First Citizens BancShares, Inc. (BancShares) was incorporated under the laws of
Delaware on August 7, 1986, to become the holding company of First-Citizens Bank
& Trust Company (FCB), its banking subsidiary. FCB opened in 1898 as the Bank
of Smithfield, Smithfield, North Carolina, and later became First-Citizens Bank
& Trust Company. BancShares has expanded through de novo branching and acquisitions
and now operates in 18 states and the District of Columbia providing a broad range
of financial services to individuals, businesses and professionals.
Throughout its history, the operations of BancShares have been significantly
influenced by descendants of Robert P. Holding, who came to control FCB during
the 1920s. Robert P. Holding’s children and grandchildren have served
as members of the Board of Directors, as chief executive officers and in other
executive management positions and, since our formation in 1986, have remained
shareholders controlling a large percentage of our common stock.
Our Chairman of the Board and Chief Executive Officer, Frank B. Holding, Jr.,
is the grandson of Robert P. Holding. Hope Holding Bryant, Vice Chairman of
BancShares, is Robert P. Holding’s granddaughter. Frank B. Holding, son
of Robert P. Holding and father of Frank B. Holding, Jr. and Hope Holding Bryant,
was Executive Vice Chairman until his retirement in 2014. Peter M. Bristow,
President and Corporate Sales Executive of BancShares, is Frank B. Holding's
son-in-law. On February 14, 2014, Frank Holding announced that he would retire
from his position as a director effective April 29, 2014, and retired from his
positions as an officer of BancShares and FCB effective September 2, 2014.
FCB seeks to meet the financial needs of both individuals and commercial entities
in its market areas. Services offered at most offices include taking of deposits,
cashing of checks and providing for individual and commercial cash needs; numerous
checking and savings plans; commercial, business and consumer lending; a full-service
trust department; wealth management services; and other activities incidental
to commercial banking. FCB’s wholly-owned subsidiaries, First Citizens
Investor Services, Inc. (FCIS), First Citizens Securities Corporation Inc. (FCSC)
and First Citizens Asset Management, Inc. (FCAM), provide various investment
products including annuities, discount brokerage services and third-party mutual
funds to customers primarily through the bank's branch network, as well as investment
advisory services. FCSC merged into FCIS effective January 1, 2016.
A substantial portion of our revenue is derived from our operations throughout
North Carolina, South Carolina, and Virginia and in certain urban areas of Georgia,
Florida, California and Texas. We deliver products and services to our customers
through our extensive branch network as well as online banking, telephone banking,
mobile banking and various ATM networks. Business customers may conduct banking
transactions through the use of remote image technology.
FCB's market areas enjoy a diverse employment base, including, in various
locations, manufacturing, service industries, healthcare, agricultural, wholesale
and retail trade, technology and financial services. We believe the current
market areas will support future growth in loans, deposits and our other banking
services. We maintain a community bank approach to providing customer service,
a competitive advantage that strengthens our ability to effectively provide
financial products and services to individuals and businesses in our markets.
However, like larger banks, we have the capacity to offer most financial products
and services that our customers require.
2.13%