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First Citizens BancShares

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.[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 and divestitures

External links

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. Brian Gordon. A year after buying failed SVB, is Raleigh’s First Citizens Bank ready to go on offense? News and Observer, May 28, 2024^
  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 Business Wire, October 7, 2009^
  9. First Citizens Bank Acquires Temecula Valley Bank 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 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 U.S. Securities and Exchange Commission, March 5, 2010^
  14. Jeff Drew. First Citizens buys Sun American Bank out of FDIC receivership American City Business Journals, March 5, 2010^
  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 GlobeNewswire, January 21, 2011^
  18. First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Colorado Capital Bank 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. Lee Weisbecker. First Citizens looks to merge with IronStone Bank American City Business Journals, October 8, 2010^
  22. First Citizens Bank Completes Merger With 1st Financial Services Corporation, Mountain 1st Bank 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 GlobeNewswire, February 13, 2015^
  25. David Ranii. First Citizens acquires failed Wisconsin bank News & Observer, March 14, 2016^
  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 GlobeNewswire, September 1, 2016^
  28. Paul Davis. First Citizens to Buy Cordia Bancorp in Virginia American Banker, May 20, 2016^
  29. David Ranii. First Citizens Bank acquires failed Pa. bank News & Observer, May 9, 2016^
  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 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 GlobeNewswire, November 1, 2018^
  36. First Citizens Bank Completes Operational Conversion of Biscayne Bank Division GlobeNewswire, December 9, 2019^
  37. First Citizens Bank Completes Merger With Biscayne Bancshares Inc., Biscayne Bank GlobeNewswire, April 2, 2019^
  38. First Citizens Bank Completes Merger With First South Bancorp, Inc., First South Bank GlobeNewswire, May 1, 2019^
  39. First Citizens Bank Completes Merger With Entegra Financial Corp., Entegra Bank GlobeNewswire, January 1, 2020^
  40. First Citizens Bank Completes Operational Conversion of Entegra Bank Division GlobeNewswire, August 17, 2020^
  41. First Citizens Bank Completes Merger With Community Financial Holding Company, Inc. and Gwinnett Community Bank GlobeNewswire, February 3, 2020^
  42. First Citizens Completes Merger With CIT Group PR Newswire, January 4, 2022^
  43. Elliot Smith. First Citizens Bank to buy Silicon Valley Bank deposits and loans CNBC, March 27, 2023, 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. Hank Tucker, Jonathan Ponciano. SVB's New Owners, The Billionaire North Carolina Family Behind First Citizens, Are Quietly Building A Banking Empire Forbes, March 27, 2023, retrieved March 27, 2023^
  46. Scott Murdoch, Yasmin Mehnaz. U.S. backstops Silicon Valley Bank sale to First Citizens Reuters, March 27, 2023, 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^