Japanese financial giant Sumitomo Mitsui Banking Corp. has selected Charlotte as its second U.S. headquarters, with plans to add roughly 2,000 jobs over the next six years.

An aerial view of Charlotte

SMBC is the latest big-name banking institution to plant a major flag in Charlotte, joining JPMorgan Chase & Co. and Citigroup as well as a cadre of fintech players that have all announced new investments in the Queen City over the past year.

“Our highly skilled workforce makes businesses want to establish themselves and grow here, and that in turn makes other people want to move and settle here,” North Carolina Gov. Josh Stein said Tuesday during a press conference announcing the SMBC deal.

Tokyo-based SMBC committed to invest some $50M to establish its new hub in the city and is expected to receive $70M in state grant funding. 

This latest wave of investment has strengthened the Queen City’s reputation as a financial heavyweight and driven growth across its commercial real estate sectors.

Banks and fintechs are choosing to invest in Charlotte because they believe the city has reached a critical mass that is continually drawing and retaining a highly skilled workforce. The metro area netted 54,000 residents from 2024 to 2025 to reach 2.9 million by July. That growth rate ranks fifth among all U.S. metro areas, according to U.S. Census Bureau data.  

Such a steady growth of the workforce is compelling for companies seeking to relocate, according to Peter Gwaltney, CEO and president of the North Carolina Bankers Association. Charlotte ranked second in Site Selection’s most recent annual survey of best U.S. cities for corporate headquarters. 

“A company can locate or relocate to Charlotte and find not just the number of people it needs but a uniquely talented group of people across a wide diverse set of skills, whether it’s compliance, security, IT, commercial banking, risk management,” Gwaltney said. 

Wayflyer, an Irish fintech company specializing in financing for e-commerce businesses, announced in October 2025 it would be opening a new U.S. hub in Charlotte. Wayflyer Director of Credit Chloe Grennan said what Charlotte had to offer made the decision a no-brainer for the company.

“Charlotte came out clearly on top when we did a thorough market evaluation,” Grennan said in an email. “The combination of factors was hard to beat: a strategic East Coast location, a time zone that works well for our global operations, and a deep talent pool built around the city’s history as a financial services hub.”

SMBC announced it would develop a banking hub in Charlotte.

Investment has been helped by a state willing to provide incentives through the jobs development investment grants and other programs. The state doled out just over $98M across 21 deals through the job development grant program in 2024, according to Site Selection’s 2025 report on U.S. economic incentives.

Fintech companies first flocked to Charlotte during the young industry’s initial boom years following the Great Recession. The fintech ecosystem has since had staying power in the city throughout the ups and downs of the young industry. 

Digital services company SoFi Technologies announced last fall it would open a regional hub in Charlotte as part of a $3M capital investment, and Coinbase leased 59K SF in June for a customer service hub.

As the fintech wave in the city has matured, institutional banking and investment firms have deepened their roots there. Last month, Capital Group announced it would be opening a major East Coast operations hub in Charlotte with a $60M investment. Charles Schwab Corp. signed a lease for 59K SF in February, and Citigroup announced it would invest $16.1M to establish a major office facility in Charlotte. 

These investments are being supplemented by a national push among big banks to add new brick-and-mortar branches. JPMorgan Chase & Co., which already boasts more than 25 branches in Charlotte, is currently aiming to open five new locations this year as part of its plan to open some 500 new branch locations nationwide in 2026. Truist, Bank of America and Huntington Bank all announced plans to open branches in the Charlotte area as well. 

Alexandra Friedman, head of retail real estate at JPMorgan Chase, told Bisnow that financial organizations are choosing Charlotte because the city boasts “talent, a diverse economy, and an ecosystem that supports established firms and innovation.”

Many of the young, educated workforce in the metro area are graduates from the University of North Carolina at Charlotte, the state’s largest business school, said Tracy Dodson, chief operating officer and head of economic development of the Charlotte Regional Business Alliance. 

“Many graduates are staying in the Charlotte market, and that’s largely because of the partnership with our biggest employers, many of which are in financial services,” Dodson said. 

That influx of residents may soon pay off in the city’s multifamily market. 

North Carolina Gov. Josh Stein at the 2025 swearing-in ceremony of his administration’s cabinet members

Like other Sun Belt markets, Charlotte’s multifamily sector is working off a glut of overbuilding. Vacancies continued to inch up in Q4 2025 thanks to high deliveries, but the increase in vacancy has started to level off, according to Northmarq’s Q4 2025 multifamily report.

