City National Bank has made significant strides in its Southeast expansion with the launch of a new, nearly 23,000-square-foot office in Charlotte, North Carolina. This launch marks an important milestone for the Los Angeles-based bank, which is a subsidiary of the Royal Bank of Canada. The new office opening was followed closely by the inauguration of a 5,700-square-foot space in Greenville, South Carolina, in January 2025. With these new offices, the bank’s recently recruited workforce of nearly 120 employees in the Carolinas no longer have to work remotely.
City National’s Expansion Strategy
City National’s expansion in the Southeast U.S. is strategically guided by a focus on hiring local banking professionals. Chris Edmonds, the bank’s executive vice president of middle market banking, emphasized the bank’s commitment to recruiting bankers who have built their careers in the Carolinas and have a deep understanding of the local market. Edmonds stated, “We’re really targeting local talent who have been in the Carolinas for their entire careers and know the market.”
Notably, City National is not the only out-of-state bank that has set its sights on the fast-growing Carolinas. Banks such as JPMorganChase, PNC Financial Services Group, and Fifth Third Bancorp have also announced plans to expand their footprint in the region.
Why the Carolinas?
With the fourth and seventh-highest population growth rates among U.S. states in 2024, South Carolina and North Carolina respectively, have become a hotbed for business opportunities. The region’s rapid growth has attracted several companies to move their businesses or headquarters to the Carolinas, thus creating a ripe market for banks to expand their operations.
City National’s Competitive Edge
Despite the growing competition, City National is confident about carving a niche for itself in the Carolinas. As Edmonds noted, “I think banking in general is competitive. We think we can really differentiate in the Carolinas.” The bank’s unique strategy is to forgo the branch-focused approach, in line with the branch-light U.S. strategy of its parent company, the Royal Bank of Canada. Instead, City National banks on integrating its expertise in middle-market commercial banking with RBC’s strength in capital markets and wealth management.
City National’s commercial banking team in the Carolinas is led by Charlie Arndt, a veteran banker who spent over a decade at Fifth Third, serving as South Carolina’s market leader. His knowledge and experience are expected to drive the bank’s growth in the region.
This new expansion is not RBC’s first foray into the region. In 2001, it acquired RBC Centura Banks, a North Carolina-based bank, marking the largest U.S. bank acquisition by a Canadian lender at the time. However, RBC sold the bank to PNC in 2012.
With this renewed focus on the Carolinas, City National Bank is poised to make a significant impact on the region’s banking landscape. As they continue to hire local talent and leverage their expertise, the bank is well-positioned to take advantage of the opportunities presented by the Carolinas’ rapid growth.
Source: American Banker
