SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
                                    Form 10-Q


                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


  For the quarter ended September 30, 1998 Commission File Number:333-59039-01

                             FCB/NC CAPITAL TRUST I
             (Exact name of registrant as specified in its charter)

                Delaware                                 51-6507188
       (State or other jurisdiction of               (I.R.S. Employer
        incorporation or organization)            Identification number)


              3128 Smoketree Court; Raleigh, North Carolina    27604
               (Address of principal executive offices)     (Zip code)

       Registrant's telephone number, including Area Code: (919) 716-7000


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. [X] Yes [ ] No


The registrant meets the conditions set forth in General Instruction H(1)(a) and
(b) of Form 10-Q and is therefore  filing this form with the reduced  disclosure
format.


<PAGE>
                                       

FCB/NC CAPITAL TRUST I
BALANCE SHEET
<TABLE>
<CAPTION>
(Dollars in thousands)                                                         September 30,                   March 5,
                                                                                   1998                          1998
                                                                                (Unaudited)                  (Unaudited)            
<S>                                                                             <C>                           <C>   
ASSETS                                                                                            
Junior Subordinated Debentures                                              $    154,640                  $    154,640
Interest Receivable                                                                1,037                          -
                                                                          -----------------------       -----------------------
     Total Assets                                                           $    155,677                  $    154,640
                                                                          =======================       =======================

LIABILITIES
8.05% Capital Securities                                                    $    150,000                  $    150,000
Interest Payable                                                                     823                          -
                                                                          -----------------------       -----------------------
     Total Liabilities                                                      $    150,823                  $    150,000
                                                                          -----------------------       -----------------------

EQUITY AND NET ASSETS
Common Securities                                                           $      4,640                  $      4,640
Net Assets                                                                           214                  $       -
                                                                          -----------------------       -----------------------
     Total liabilities, equity and net assets                               $    155,677                  $    154,640
                                                                          =======================       =======================

The accompanying notes are an integral part of these financial statements.
</TABLE>

FCB/NC CAPITAL TRUST I
STATEMENT OF REVENUE AND EXPENSE AND
CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(Dollars in thousands)                                                                                        Six Months
                                                                                                                  and
                                                                               Three Months                  26 days ended
                                                                               September 30,                 September 30,
                                                                                   1998                          1998
                                                                                (Unaudited)                   (Unaudited)
<S>                                                                              <C>                           <C>    
Revenues:                                                                       
    Interest income                                                         $     3,140                   $     7,158
                                                                          -----------------------       -----------------------
         Total Revenues                                                     $     3,140                   $     7,158

Expenses:
     Interest expense                                                       $     3,018                   $     6,944
                                                                          -----------------------       -----------------------
         Total  Expenses                                                    $     3,018                   $     6,944

                                                                          -----------------------       -----------------------
Excess of revenues over expenses                                            $       122                   $       214
                                                                          =======================       =======================

Excess of revenues over expenses                                            $       122                   $       214
Net assets beginning of period                                              $        92                   $        -
                                                                          -----------------------       -----------------------
Net assets September 30, 1998                                               $       214                   $       214
                                                                          =======================       =======================


The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>


FCB/NC CAPITAL TRUST I
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
(Dollars in thousands)                                                           Six Months
                                                                                    and
                                                                               26 days ended
                                                                               September 30,
                                                                                   1998
                                                                                (Unaudited)
<S>                                                                                 <C>   
OPERATING CASH FLOWS
                                                                          -----------------------
    Net operating cash flows                                                $        -
                                                                          -----------------------

FINANCING CASH FLOWS
                                                                          -----------------------
    Net financing cash flows                                                $        -
                                                                          -----------------------

INVESTING CASH FLOWS
                                                                          -----------------------
    Net investing cash flows                                                $        -
                                                                          -----------------------


Net change in cash                                                          $        -
Cash: Beginning of period                                                   $        -
                                                                          -----------------------
   End of quarter                                                           $        -
                                                                          =======================
</TABLE>


