Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 84

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 84
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 Group Inc. (“CIT”) and its subsidiary CIT Bank, N.A., a national banking association. BancShares maintains the CIT brand as CIT Group, a division of FCB.

For further discussion, refer to the “Business Combinations” section of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data, Note 2—Business Combinations. 

Segments

As of December 31, 2023, our reportable segments included the General Bank, the Commercial Bank, Silicon Valley Bank (“SVB”), and Rail segments. All other financial information is included in the “Corporate” section of segment disclosures.  

Effective January 1, 2024, we made the following changes to our segment reporting: 

•the private banking and wealth management components of the SVB segment were integrated into the General Bank segment which already included other wealth management activities;

•the SVB segment was renamed SVB Commercial as its customers primarily include commercial clients in key innovation markets, as well as private equity and venture capital clients; and

•the Direct Bank (a nationwide digital banking platform that delivers deposit products to consumers) previously allocated to the General Bank segment was transitioned to Corporate which already included borrowings and brokered deposits. 

Segment disclosures and related information for all fiscal periods included in this Annual Report on Form 10-K were retrospectively revised to conform with the above described changes to our reportable segments. 

SEGMENTMARKETS AND SERVICESGeneral Bank•Delivers services to individuals and businesses through an extensive branch network and various digital channels, and offers a full suite of deposit products, loans (primarily business/commercial loans and residential mortgages), and various fee-based services.•Provides private banking and a range of personal financial solutions for consumers, including private equity and venture capital professionals and executive leaders of the innovation companies they support, and premium wine clients.•Provides a variety of wealth management products and services to individuals and institutional clients, including brokerage, investment advisory, and trust services.•Provides deposit, cash management and lending to homeowner associations and property management companies.Commercial Bank•Provides lending, leasing, capital markets and other financial and advisory services, primarily to small and middle-market companies across a variety of industries.•Provides asset-based lending, factoring, receivables management and secured financing services.SVB Commercial•Provides products and services to commercial clients in key innovation markets, such as healthcare and technology industries, as well as private equity and venture capital firms.•Offers a full suite of deposit