First Citizens BancShares

"First Citizens Bank" redirects here. For the bank in Trinidad and Tobago, see First Citizens Bank (Trinidad and Tobago).

First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina and one of the largest banks in the United States. Its primary subsidiary is First Citizens Bank, which operates over 500 branches in 23 states. A second subsidiary is Silicon Valley Bank, which operates 39 offices in 15 states.

First Citizens BancShares, Inc.

First Citizens Bank branch in Murphy, North Carolina
Company type	Public
Traded as	Nasdaq: FCNCA (Class A) Russell 1000 component
Industry	Banking
Founded	1898; 126 years ago (1898)
Headquarters	Raleigh, North Carolina, U.S.
Area served	United States
Key people	Frank B. Holding Jr. (CEO & chairperson)
Products	Commercial bank Investment bank
Revenue	US$5.55 billion (2022)
Net income	US$1.05 billion (2022)
Total assets	US$209 billion (Q2 2023)
Total equity	US$19.771 billion (Q2 2023)
Owner	Holding family
Number of employees	10,375 (2022)
Divisions	First Citizens Bank Silicon Valley Bank
Subsidiaries	SVB Global Services India LLP
Website	firstcitizens.com
Footnotes / references [1]

For three generations, the bank has been led by the family of Robert Powell Holding, who joined the bank in 1918 and served as president from 1935 to 1957.^[2]

History

The bank opened on March 1, 1898 as Bank of Smithfield. It evolved into First National Bank of Smithfield and merged with Citizens National Bank to become First and Citizens National Bank. In 1929, it changed its name to First Citizens Bank and Trust Company.^[2] In 1986, it reorganized as a holding company, First Citizens BancShares, Inc.^[1] As of 2024, it is the 15th largest bank in the United States, with $221 billion in assets and $152 billion in deposits and $88 billion in liquidity.^[3]

First Citizens Bancshares made its debut on the Fortune 500 list in 2024, ranking 182nd overall.^[4] The bank was also named by American Banker in 2024 as the top-performing large bank, among banks with at least $50 billion of assets.^[5]

Acquisitions

Year	Company	Notes
1971	The Haynes Bank of Cliffside, North Carolina
1974	The Bank of Coleridge in Ramseur, North Carolina and The Bank of Commerce in Charlotte, North Carolina
1979	Bank of Conway in Conway, North Carolina
1981	Commercial & Farmers Bank of Rural Hall, North Carolina and Commercial & Savings Bank of Boonville, North Carolina
1983	Peoples Bank of North Carolina in Madison, North Carolina
1985	First State Bank of Winterville, North Carolina, Farmers Bank of Pilot Mountain, North Carolina, and Farmers Bank of Sunbury in Sunbury, North Carolina
1990	Heritage Federal Savings and Loan Association of Monroe, North Carolina and North Carolina Savings and Loan Association of Charlotte, North Carolina
1991	Mutual Savings and Loan Association of Charlotte, North Carolina and First Federal Savings Bank of Hendersonville, North Carolina
1993	Caldwell Savings Bank of Lenoir, North Carolina, Surety Federal Savings and Loan Association, FA of Morganton, North Carolina, and Pioneer Savings Bank of Rocky Mount, North Carolina
1994	The Bank of Bladenboro in Bladenboro, North Carolina, Edgecomb Homestead Savings Bank of Tarboro, North Carolina, and First Republic Savings Bank of Roanoke Rapids, North Carolina
1995	First Investors Savings Bank of Whiteville, North Carolina and State Bank of Fayetteville, North Carolina
1996	First-Citizens Bank & Trust Company of Lawrenceville, Virginia, Peoples Savings Bank of Wilmington, North Carolina, and Summit Savings Bank of Sanford, North Carolina
1997	First Savings Bank of Rockingham County in Reidsville, North Carolina	[6]
1998	First Citizens Bank & Trust Company of White Sulphur Springs, West Virginia
2003	Avery County Bank of Newland, North Carolina	[7]
2009	U.S. Bancorp acquired the bond trustee business of First Citizens Bank	[8]
2009	Temecula Valley Bank of Temecula, California	[9][10]
2009	Venture Bank of Lacey, Washington	[11][12]
2010	Sun American Bank of Boca Raton, Florida	[13][14][15]
2010	First Regional Bank of Los Angeles, California	[16]
2011	United Western Bank of Denver, Colorado	[17]
2011	Colorado Capital Bank of Castle Rock, Colorado	[18][19][20]
2011	In-house merger with IronStone Bank	[21]
2013	1st Financial Corp. of Hendersonville, North Carolina	[22]
2014	First Citizens Bank of South Carolina	[23]
2015	Capitol City Bank and Trust Company of Atlanta, Georgia	[24]
2016	North Milwaukee State Bank of Milwaukee	[25][26]
2016	Cordia Bancorp Inc. of Midlothian, Virginia	[27][28]
2016	First CornerStone Bank of King of Prussia, Pennsylvania	[29][30]
2017	Harvest Community Bank of Pennsville, New Jersey	[31][32]
2017	Guaranty Bank of Milwaukee, Wisconsin	[33][34]
2018	Palmetto Heritage Bancshares Inc. of Pawleys Island, South Carolina	[35]
2019	Biscayne Bank of Coconut Grove	[36][37]
2019	First South Bancorp, Inc. of Spartanburg, South Carolina	[38]
2020	Entegra Financial Corp.	[39][40]
2020	Community Financial Holding Company, Inc. and Gwinnett Community Bank	[41]
2022	CIT Group	[42]
2023	Silicon Valley Bank's deposits and loans following its collapse	[43][44][45][46][47]

