50 years of partnership: ThriveMore and First Citizens Bank

Limitless passion and a 50-year partnership with First Citizens has helped nonprofit retirement community ThriveMore grow to become a leader in the retirement industry.

ThriveMore's evolution

Many people become caregivers for their parents at some point in life. For Reed VanderSlik, CEO of ThriveMore, that happened when he was just 14 years old. This early experience shaped how he understands the people ThriveMore serves.

"When I got into this industry I was like, 'aha—life was preparing me for this role,'" says VanderSlik. "Our mission really is to serve older adults with whatever needs exist."

ThriveMore is a nonprofit that provides inviting, safe and inclusive living spaces where older adults can thrive in their later years. In its communities, residents maintain as much of their norm as possible as they age while receiving quality care based on their individual needs. Each ThriveMore campus offers everything from independent living to assisted living, including memory and skilled nursing care for those who need it.

Just as the retirement industry has evolved in the past few decades, so has ThriveMore. The nonprofit started out with just one community of 21 residents, but it's since grown to four campuses, with plans for a fifth in the works. Through their expansions, they now offer more innovative features, services and living models, some of which are unique in the industry.

VanderSlik hopes to continue expanding to help meet the needs of the growing senior population.

"More than 11,000 people turn 65 every single day, and 70% of people over 65 require long-term care," he says. "There's a projected need for nearly 1 million new senior housing units in the next 15 years, and we intend to be part of the solution."

A catalyst connection

ThriveMore's passion for providing more seniors with better living options has no limits—and neither does its partnership with First Citizens. This long-lasting relationship has gracefully aged for over 50 years, with the two organizations evolving and growing alongside each other.

"First Citizens has championed our growth because they understand our unique business model," says VanderSlik. "They've really supported our ambitions and believed in our vision from the start."

Through deep partnership with their banking team and a thorough understanding of their organization, First Citizens has worked closely to find strategic ways to fund ThriveMore's creative ideas for expansion and new services. Multiple First Citizens executives have even served on ThriveMore's board of directors throughout the years, adding a unique layer of involvement and passion for ThriveMore's success.

When ThriveMore has a goal or idea, their First Citizens team is there to listen, react and help brainstorm solutions to make them happen.

"When I share ideas with First Citizens, I don't feel like I need to have every detail figured out," says VanderSlik. "They're a sounding board of experts that we use for innovation and ideas and strategies—and it's really invaluable."

For example, First Citizens worked closely with ThriveMore when they had the creative idea to build individual homes on one of their existing properties, giving more people the option to either live in an apartment in the center of the community or in a more private home that's still part of the community. And together, they recently broke ground on a brand-new campus that will include hundreds of homes.

Another exciting project that ThriveMore and First Citizens are working on together is the addition of a child daycare to ThriveMore's Brookridge location. VanderSlik hopes the amenity will be helpful for their employees while also providing some incredible intergenerational opportunities with their residents. Imagine residents getting to spend time with kids at the pool during the summer—or volunteering in the daycare and having a chance to spend time with grandbabies.

"We're always looking for ways to think outside the box and offer new, innovative services as generations get older and want different things," says VanderSlik. "And First Citizens is helping us find ways to make them happen."