However, the metro region saw a net of 14,500 multifamily move-ins in 2025, breaking the previous year’s record of net move-ins by 15%, Northmarq reports. Supply growth is expected to taper off, vacancies will flatten, and rent is expected to grow a modest 0.5% in 2026, according to Northmarq. 

A Q1 Marcus & Millichap office report forecasts that the metro will add a total of 14,000 new jobs in 2026, including 3,500 traditionally office jobs. The Charlotte region ranked second in the country for total job growth last year, adding 37,600 jobs in 2025.

For a city with a thriving business sector, office vacancy remains high in Charlotte. That’s because developers raced to build new office space to meet corporate needs right before the pandemic hit, only to watch as the work-from-home movement during the pandemic left many of those spaces empty. 

But office vacancy peaked at 18% in 2023, according to Marcus & Millichap. Since then, it has gone steadily downward and is projected to shrink to just above 15% in 2026. According to Colliers, Charlotte’s average asking rent for office space in Q4 2025 was 2.1% higher year-over-year, thanks to a shrinking pipeline and rising development costs.

And many of the banks and fintechs entering Charlotte are bringing in employees from other markets, with retail and multifamily benefiting from this influx, said CBRE Executive Vice President John Christenbury. Marcus & Millichap ranked the city No. 1 in the nation in its 2026 retail forecast. 

“You’ve got more consumers that are going to live, go out to eat and shop in Charlotte now, so, ultimately, these added jobs benefit the rest of the economy, like residential and retail,” Christenbury said.

All this combines to create a kind of permanent momentum, at least in the near term, analysts say. Gwaltney said Charlotte should easily be able to maintain its status as a financial heavyweight moving forward, and this will continue to help the city’s CRE sectors.

“Where there’s a healthy, thriving economy, that’s where banks want to be. That’s opportunity,” Gwaltney said.

Hirofumi Otsuka, CEO for SMBC Americas, said as much in his statement about his bank’s new investment in the city.  

“As SMBC continues to grow substantially in the United States, Charlotte is a standout location for us to invest in North Carolina for the long term in a major expansion that will establish our roots in the community,” he said.

Dallas is putting big bucks behind its burgeoning financial hub as it tries to lure a bank from north of the border.

Courtesy of Hillwood Urban

Scotiabank could establish a 100K SF office hub at the Victory Commons One building in Dallas.

Dallas City Council is slated to offer Canadian financial institution Scotiabank more than $2.7M in economic incentives to establish a 100K SF office at the 15-story Victory Commons One building. 

In addition to the maximum $2.7M grant for job relocation and other costs, the incentive package would include a 10-year property tax abatement on the proposed office at 2601 Victory Ave. in the city’s Victory Park neighborhood, The Dallas Morning News reported. 

Scotiabank, the operating name of the Bank of Nova Scotia, would be required to create more than 1,025 jobs with an average salary of $135K. At least 25% of those positions would need to be filled by Dallas residents, and Scotiabank would also need to give internships to Dallas College students and partner with Dallas Independent School District, Richardson ISD, UNT Dallas or Paul Quinn College. 

The council is set to consider the incentive package during its regular meeting Wednesday. 

The incentives are designed to help tip the scales in Dallas’ favor over Charlotte, the other city being considered by Scotiabank.

With around $1.4T in assets, Scotiabank “would be a huge win for any community,” Newmark Senior Managing Director Susan Arledge said to CoStar.

“Cities and states would fight over the opportunity to have that kind of client, especially such a credible company like Scotiabank,” she said.

The bank also has American offices in Houston, New York City and San Francisco.

If Scotiabank does choose Dallas for its next U.S. hub, the Canadian bank would join a wave of other major financial players. 

Goldman Sachs is building a $500M office campus just south of Uptown that is expected to open in 2028. That two-building property at 2323 N. Field St. will eventually be home to more than 5,000 employees.

Dallas is also preparing for the rise of Y’all Street. 

The Dallas-based Texas Stock Exchange last year raised $120M to create an alternative to the New York Stock Exchange and the Nasdaq Stock Market. TXSE aims to host its first listings in 2026 and said its headquarters in the heart of Dallas will include executive offices, a conference center and a broadcast center.

