ThriveMore and First Citizens: A relationship built on care

For more than 50 years, First Citizens has stood alongside ThriveMore, a North Carolina-based senior living organization. What began as a simple banking relationship has grown into a deep partnership—one focused on stewarding endowment and reserve assets, guiding policy, spending decisions and helping ThriveMore continue its mission of care.

A mission rooted in compassion and community

Since 1951, ThriveMore has served seniors across North Carolina with a range of hands-on care and support services, as well as a growing number of vibrant communities where residents can age with dignity, live fulfilling lives and receive the attention they need.

As a not-for-profit organization, ThriveMore relies on the generosity of donors to help meet the diverse needs of seniors. Its philanthropic initiatives include the Benevolence Fund, which ensures residents aren't turned away or forced to leave due to financial hardship, and Medicine from the Heart, which provides critical assistance to seniors who might otherwise have to choose between essential medications and daily necessities.

A partnership built on understanding and shared purpose

The banking relationship between ThriveMore and First Citizens spans more than five decades, and it has been rooted in collaboration and a shared purpose from the beginning.

"There are many moving parts to our relationship," says Brandon Whitley, Institutional Consultant at First Citizens, who works with charitable and philanthropic clients. As ThriveMore's day-to-day contact, he offers consultative guidance and coordinates closely with partners across the bank to support the organization's growth.

"ThriveMore is a complex organization with significant assets and multiple objectives," he explains. "We meet quarterly with the board and stay close to the CFO to manage liquidity and ensure their resources can continue to support capital projects."

This attentiveness has developed a deep level of trust. Reed VanderSlik, ThriveMore's President and CEO, notes that the organization's model—spanning housing, healthcare and hospitality—requires partners who are willing to understand its intricacies. "Not everyone takes the time to learn that model, but First Citizens does," he says.

One partner, one vision

As ThriveMore grew, so did its partnership with First Citizens. After taking a careful look at its financial structure, the organization concluded that simplifying its banking relationships could reduce administrative complexity and yield stronger alignment.

"We originally thought having two banking partners would diversify our risk," VanderSlik says. "In reality, both partners were managing the same requirements, so we weren't getting the benefit we expected. First Citizens delivered better performance, so bringing all our financial management under one roof created efficiency without adding risk."

Stewarding the resources that enrich lives

In 2004, First Citizens was invited to help steward the organization's entire pool of invested assets—a milestone that reflects decades of shared commitment, trust and understanding.

For ThriveMore, investment performance isn't abstract—it has a direct and deeply human impact. "Those returns translate into benevolent care for older adults who've outlived their financial resources," VanderSlik says.

To help the organization fulfill this mission, First Citizens manages two distinct pools of assets—each with a clear purpose. Endowment assets are designed to sustain ThriveMore's mission in perpetuity, while reserve assets fund operations, facility maintenance and near- to medium-term capital projects.

"Endowments are long-horizon, growth-oriented portfolios tied to a predetermined annual spend rate. Reserves, on the other hand, are stratified by time horizon," Whitley explains. "We match assets to liabilities. Short-term needs are invested conservatively, while longer-term reserves are invested for moderate growth while preserving liquidity."

A relationship that provides a broader perspective

What sets First Citizens apart for ThriveMore is the depth of its partnership—integrating investment expertise, banking support and philanthropic guidance under one roof.

ThriveMore draws on First Citizens' charitable and philanthropic specialists to review and modernize financial investment policies, while senior investment leaders offer macroeconomic insight to inform the organization’s broader growth strategies. The banking team—which has served ThriveMore for more than 50 years—continues to play a pivotal role in managing deposits, lines of credit and project financing.

VanderSlik recognizes the day-to-day value of the relationship as time progresses. "We get weekly market context from our First Citizens team," he says. "We're not changing policy every week, but that intelligence helps us think about our business strategies in real time."

Offering steady guidance during market uncertainties

As an organization that serves as a critical lifeline to senior citizens across North Carolina, market volatility can test resolve.

"Leaders are wired to act, but sometimes the right action is to stay the course," VanderSlik says. "First Citizens helps us navigate the short-term fluctuations and focus on our long-term strategies."

Over the years, the partnership has weathered multiple economic cycles and emerged stronger each time. "Our job is never done," Whitley says. "We continuously test policy, explore enhancements and evaluate potential investment vehicles that fit ThriveMore's size, liquidity and mission needs."

Measuring what matters

As the partnership has matured, ThriveMore's definition of success has expanded beyond benchmarks to include a shared purpose.

"Over many years, First Citizens has met or exceeded our benchmarks," VanderSlik says. "But just as important, the partnership doesn't feel transactional. They believe in our mission. Their responsiveness has exceeded expectations, which hasn't always been our experience elsewhere."

Continued support for the road ahead

ThriveMore continues to grow—introducing new programs and communities to meet the rising demand for senior care across North Carolina—and First Citizens remains a trusted partner in preparing the organization for what's next. The focus ahead is on thoughtful liquidity planning, ongoing policy modernization and introducing new asset classes that align with ThriveMore's evolving scale and goals.

"Our aim is to keep strengthening ThriveMore's financial position with sustainable returns, prudent spending and policy practices that will stand the test of time," Whitley says.

For VanderSlik, the qualities that have defined the partnership over the years come down to three things: outcomes, understanding and trust. "If another CEO asks me, 'Why First Citizens?' I'd point to performance, an understanding of our organization and their willingness to listen," he says. "One of the questions CEOs love to ask each other is, 'What keeps you up at night?' It's nice to be able to say, 'It's not my bank.'"

ThriveMore is a current client of First Citizens Wealth. They were not paid for their testimonial. They are not currently related to anyone who works for First Citizens Wealth or its affiliates.