References

1. "First Citizens BancShares, Inc. Second Quarter 2023 Form 10-Q Quarterly Report". U.S. Securities and Exchange Commission. August 4, 2023.
2. "The Holding Family and First Citizens Bank". North Carolina Department of Natural Resources.
3. Gordon, Brian (May 28, 2024). "A year after buying failed SVB, is Raleigh's First Citizens Bank ready to go on offense?". News and Observer.
4. "First Citizens BancShares". Fortune. Retrieved 2024-06-09.
5. "How First Citizens became the top-performing big bank". American Banker. 2024-08-21. Retrieved 2024-10-23.
6. "First Citizens completes Reidsville buyout". American City Business Journals. October 2, 1997.
7. "First Citizens to buy Avery County Bank". American City Business Journals. May 28, 2003.
8. "U.S. Bank to Acquire the Bond Trustee Business from First Citizens Bank" (Press release). Business Wire. October 7, 2009.
9. "First Citizens Bank Acquires Temecula Valley Bank" (Press release). GlobeNewswire. July 17, 2009.
10. "Failed Bank Information for Temecula Valley Bank, Temecula, CA". Federal Deposit Insurance Corporation.
11. "First Citizens Bank Acquires Venture Bank of Washington" (Press release). GlobeNewswire. September 11, 2009.
12. "Failed Bank Information for Venture Bank, Lacey, WA". Federal Deposit Insurance Corporation.
13. "FIRST CITIZENS BANK PURCHASES CERTAIN ASSETS, ASSUMES CERTAIN LIABILITIES OF SUN AMERICAN BANK" (Press release). U.S. Securities and Exchange Commission. March 5, 2010.
14. Drew, Jeff (March 5, 2010). "First Citizens buys Sun American Bank out of FDIC receivership". American City Business Journals.
15. "Failed Bank Information for Sun American Bank, Boca Raton, FL". Federal Deposit Insurance Corporation.
16. "Failed Bank Information for First Regional Bank, Los Angeles, CA". Federal Deposit Insurance Corporation.
17. "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of United Western Bank" (Press release). GlobeNewswire. January 21, 2011.
18. "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Colorado Capital Bank" (Press release). GlobeNewswire. July 8, 2011.
19. "First Citizens Bank takes over Colorado Capital". The Denver Post. July 12, 2011.
20. "Failed Bank Information for Colorado Capital Bank, Castle Rock, CO". Federal Deposit Insurance Corporation.
21. Weisbecker, Lee (October 8, 2010). "First Citizens looks to merge with IronStone Bank". American City Business Journals.
22. "First Citizens Bank Completes Merger With 1st Financial Services Corporation, Mountain 1st Bank" (Press release). GlobeNewswire. January 2, 2014.
23. "Proposed Merger with First Citizens Bank of South Carolina Talking Points for use with Customers and Other External Parties". U.S. Securities and Exchange Commission.
24. "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Capitol City Bank & Trust Company of Atlanta, Ga" (Press release). GlobeNewswire. February 13, 2015.
25. Ranii, David (March 14, 2016). "First Citizens acquires failed Wisconsin bank". News & Observer.