The existing securities exchanges soon followed. The NYSE announced in February that it would reincorporate its Chicago branch in Dallas, and Nasdaq said the next month that it was planning a regional headquarters in the city that would serve the entire Southeast.

First Citizens Bank’s Commercial Real Estate business has provided $47.7 million for Aspen College Park, a student housing facility at the University of Maryland in College Park.

Owned by an affiliate of GTIS Partners and developed by Aspen Heights Partners, the facility is located at 4205 and 4206 Knox Road. It offers 129 units with a total of 432 beds and 136,135 rentable square feet.

“Aspen College Park is a modern student housing development strategically located to serve the University of Maryland community,” said Scott Bordogna, Managing Director and Head of Asset Management at GTIS Partners. “We appreciate the expertise and collaboration of the First Citizens Commercial Real Estate team in arranging financing that aligns with our needs and supports the success of this project.”

“GTIS Partners has a proven track record of delivering high-quality, purpose-built properties that meet the evolving needs of their markets,” said Chris Niederpruem, group head for First Citizens Bank Commercial Real Estate.

SouthState Bank leased 87,000 square feet at the 19-story Prominence building, making it the building’s largest tenant. That means it gets to plaster its name on the top of the building.

The Atlanta Business Chronicle reports that Prominence, the tower at Piedmont and Lenox roads, was completed in 1999 and has, over the years, supplied space to Marsh & McLennan, Wells Fargo Insurance and GE Digital.

Earlier this year, SouthState said it would acquire Texas-based Independent Bank Group Inc. for $2 billion, creating a combined bank with $65 billion in total assets.

In Atlanta, SouthState ranks ninth in deposit market share with $8.2 billion of deposits as of June 30. It has 44 branches in Georgia.

JLL’s Josh Hirsh and Patrick Baughman represented SouthState in the deal. 

Chicago-based Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $15.2 million loan with Campus Realty Advisors and T2 Capital. The transaction funds the acquisition, renovation and repositioning of The Junction San Marcos, a 152-unit, 488-bed student housing community in San Marcos, Texas, near Texas State University.

This loan marks the first commitment between Byline and Campus Realty Advisors, while T2 Capital is a long-time client of BCREG. The loan will assist in the acquisition and revitalization of the property located at 109 West Avenue. Campus Realty Advisors and T2 Capital plan to renovate all units and common areas.

“The upgraded property will be a welcome addition to the San Marcos rental market, which has seen strong growth and nearly full occupancy for several years in a row,” said Matt Robertson, Senior Vice President in Byline’s Commercial Real Estate Group. The law firm Smith Gambrell Russell represented Campus Realty Advisors and T2 Capital in this transaction, while Holland & Knight represented Byline Bank.

The investor of a four-building business Park in Arlington has lost that investment, to the bank that had the loan on it. Pinnacle Bank Texas took back the office park at auction for $30 million from Opal Holdings. Opal Holdings defaulted on a $40 million loan the bank made in 2021.

The Dallas Business Journal reports that Opal Holdings bought the renovated Centerpoint office park in Arlington from Boston-based Albany Road Real Estate Partners in 2021. The park is legally listed as the Six Flags Business Park in Tarrant County records.

The office park at 600, 616, and 624 Six Flags Dr. and 2401 E. Randol Mill Road has about 450,000 square feet of space. TXRE Properties handles leasing of the property. The buildings are home to a variety of tenants including the North Central Texas Council of Governments at 616 Six Flags Dr.

The appraised value of the office park is about $43 million, according to Tarrant Appraisal District records.

Courtesy of United Bank

The exterior of United Bank’s new SouthPark office in Charlotte.

For commercial real estate professionals searching for a loan, the process of choosing a bank goes far beyond simply googling “banks near me.” It’s about finding a trusted partner with proven experience who can help CRE lenders get the capital they need to get deals done. 

This past St. Patrick’s Day, United Bank celebrated its 185th birthday. In the many decades since its founding, it has helped countless CRE borrowers purchase or refinance commercial properties, along with its personal banking and retirement services.

Today, United Bank is expanding, opening a 17.6K SF office in SouthPark in Charlotte, North Carolina, to serve as a central business hub for the D.C.-based bank’s local operations.