RECONCILIATION OF EXCESS OF REVENUES OVER EXPENSES
TO OPERATING CASH FLOWS
<TABLE>
<CAPTION>
(Dollars in thousands except per share data)
                                                                                (Unaudited)
<S>                                                                             <C>    
Excess of Revenues over Expenses                                            $      214
   Changes in: Receivables                                                  $   (1,037)
               Payables                                                     $      823
                                                                          -----------------------
          Operating cash flows                                              $       -
                                                                          =======================
</TABLE>


FCB/NC CAPITAL TRUST I
STATEMENT OF CHANGES IN EQUITY AND NET ASSETS
<TABLE>
<CAPTION>
(Dollars in thousands except per share data)                                                   (Unaudited)
                                                                          -----------------------------------------------------
                                                                                  Equity                         Equity
                                                                                    and                            and  
                                                                                Net Assets                     Net Assets
                                                                          -----------------------       -----------------------
<S>                                                                                       <C>                           <C>
BALANCE March 5, 1998                                                                $     4,640                   $     4,640

Excess of revenues over expenses                                                             214                           214

                                                                          -----------------------       -----------------------
BALANCE September 30, 1998                                                           $     4,854                   $     4,854
                                                                          =======================       =======================


The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
                                                

FCB/NC CAPITAL TRUST I                                                          
Notes to financial statements
(Dollars in thousands)

Note 1. Description of Trust and Management Opinion

The Trust

         FCB/NC Capital Trust I (the "Trust"), was created February 27, 1998 and
funded  on March 5,  1998.  The  Trust is a  wholly  owned  subsidiary  of First
Citizens BancShares,  Inc.  ("BancShares") of Raleigh, North Carolina. The Trust
is a statutory  business  trust  created  under  Delaware law, the result of the
filing of a certificate of trust with the Delaware Secretary of State. The Trust
is governed by a trust agreement between BancShares, as Depositor; Bankers Trust
(Delaware),  as  Delaware  Trustee;  Bankers  Trust,  as Property  Trustee;  the
Administrators  (as  named  herein);  and  the  holders,  from  time  to time of
undivided  beneficial interests in the assets of the Trust. Two individuals have
been  selected  by the  holders  of the  Trust's  Common  Securities,  to act as
administrators with respect to The Trust (the "Administrators").  BancShares, as
the  holder of the Common  Securities,  has  selected  two  individuals  who are
officers of BancShares to serve as the Administrators.  The Trust exists for the
following exclusive purposes:

            (i)   to issue and sell the Trust Securities,
            (ii)  to use the proceeds  from the sale of the Trust  Securities to
                  acquire the Junior Subordinated Debentures and
            (iii)    to  engage  in  only  those  other  activities   necessary,
                     convenient or incidental  thereto (such as registering  the
                     transfer of Trust Securities).

         Accordingly,  the Junior Subordinated  Debentures are, and will be, the
sole assets of the Issuer  Trust,  and  payments  under the Junior  Subordinated
Debentures will be the sole source of revenue of the Trust.


Management Opinion

         The financial  statements in this report are unaudited.  In the opinion
of management,  all adjustments  (none of which were other than normal accruals)
necessary  for fair  presentation  of the  financial  position  and  results  of
operations for the period presented have been included.


Note 2. INCOME TAXES

         In the  opinion of the  Trust's  tax  counsel,  under  current  law and
assuming  compliance with terms of the Trust Agreement,  the Trust is classified
as a grantor  trust and not as an  association,  taxable  as a  corporation  for
federal income tax purposes. The preceding not withstanding, the Trust will file
a consolidated federal tax return with its parent company, BancShares, beginning
in 1998. It is BancShares' policy not to allocate income taxes to the Trust.