26. "Failed Bank Information for North Milwaukee State Bank, Milwaukee, WI". Federal Deposit Insurance Corporation.
27. "First Citizens Bank Completes Merger With Cordia Bancorp, Bank of Virginia" (Press release). GlobeNewswire. September 1, 2016.
28. Davis, Paul (May 20, 2016). "First Citizens to Buy Cordia Bancorp in Virginia". American Banker.
29. Ranii, David (May 9, 2016). "First Citizens Bank acquires failed Pa. bank". News & Observer.
30. "Failed Bank Information for First CornerStone Bank, King of Prussia, PA". Federal Deposit Insurance Corporation.
31. "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Harvest Community Bank of Pennsville, New Jersey" (Press release). GlobeNewswire. January 13, 2017.
32. "Failed Bank Information for Harvest Community Bank, Pennsville, NJ". Federal Deposit Insurance Corporation.
33. "Federal agency shuts down number of Guaranty Bank branches; some to reopen as First-Citizens Bank". WITI (TV). May 5, 2017.
34. "Failed Bank Information for Guaranty Bank, Milwaukee, WI, (d/b/a BestBank in Georgia & Michigan)". Federal Deposit Insurance Corporation.
35. "First Citizens Bank Completes Merger With Palmetto Heritage Bancshares Inc., Palmetto Heritage Bank" (Press release). GlobeNewswire. November 1, 2018.
36. "First Citizens Bank Completes Operational Conversion of Biscayne Bank Division" (Press release). GlobeNewswire. December 9, 2019.
37. "First Citizens Bank Completes Merger With Biscayne Bancshares Inc., Biscayne Bank" (Press release). GlobeNewswire. April 2, 2019.
38. "First Citizens Bank Completes Merger With First South Bancorp, Inc., First South Bank" (Press release). GlobeNewswire. May 1, 2019.
39. "First Citizens Bank Completes Merger With Entegra Financial Corp., Entegra Bank" (Press release). GlobeNewswire. January 1, 2020.
40. "First Citizens Bank Completes Operational Conversion of Entegra Bank Division" (Press release). GlobeNewswire. August 17, 2020.
41. "First Citizens Bank Completes Merger With Community Financial Holding Company, Inc. and Gwinnett Community Bank" (Press release). GlobeNewswire. February 3, 2020.
42. "First Citizens Completes Merger With CIT Group" (Press release). PR Newswire. January 4, 2022.
43. Smith, Elliot (March 27, 2023). "First Citizens Bank to buy Silicon Valley Bank deposits and loans". CNBC. Retrieved 2023-03-27.
44. "First-Citizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A., From the FDIC". FDIC. 2023-03-26. Retrieved 2023-03-27.
45. Tucker, Hank; Ponciano, Jonathan (March 27, 2023). "SVB's New Owners, The Billionaire North Carolina Family Behind First Citizens, Are Quietly Building A Banking Empire". Forbes. Retrieved March 27, 2023.
46. Murdoch, Scott; Mehnaz, Yasmin (March 27, 2023). "U.S. backstops Silicon Valley Bank sale to First Citizens". Reuters. Retrieved March 27, 2023.
47. "First Citizens BancShares, Inc. March 27, 2023 Form 8-K: Exhibit 99.1: First Citizens Bank Announces Acquisition of Silicon Valley Bridge Bank, N.A." U.S. Securities and Exchange Commission. March 27, 2023.

External links

• Banks portal

• Official website