First Citizens BancShares

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First Citizens Bancshares, Incorporated (NASDAQ: FCNCA) 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. In 2010 the company employed approximately 4,400 employees.

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.

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History

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.

Dec 22, 2003, Citizens Bancshares restated its previously announced 2003 third quarter earnings, following a determination byOn 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.

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. The change became official January 7, 2011.

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. 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. First Citizens now has 14 branches in Colorado, 3 of them IronStone.

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.

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.

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.

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.

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

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.

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.

Maps First Citizens BancShares

Timeline

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

1898 - established as the First-Citizens Bank & Trust Company
1971 - acquired The Haynes Bank of Cliffside, North Carolina
1974 - acquired The Bank of Coleridge in Ramseur, North Carolina and The Bank of Commerce in Charlotte, North Carolina
1979 - acquired Bank of Conway in Conway, North Carolina
1981 - acquired Commercial & Farmers Bank of Rural Hall, North Carolina and Commercial & Savings Bank of Boonville, North Carolina
1983 - acquired Peoples Bank of North Carolina in Madison, North Carolina
1985 - acquired First State Bank of Winterville, North Carolina, Farmers Bank of Pilot Mountain, North Carolina, and Farmers Bank of Sunbury in Sunbury, North Carolina
1990 - acquired Heritage Federal Savings and Loan Association of Monroe, North Carolina and North Carolina Savings and Loan Association, FA of Charlotte, North Carolina

1991 - acquired Mutual Savings and Loan Association of Charlotte, North Carolina and First Federal Savings Bank of Hendersonville, North Carolina
1993 - acquired 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 - acquired The Bank of Bladenboro in Bladenboro, North Carolina, Edgecomb Homestead Savings Bank of Tarboro, North Carolina, and First Republic Savings Bank FSB of Roanoke Rapids, North Carolina
1995 - acquired First Investors Savings Bank of Whiteville, North Carolina and State Bank of Fayetteville, North Carolina
1996 - acquired First-Citizens Bank & Trust Company of Lawrenceville, Virginia, Peoples Savings Bank of Wilmington, North Carolina, and Summit Savings Bank of Sanford, North Carolina
1997 - acquired First Savings Bank of Rockingham County in Reidsville, North Carolina
1998 - acquired First Citizens Bank & Trust Company of White Sulphur Springs, West Virginia
2003 - acquired Avery County Bank of Newland, North Carolina
2009 - U.S. Bank National Association, a subsidiary bank of U.S. Bancorp, entered into a definitive agreement to purchase the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares.
2009 - acquired Temecula Valley Bank of Temecula, California and Venture Bank of Lacey, Washington
2010 - acquired First Regional Bank of Los Angeles, California and Sun American Bank of Boca Raton, Florida
2011 - changed Ironstone Bank to division from subsidiary
2011 - acquired United Western Bank of Denver, Colorado
2011 - acquired Colorado Capital Bank of Castle Rock, Colorado
2013 - announced merger with 1st Financial Corp. of Hendersonville, North Carolina
2014 - announced merger with First Citizens Bank of South Carolina
2015 - acquired Capitol City Bank and Trust Company of Atlanta, Georgia