                                              

<PAGE>


NOTE 3. CAPITAL SECURITIES

         Pursuant  to the  terms  of the  Trust  Agreement  for the  Trust,  the
Trustees  of the  Trust  have  issued  the  Capital  Securities  and the  Common
Securities.  The Capital Securities  represent  preferred  undivided  beneficial
interests  in the assets of the Trust and  holders  thereof  are  entitled  to a
preference in certain  circumstances  with respect to Distributions  and amounts
payable on  redemption or  liquidation  over the common  securities,  as well as
other benefits as described in the Trust Agreement.


NOTE 4. JUNIOR SUBORDINATED DEBENTURES

     The  Junior   Subordinated   Debentures   were  issued   under  the  Junior
Subordinated  Indenture,  under which  Bankers  Trust  Company is the  Debenture
Trustee.  Concurrently  with the issuance of the Capital  Securities,  the Trust
invested  the  proceeds  thereof,   together  with  the  consideration  paid  by
BancShares for the Common  Securities,  in Junior  Subordinated  Debentures (the
"Debentures")  issued by  BancShares.  The Debentures  bear  interest,  and have
accrued interest from the date of original issuance, at a rate of 8.05%, payable
in arrears  semi-annually,  beginning September 1, 1998. It is anticipated that,
until the liquidation,  if any, of the Trust,  each Debenture will be registered
in the name of the  Trust  and held by the  Property  Trustee  in trust  for the
benefit of the holders of the Trust  Securities.  The amount of interest payable
for any period less than a full interest period will be computed on the basis of
a 360-day year of twelve  30-day months and the actual days elapsed in a partial
month in such  period.  The amount of  interest  payable  for any full  interest
period will be computed by dividing  the rate per annum by four.  If any date on
which the  interest is payable on the  Debentures  is not a business  day,  then
payment of the interest payable on such date will be made on the next succeeding
day that is a business day.  Accrued interest that is not paid on the applicable
interest date will bear additional interest on the amount thereof (to the extent
permitted by law) at a rate equal to 8.05% per annum,  compounded  quarterly and
computed on the basis of a 360-day year of twelve  30-day months and actual days
elapsed in a partial  month in such period.  The amount of  additional  interest
payable for any interest  period will be computed by dividing the rate per annum
by two.  The Debentures  mature March 1, 2028.

     The Debentures  are unsecured and rank junior and  subordinate in
right  of  payment  to all  Senior  Indebtedness  of  BancShares.  The
Debentures  are not subject to a sinking  fund and are not eligible as
collateral for any loan made by BancShares.

Item - 2
Not Required

<PAGE>


FCB/NC CAPITAL TRUST I
MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS
(Dollars in thousands)

         The excess of revenues  over  expenses  for the period of March 5, 1998
through September 30, 1998 was $214. During this period the Trust accrued $7,158
in interest  revenue and $6,944 in interest  expense.  On September 1, 1998, the
Trust made its first  interest  payment to  holders of the  Capital  Securities.
Other  than the  original  funding  of the Trust on March 5,  there was no other
financial activity.

         The Trust does not own any  computers  or  equipment  and all Year 2000
(Y2K) issues are being handled by BancShares  and its  subsidiaries.  Therefore,
there are no  assessments  of Y2K  issues,  costs or  contingency  plans for the
Trust.


Part II. OTHER INFORMATION

Item 1 - Legal Proceedings
Not applicable

Item 2 - Changes in Securities and Use of Proceeds
Not required

Item 3 - Defaults Upon Senior Securities
Not required

Item 4 - Submission of Matters to a Vote of Security Holders
Not required

Item 5 - Other Information
Not applicable

Item 6 - Exhibits and Reports on Form 8-K
None


SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                             FCB/NC CAPITAL TRUST I
                         FIRST CITIZENS BANCSHARES, INC.


Dated November 12, 1998                     /s/Kenneth A. Black                
                                            -----------------------------------
                                            Kenneth A. Black
                                            Administrator
                                            Treasurer




Dated November 12, 1998                     /s/John H. Gray
                                            ---------------
                                            John H. Gray
                                            Administrator
                                            Assistant Vice President