# 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. 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 divesitures

| Year | Company |
| 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 |
| 2023 | Silicon Valley Bank's deposits and loans following its collapse |