Rick Annen, Area Executive – Tampa Bay, First Citizens Bank

August 2026 —First Citizens Bank has spent the past year executing an aggressive national expansion strategy driven largely by strategic mergers and acquisitions, fundamentally transforming the institution’s scope. In a recent interview with Invest:, Rick Annen, area executive for Tampa Bay, detailed the organization’s rapid growth, noting that expansion efforts have pushed the bank far beyond its former regional footprint. “I believe that with this BMO acquisition, we now have a presence in more than half of the country,” said Annen.

What have been some of the most significant changes for the bank in the past 12 months?

I joined the bank when we had about $19 billion in assets, and since then, we’ve completed several acquisitions over the past few years. Most recently, we announced the acquisition of a number of branches from BMO Bank.

First Citizens Bank’s growth continues today. In terms of opportunity, the bank has evolved from a one-branch-at-a-time model to a mergers and acquisitions strategy, pursuing strategic deals in markets that both enhance and expand our presence across the United States. I believe that with this BMO acquisition, we now have a presence in more than half of the country.

In Florida, and specifically in the Tampa Bay area, we’re focused on growing our presence one branch at a time where it makes sense. We plan to expand north into the Wesley Chapel and Wiregrass area. We also recently opened our new flagship branch in Bradenton, Florida, in February 2025. We now have seven offices throughout Greater Tampa Bay, including Sarasota, Pinellas and Hillsborough counties, with additional expansion plans in Pasco County. It’s an exciting time for the organization as a whole and especially here in Tampa Bay.

How would you describe the current economic landscape of the region?

The economics of Tampa Bay have been very interesting, with several factors shaping the region. We experienced a couple of major hurricanes in 2024, with Hurricane Milton essentially a direct hit on the Tampa Bay area. The impacts of that storm were felt through the end of 2024, followed by an election year that brought expectations of potential shifts in fiscal and monetary policy depending on changes in the White House.

There’s been what I’d call a bit of a “hurricane hangover” here in Tampa Bay. In the first six months of 2025, we saw some stagnation, not necessarily a gray cloud, but a slowdown as the market recovered from the hurricanes, the political transition and broader global headwinds.

We also began to feel increased tariff pressure on supply chains and relationships with China and other countries where many of our local business owners operate. Coupled with a higher interest rate environment, it’s been a challenging year for banks overall. We continue to talk about inflationary pressures, the job market and the effects inflation has on individual consumers.

That trickles down to our business owners. I think we’ve seen some hesitate to enter the market with interest rates remaining high. Many wanted to wait and see if the dust would settle and whether rates would start to come down.

It’s been something of a perfect storm for us here in Tampa Bay. As we’ve moved through the end of the third quarter and into the fourth, activity has definitely picked up. Even with ongoing tariffs and other macroeconomic factors, the United States, and Florida in particular, continues to be, I believe, a haven for investment.

Property values remain strong, and as a tax-friendly state, Florida continues to attract growth. For First Citizens, we specialize in owner-occupied commercial real estate, lending to operating companies that want to own their place of business. We also do a significant amount of construction financing, and we’re proud to be a leading SBA lender among financial institutions nationwide.

What are the leading sectors for your banking business?

We continue to invest heavily in Tampa Bay and in our local business owners — that’s what we do best. We don’t discriminate by industry. Whether it’s private schools, healthcare, blue-collar trades, HVAC manufacturers or distributors, we have a product or service to meet their needs. At the end of the day, our mission is to support business owners across all industries.

How are you cultivating and retaining top talent across Florida markets, particularly in specialized areas?

We’ve seen many banks, especially from South Florida, expand into the Tampa Bay area. Whenever that happens, they’re often looking to recruit top talent from existing institutions. When it comes to retaining that talent, culture is key. It’s probably the most important factor in keeping your best people.

You also need a competitive structure and a well-defined go-to-market strategy, both of which we have at First Citizens Bank. We stay in our lane. We don’t try to be the bank for everyone; we focus on being the bank we want to be. That means concentrating on our core credit targets: owner-occupied commercial real estate lending and financing for healthcare professionals to support their practice needs.

We take pride in finding the right talent, people who align with our mission and growth strategy. When we find those individuals, it’s a cultural fit. They embrace our process, how we go to market, and they help strengthen the team dynamic. When we bring in experienced talent, we also leverage their networks, which adds cohesiveness to the group and creates opportunities for our team members to step into mentorship and leadership roles.

I take great pride in promoting from within. If I’m doing my job well, I’ve already helped prepare the next generation of leaders to step up when the opportunity arises. That’s my philosophy for retaining and growing talent within the organization.

How is the bank navigating current economic challenges?

The interest rate environment continues to present competitive pressures and challenges — not just for First Citizens Bank, but for the industry as a whole. Fortunately, First Citizens is in a strong liquidity position. While we may not lead the market in terms of savings or money market yields, our focus has never been on being the low-price leader. It’s about how we add value for our customers.

There will always be individuals and business owners who chase the highest rates. Where we differentiate ourselves is by serving as a next-level consultant or financial confidant who helps clients grow and position their businesses for success over the next three, five or even 10 years. We aim to move beyond “cheap and free” banking and instead emphasize the real value we deliver through advisory and relationship-driven service.

We remain highly competitive on both loan and deposit rates. Our goal is to craft comprehensive, long-term solutions that make sense for our customers. That continues to be a key priority for us not only this year but into 2026 as we maintain a balanced portfolio between loans and deposits, expand full business relationships and strengthen our personal banking connections. Ultimately, it’s about ensuring we take care of our customers through a complete, relationship-based approach.

What are your key goals and priorities for the next two to three years?

Outside of what First Citizens Bank expects of me, my focus is really on developing and investing in the team. Numbers aside, it’s about getting the best out of our people, fostering an environment where they can grow professionally, and building relationships that last beyond a single transaction, especially with our customers.

It’s easy to get caught up in sales goals and performance metrics, but when we simplify it to doing the right thing for the customer, everything else falls into place. We focus on banking the clients we can truly help grow, not trying to be the bank for everyone. By staying in our lane and doing what we do best, I believe we’ll continue to thrive as we always have.