First Citizens Bancshares, Inc. is a
bank holding company
A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') or bancorporation is often used to refer to such companies as w ...
based in
Raleigh, North Carolina
Raleigh ( ) is the List of capitals in the United States, capital city of the U.S. state of North Carolina. It is the List of municipalities in North Carolina, second-most populous city in the state (after Charlotte, North Carolina, Charlotte) ...
and
one of the largest banks in the United States. Its primary subsidiary is First Citizens Bank, which operates over 500
branches
A branch, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins.
History and etymology
In Old English, there are numerous words for branch, includi ...
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.
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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.holding company
A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...
, 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
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune (magazine), Fortune'' magazine that ranks 500 of the largest United States Joint-stock company#Closely held corporations and publicly traded corporations, corporations by ...
list in 2024, ranking 182nd overall. The bank was also named by ''American Banker
''American Banker'' is a New York-based trade publication covering the financial services industry. Originally a daily newspaper, the print edition ceased publication in 2016, but continues to be published as a print magazine nine times a year. ...
'' in 2024 as the top-performing large bank, among banks with at least $50 billion of assets.
Acquisitions and divestitures
References
External links
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{{Authority control
American companies established in 1898
Banks based in North Carolina
Banks established in 1898
Companies based in Raleigh, North Carolina
Companies listed on the Nasdaq
Economy of the Southeastern United States
1992 initial public offerings