First Citizens BancShares

From Wikipedia, the free encyclopedia
Jump to: navigation, search
First Citizens BancShares
Public
Traded as NASDAQFCNCA
Russell 2000 Component
Industry Finance, Investments, and Insurance
Founded 1898
Headquarters Raleigh, North Carolina, United States
Area served
Arizona, California, Colorado, District of Columbia, Florida, Georgia, Kansas, Maryland, Minnesota, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin
Key people
Frank B. Holding Jr. (CEO) (Chairman of the Board)
Products Commercial banking, Investment banking
US$ 27.75 million (2009)
Total assets US$ 21 billion (as of 09/30/2010)
Number of employees
~5,000
Website www.firstcitizens.com

First Citizens Bancshares, Incorporated (NASDAQFCNCA) is a bank holding company based in Raleigh, North Carolina that operates First Citizens Bank. First Citizens operates in 18 states and the District of Columbia 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 with 571 branches in Arizona, California, Colorado, District of Columbia, Florida, Georgia, Kansas, Maryland, Minnesota, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, Pennsylvania, and West Virginia.

History[edit]

In 1998, First Citizens Bank made an agreement with First Citizens Bank of South Carolina, also controlled by the Frank Holding family, allowing customers of either bank to conduct transactions with the other institution.[3]

On Dec 22, 2003, Citizens Bancshares restated its previously announced 2003 third quarter earnings, following a determination by its independent auditors to change 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.[4]

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.[5] The change became official January 7, 2011.[6]

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 October 1, 2014, First Citizens completed 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 controlled by a single 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][11]

On March 11, 2016, North Milwaukee State Bank of Milwaukee, the first bank to fail in 2016, was taken over and the FDIC appointed receiver. First Citizens agreed to purchase most of the $67.1 million in assets and all of the deposits.[12]

On May 6, 2016, First Citizens announced the purchase of King of Prussia, Pennsylvania-based First CornerStone Bank, the third financial institution to fail in 2016, with six branches, $103.3 million in assets and $101 million in deposits.[13]

In September 2016, First Citizens completed its $35 million purchase of Cordia Bancorp Inc. of Midlothian, Virginia, with $353.8 million in assets.[14]

On January 13, 2017, First Citizens announced it agreed to take over the failed Harvest Community Bank of Pennsville, New Jersey, with $126.4 million in assets and four branches.[14]

On May 5, 2017, First Citizens announced it agreed to take over the failed Milwaukee-based Guaranty Bank of Milwaukee, Wisconsin, with estimated $1 billion in assets.[15]

Timeline[edit]

First Citizens Bank, first known as the Bank of Smithfield, opened on March 1, 1898.[16]

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. ^ "Briefly," The News & Observer, July 23, 1998, p. D2.
  4. ^ "Citizens Bancshares Corporation Announces Revised Third Quarter Earnings". 
  5. ^ Weisbecker, Lee (2010-10-08). "First Citizens looks to merge with IronStone Bank". Charlotte Business Journal. Retrieved 2011-01-24. 
  6. ^ a b Ranii, David (2011-01-07). "First Citizens completes in-house merger". News & Observer. Retrieved 2011-01-07. 
  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. ^ "First Citizens Completes Merger". Asheville Citizen-Times. 2014-10-05. p. E2. 
  12. ^ Ranii, David (2016-03-14). "First Citizens acquires failed Wisconsin bank". News & Observer. Retrieved 2016-05-09. 
  13. ^ Ranii, David (2016-05-09). "First Citizens Bank acquires failed Pa. bank". News & Observer. Retrieved 2016-05-09. 
  14. ^ a b "The Briefcase: Local businessmen offer securities for SneeZ". Winston-Salem Journal. 2017-01-16. Retrieved 2017-02-02. 
  15. ^ "Federal agency shuts down number of Guaranty Bank branches; some to reopen as First-Citizens Bank". Fox 6 News. 2017-05-05. Retrieved 2017-05-06. 
  16. ^ "A Century of Expertise". Retrieved 2011-01-24. 
  17. ^ 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. 
  18. ^ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Sun American Bank". 2010-03-05. Retrieved 2011-01-24. 
  19. ^ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of First Regional Bank". 2010-01-29. Retrieved 2011-01-24. 
  20. ^ "First Citizens Bank Acquires Temecula Valley Bank". 2009-07-17. Retrieved 2011-01-24. 
  21. ^ "First Citizens Bank Acquires Venture Bank of Washington". 2009-09-11. Retrieved 2011-01-24. 
  22. ^ "First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Capitol City Bank & Trust Company of Atlanta, Ga". Retrieved 28 October 2015. 

External links[edit]