks are preparing for potential credit deterioration by setting aside provisions for loan losses. The cost of deposits has also increased, causing net interest margin compression. Additionally, there are concerns about commercial real estate bubbles, particularly in office buildings. At First Citizens, we are closely monitoring these challenges and preparing accordingly to ensure we can support our clients effectively.

What is the outlook for First Citizens in the near term, and what are the top priorities moving forward?

Our primary focus is maintaining business as usual by taking care of our clients and integrating our recent acquisitions. First Citizens Bank is one of the largest family-owned banks in the country, with a unique culture built over 126 years. Preserving this culture is crucial as we continue to grow. We aim to ensure that our clients receive the best possible service while integrating new divisions and maintaining our core values. This dual focus on client care and organizational integration will guide our efforts in the near term.