First Citizens BancShares, Inc.
TypePublic
IndustryBanking
Founded1898 (1898)
HeadquartersRaleigh, North Carolina, U.S.
Area served
United States
Key people
Frank B. Holding Jr. (CEO & Chairperson)
Products
RevenueIncrease US$5.55 billion (2022)
Increase US$1.05 billion (2022)
Total assetsIncrease US$209 billion (Q2 2023)
Total equityIncrease US$19.771 billion (Q2 2023)
OwnerHolding family
Number of employees
10,375 (2022)
DivisionsSilicon Valley Bank
Websitefirstcitizens.com
Footnotes / references
[1]

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

For three generations, the bank has been led by the family of Robert Powell Holding, who joined the bank in 1918 and rose to president in 1935.[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]

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 [3]
1998 First Citizens Bank & Trust Company of White Sulphur Springs, West Virginia
2003 Avery County Bank of Newland, North Carolina [4]
2009 U.S. Bancorp acquired the bond trustee business of First Citizens Bank [5]
2009 Temecula Valley Bank of Temecula, California [6][7]
2009 Venture Bank of Lacey, Washington [8][9]
2010 Sun American Bank of Boca Raton, Florida [10][11][12]
2010 First Regional Bank of Los Angeles, California [13]
2011 United Western Bank of Denver, Colorado [14]
2011 Colorado Capital Bank of Castle Rock, Colorado [15][16][17]
2011 In-house merger with IronStone Bank [18]
2013 1st Financial Corp. of Hendersonville, North Carolina [19]
2014 First Citizens Bank of South Carolina [20]
2015 Capitol City Bank and Trust Company of Atlanta, Georgia [21]
2016 North Milwaukee State Bank of Milwaukee [22][23]
2016 Cordia Bancorp Inc. of Midlothian, Virginia [24][25]
2016 First CornerStone Bank of King of Prussia, Pennsylvania [26][27]
2017 Harvest Community Bank of Pennsville, New Jersey [28][29]
2017 Guaranty Bank of Milwaukee, Wisconsin [30][31]
2018 Palmetto Heritage Bancshares Inc. of Pawleys Island, South Carolina [32]
2019 Biscayne Bank of Coconut Grove [33][34]
2019 First South Bancorp, Inc. of Spartanburg, South Carolina [35]
2020 Entegra Financial Corp. [36][37]
2020 Community Financial Holding Company, Inc. and Gwinnett Community Bank [38]
2022 CIT Group [39]
2023 Silicon Valley Bank's deposits and loans following its collapse [40][41][42][43][44]

