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.
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.
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. In 1986, it reorganized as a holding company, First Citizens BancShares, Inc. 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.
First Citizens Bancshares made its debut on the Fortune 500 list in 2024, ranking 182nd overall. 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.
Acquisitions and divestitures YearCompanyNotes 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 1998 First Citizens Bank & Trust Company of White Sulphur Springs, West Virginia 2003 Avery County Bank of Newland, North Carolina 2009 U.S. Bancorp acquired the bond trustee business of First Citizens Bank 2009 Temecula Valley Bank of Temecula, California 2009 Venture Bank of Lacey, Washington 2010 Sun American Bank of Boca Raton, Florida 2010 First Regional Bank of Los Angeles, California 2011 United Western Bank of Denver, Colorado 2011 Colorado Capital Bank of Castle Rock, Colorado 2011 In-house merger with IronStone Bank 2013 1st Financial Corp. of Hendersonville, North Carolina 2014 First Citizens Bank of South Carolina 2015 Capitol City Bank and Trust Company of Atlanta, Georgia 2016 North Milwaukee State Bank of Milwaukee 2016 Cordia Bancorp Inc. of Midlothian, Virginia 2016 First CornerStone Bank of King of Prussia, Pennsylvania 2017 Harvest Community Bank of Pennsville, New Jersey 2017 Guaranty Bank of Milwaukee, Wisconsin 2018 Palmetto Heritage Bancshares Inc. of Pawleys Island, South Carolina 2019 Biscayne Bank of Coconut Grove 2019 First South Bancorp, Inc. of Spartanburg, South Carolina 2020 Entegra Financial Corp. 2020 Community Financial Holding Company, Inc. and Gwinnett Community Bank 2022 CIT Group 2023Silicon Valley Bank's deposits and loans following its collapse
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