First Citizens BancShares

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First Citizens BancShares
Type Public
Traded as NASDAQFCNCA
Industry Finance, Investments, and Insurance
Founded 1898
Headquarters Raleigh, North Carolina, United States
Area served First Citizens Bank - California, Colorado, District of Columbia, Florida, Maryland, North Carolina, Tennessee, Virginia, Washington, West Virginia Ironstone Bank - Arizona, California, Colorado, Florida, Georgia, Kansas, Missouri, New Mexico, Oklahoma, Oregon, Texas, Washington
Key people Frank B. Holding Jr. (CEO) (Chairman of the Board)
Products Commercial banking, Investment banking
Net income US$ 27.75 million (2009)
Total assets US$ 21 billion (as of 09/30/2010)
Employees ~5,000
Website www.firstcitizens.com

First Citizens Bancshares, Incorporated (First Citizens Bancshares) is a bank holding company based in Raleigh, North Carolina. that operates two subsidiaries, First Citizens Bank and IronStone Bank. In aggregate, First Citizens operates in 17 states in the United States, concentrated in the Southeastern United States, Southern California, and Washington.

Assuming completion of a merger announced in June 2014, First Citizens Bank will become the sixth largest bank in the Southeast with 575 branches in 18 states and the District of Columbia, $30.7 billion in assets, $26.1 billion in deposits, and $18 billion in loans.[1] In 2010 the company employed approximately 4,400 employees.[2]

First Citizens Bank serves clients in more than 200 locales in North Carolina, Virginia, West Virginia, Tennessee, Maryland, Florida, Colorado, California, Washington and Washington, DC. First Citizens has 435 branches. IronStone Bank, a division of the company, has 58 branches[3] in Arizona, California, Colorado, Georgia, Florida, Kansas, Missouri, New Mexico, Oklahoma, Oregon, Texas, and Washington.

In 1998, First Citizens Bank made an agreement with First Citizens Bank of South Carolina, also owned by the Frank Holding family, allowing customers of either bank to conduct transactions with the other institution.[4]

On Dec 22, 2003, Citizens Bancshares restated its previously announced 2003 third quarter earnings, following a determination by its independent auditors to chang its accounting treatment of one third quarter transaction related to shares of the Company's common stock donated to it by an unrelated third party.[5]

On October 8, 2010, First Citizens filed a merger application with federal regulators, the Office of the Comptroller of the Currency and the Federal Reserve Bank of Richmond, and respective state banking departments in IronStone's footprint. IronStone Bank will continue to operate under its trade name.[6] The change became official January 7, 2011.[3]

First Citizens Bank entered into an agreement with the Federal Deposit Insurance Corp. (FDIC) to purchase substantially all the assets and assume the majority of the liabilities of United Western Bank, Denver, Colorado on January 21, 2011.[7] Months later First Citizens took over the failed Colorado Capital Bank of Castle Rock, Colorado in a similar deal. It was the sixth FDIC-related agreement since July 2009.[8] First Citizens now has 14 branches in Colorado, 3 of them IronStone.[9]

On December 10, 2013, 1st Financial Corp. shareholders approved a merger with First Citizens. As of September 30, 2013, Hendersonville, North Carolina-based 1st Financial had 12 branches in Western North Carolina, $675 million in assets and $660 million in deposits. In spring 2014, accounts of Mountain 1st Bank & Trust are to change to First Citizens.[10]

On June 10, 2014, First Citizens announced a merger with First Citizens Bank of South Carolina, making First Citizens the sixth-largest bank in the Southeast resulting in the largest bank in the United States owned by a family. First Citizens had no branches in South Carolina before the merger, while First Citizens and the South Carolina-based bank both had branches in Georgia.[1]

Timeline[edit]

First Citizens Bank, first known as the Bank of Smithfield, opened on March 1, 1898.[11]

First Citizens' branch footprint. From the upper left, clockwise: Florida, the North Carolina/Virginia area, southern California, and Washington state.

Subsidiaries[edit]

Name Asset size
First-Citizens Bank & Trust Company $18.2 billion[2]
Ironstone Bank $2.8 billion[2]
First Citizens Bank in Beaufort, North Carolina

References[edit]

  1. ^ a b Ranii, David (2014-06-11). "First Citizens Bank buys SC-based bank". News & Observer. Retrieved 2014-06-11. 
  2. ^ a b c "Associated Banc-Corp". Holding Companies. iBanknet.com. 2010-09-30. Retrieved 2010-09-30. 
  3. ^ a b c Ranii, David (2011-01-07). "First Citizens completes in-house merger". News & Observer. Retrieved 2011-01-07. 
  4. ^ "Briefly," The News & Observer, July 23, 1998, p. D2.
  5. ^ "Citizens Bancshares Corporation Announces Revised Third Quarter Earnings". 
  6. ^ Weisbecker, Lee (2010-10-08). "First Citizens looks to merge with IronStone Bank". Charlotte Business Journal. Retrieved 2011-01-24. 
  7. ^ a b "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities Of United Western Bank". 2011-01-21. Retrieved 2011-01-24. 
  8. ^ a b "Lighting company CFO finalist for honor". Salisbury Post. 2011-01-21. Retrieved 2011-01-24. 
  9. ^ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Colorado Capital Bank". Yahoo Finance. 2011-07-08. Retrieved 2011-07-21. 
  10. ^ "Mountain 1st-First Citizens merger OK'd". Asheville Citizen-Times. 2013-12-10. Retrieved 2013-12-18. 
  11. ^ "A Century of Expertise". Retrieved 2011-01-24. 
  12. ^ a b c d e f g h i j k l m n o p q r "Bank Holding Company Detail". FDIC Institution Directory. Federal Deposit Insurance Corporation. 2006-12-31. Retrieved 2007-04-15. 
  13. ^ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Sun American Bank". 2010-03-05. Retrieved 2011-01-24. 
  14. ^ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of First Regional Bank". 2010-01-29. Retrieved 2011-01-24. 
  15. ^ "First Citizens Bank Acquires Temecula Valley Bank". 2009-07-17. Retrieved 2011-01-24. 
  16. ^ "First Citizens Bank Acquires Venture Bank of Washington". 2009-09-11. Retrieved 2011-01-24. 

External links[edit]