“This new office represents the growth that we anticipate going forward in Charlotte,” United CEO Richard M. Adams, Jr. said. “Since we came to Charlotte in 2020, it’s been one of our fastest-growing markets, and we’ve had a lot of success there. And we’re very bullish about the future.”

Courtesy of United Bank

United Bank’s new SouthPark office in Charlotte.

The new office brings all of the company’s lines of business under one roof — “commercial banking, consumer banking, mortgage lending, private banking and wealth management, allowing it to provide its customers with all its services from one location,” Adams said. He added that it’s a beautiful building, making it a great branding opportunity for United, and that the company is very optimistic about the future of Charlotte and the Southeast in general. 

Adams said that despite the many challenges the banking industry has been facing, United saw a lot of success in 2023 and is experiencing a strong 2024 so far. 

“A lot of our competitors are pulling back when it comes to lending,” Adams said. “Meanwhile, we’ve continued to lend. Our capital position is strong, our markets are strong, and while we’re appropriately cautious about this year, we’re more optimistic than most.” 

United Bank also sees opportunities for growth through mergers and acquisitions, Adams said. The bank has done 33 acquisitions in its history, including two in the pandemic, while M&A deals remained virtually nonexistent in the rest of the banking industry over the last few years, he said. 

“With our capital, our currency, our reputation, our relationships, we think that we’re one of the few banks that could actually do a deal in this environment,” he said. 

Courtesy of United Bank

United Bank’s new SouthPark office in Charlotte.

Adams said that high interest rates, bank failures and increased margin pressure have created challenges for the banking industry. In particular, while many people predicted that the start of 2024 would see some interest rate reductions, that has yet to manifest. Despite the issues, however, the banking industry remains resilient, Adams said. 

“Regardless of what happens to rates, regardless of what happens to the economy, the industry remains strong,” he said. 

Looking toward the future, Adams said there will be more consolidation in the banking industry as M&As rise, and further adoption of technology, beyond digitally depositing checks and online banking. 

“We saw the accelerated rise of digital banking with the pandemic,” Adams said. “Now, the focus is on how the industry can adopt AI in a positive way, and how we can best tackle cybersecurity.” 

Above all else, Adams said that he believes the banking industry will continue to flourish if United’s numbers are an indication. 

In 2023, United Bank was able to not only pay, but increase, its dividend to shareholders for the 50th consecutive year, making it what’s called a “dividend king,” Adam said. 

“There are not many dividend kings out there,” he said. “In fact, there are less than 60 companies that have increased their dividend for 50 consecutive years. And I think that says a lot about the way we approach our business. We’re very disciplined, very consistent and  resilient, and we will stay that way throughout any economic cycle.” 

This article was produced in collaboration between United Bank and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com. 

Marcus & Millichap Capital Corporation (MMCC) arranged $5,000,000 for the refinancing of Larson Apartments, located at 8101 Larson Ave. in Garden Grove. Ron Balys, SVP, capital markets, based out of MMCC’s Orange County office, secured the bank financing on behalf of a private client.

“In 2022, MMCC originated the acquisition financing with a line of credit for the client to construct four Accessory Dwelling Units (ADUs),” said Balys. “The client executed their business plan from the original purchase, and we were able to secure conventional financing with a local bank.”

Terms of the 30-year loan include 65% loan-to-value and a 6.30% interest rate with 30-years amortization. Constructed in 1980, the two-story, 21-unit property features a mix of studio to three-bedroom units and is located adjacent to routes 22 and 39, providing direct access to the Greater Los Angeles region.

Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partner arranged the sale of a newly constructed, single-tenant property occupied by Chase Bank with a drive-thru ATM in Bakersfield. The purchase price was $2.93 million for the absolute triple-net ground lease.

EVPs Bill Asher and Jeff Lefko of Hanley represented the seller, a private investor based in Bakersfield. The buyer, a private investor based in San Bernardino County, was represented by Greg Bedell and Lance Mordachini of Progressive Real Estate Partners.

“We procured a repeat single-tenant bank investor through a longstanding broker relationship. This resulted in a smooth and timely transaction that benefitted both the buyer and seller,” said Asher. He added that this particular Chase Bank branch was a relocation and had a very strong deposit base within the trade area.

Constructed in 2022, the 3,576-square-foot bank building is located at the signalized intersection of Oswell Street and Mall View Road at 2631 Oswell St. It sits on a 0.85-pad in front of an In-Shape and PetSmart-anchored shopping center.