References

  1. 1 2 "First Citizens BancShares, Inc. Second Quarter 2023 Form 10-Q Quarterly Report". U.S. Securities and Exchange Commission. August 4, 2023.
  2. 1 2 "The Holding Family and First Citizens Bank". North Carolina Department of Natural Resources.
  3. ↑ "First Citizens completes Reidsville buyout". American City Business Journals. October 2, 1997.
  4. ↑ "First Citizens to buy Avery County Bank". American City Business Journals. May 28, 2003.
  5. ↑ "U.S. Bank to Acquire the Bond Trustee Business from First Citizens Bank" (Press release). Business Wire. October 7, 2009.
  6. ↑ "First Citizens Bank Acquires Temecula Valley Bank" (Press release). GlobeNewswire. July 17, 2009.
  7. ↑ "Failed Bank Information for Temecula Valley Bank, Temecula, CA". Federal Deposit Insurance Corporation.
  8. ↑ "First Citizens Bank Acquires Venture Bank of Washington" (Press release). GlobeNewswire. September 11, 2009.
  9. ↑ "Failed Bank Information for Venture Bank, Lacey, WA". Federal Deposit Insurance Corporation.
  10. ↑ "FIRST CITIZENS BANK PURCHASES CERTAIN ASSETS, ASSUMES CERTAIN LIABILITIES OF SUN AMERICAN BANK" (Press release). U.S. Securities and Exchange Commission. March 5, 2010.
  11. ↑ Drew, Jeff (March 5, 2010). "First Citizens buys Sun American Bank out of FDIC receivership". American City Business Journals.
  12. ↑ "Failed Bank Information for Sun American Bank, Boca Raton, FL". Federal Deposit Insurance Corporation.
  13. ↑ "Failed Bank Information for First Regional Bank, Los Angeles, CA". Federal Deposit Insurance Corporation.
  14. ↑ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of United Western Bank" (Press release). GlobeNewswire. January 21, 2011.
  15. ↑ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Colorado Capital Bank" (Press release). GlobeNewswire. July 8, 2011.
  16. ↑ "First Citizens Bank takes over Colorado Capital". The Denver Post. July 12, 2011.
  17. ↑ "Failed Bank Information for Colorado Capital Bank, Castle Rock, CO". Federal Deposit Insurance Corporation.
  18. ↑ Weisbecker, Lee (October 8, 2010). "First Citizens looks to merge with IronStone Bank". American City Business Journals.
  19. ↑ "First Citizens Bank Completes Merger With 1st Financial Services Corporation, Mountain 1st Bank" (Press release). GlobeNewswire. January 2, 2014.
  20. ↑ "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.
  21. ↑ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Capitol City Bank & Trust Company of Atlanta, Ga" (Press release). GlobeNewswire. February 13, 2015.
  22. ↑ Ranii, David (March 14, 2016). "First Citizens acquires failed Wisconsin bank". News & Observer.
  23. ↑ "Failed Bank Information for North Milwaukee State Bank, Milwaukee, WI". Federal Deposit Insurance Corporation.
  24. ↑ "First Citizens Bank Completes Merger With Cordia Bancorp, Bank of Virginia" (Press release). GlobeNewswire. September 1, 2016.
  25. ↑ Davis, Paul (May 20, 2016). "First Citizens to Buy Cordia Bancorp in Virginia". American Banker.
  26. ↑ Ranii, David (May 9, 2016). "First Citizens Bank acquires failed Pa. bank". News & Observer.
  27. ↑ "Failed Bank Information for First CornerStone Bank, King of Prussia, PA". Federal Deposit Insurance Corporation.
  28. ↑ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Harvest Community Bank of Pennsville, New Jersey" (Press release). GlobeNewswire. January 13, 2017.
  29. ↑ "Failed Bank Information for Harvest Community Bank, Pennsville, NJ". Federal Deposit Insurance Corporation.
  30. ↑ "Federal agency shuts down number of Guaranty Bank branches; some to reopen as First-Citizens Bank". WITI (TV). May 5, 2017.
  31. ↑ "Failed Bank Information for Guaranty Bank, Milwaukee, WI, (d/b/a BestBank in Georgia & Michigan)". Federal Deposit Insurance Corporation.
  32. ↑ "First Citizens Bank Completes Merger With Palmetto Heritage Bancshares Inc., Palmetto Heritage Bank" (Press release). GlobeNewswire. November 1, 2018.
  33. ↑ "First Citizens Bank Completes Operational Conversion of Biscayne Bank Division" (Press release). GlobeNewswire. December 9, 2019.
  34. ↑ "First Citizens Bank Completes Merger With Biscayne Bancshares Inc., Biscayne Bank" (Press release). GlobeNewswire. April 2, 2019.
  35. ↑ "First Citizens Bank Completes Merger With First South Bancorp, Inc., First South Bank" (Press release). GlobeNewswire. May 1, 2019.
  36. ↑ "First Citizens Bank Completes Merger With Entegra Financial Corp., Entegra Bank" (Press release). GlobeNewswire. January 1, 2020.
  37. ↑ "First Citizens Bank Completes Operational Conversion of Entegra Bank Division" (Press release). GlobeNewswire. August 17, 2020.
  38. ↑ "First Citizens Bank Completes Merger With Community Financial Holding Company, Inc. and Gwinnett Community Bank" (Press release). GlobeNewswire. February 3, 2020.
  39. ↑ "First Citizens Completes Merger With CIT Group" (Press release). PR Newswire. January 4, 2022.
  40. ↑ Smith, Elliot (March 27, 2023). "First Citizens Bank to buy Silicon Valley Bank deposits and loans". CNBC. Retrieved 2023-03-27.
  41. ↑ "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.
  42. ↑ 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.
  43. ↑ Murdoch, Scott; Mehnaz, Yasmin (March 27, 2023). "U.S. backstops Silicon Valley Bank sale to First Citizens". Reuters. Retrieved March 27, 2023.
  44. ↑ "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.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.