Company Overview

First Citizens BancShares, Inc. is a U.S.-based financial holding company headquartered in Raleigh, North Carolina, and the parent company of First-Citizens Bank & Trust Company. The company operates primarily in commercial banking, consumer banking, wealth management, and specialized financial services. Its operations span traditional banking activities such as lending and deposit gathering, along with commercial finance, equipment leasing, treasury services, private banking, and capital markets activities. The company serves individuals, small businesses, middle-market companies, large corporate clients, and institutional customers across multiple industries.

The company traces its origins to 1898 and has historically expanded through organic growth and acquisitions. A major milestone occurred in 2023 when First Citizens BancShares acquired substantial assets and deposits of Silicon Valley Bridge Bank, significantly increasing its national commercial banking presence and technology-sector exposure. The company is recognized for its long operating history, conservative credit culture, family-led governance structure, and acquisition-driven expansion strategy, particularly in regional and specialty banking markets.

Business Operations

First Citizens BancShares generates revenue primarily through net interest income from loans and securities, as well as fee-based income from wealth management, card services, treasury management, and commercial banking activities. The company reports operations through major banking and commercial finance activities centered within General Banking, Commercial Banking, and specialty finance operations. Its lending portfolio includes commercial and industrial loans, commercial real estate lending, residential mortgages, equipment financing, healthcare finance, rail leasing, and technology-sector banking services. The bank maintains a broad deposit base consisting of consumer, business, and institutional accounts.

The company operates across domestic U.S. markets while also supporting international banking and lending relationships through specialized business lines. Key controlled assets and operating capabilities include digital banking infrastructure, treasury and payment systems, commercial lending platforms, and sector-specific banking expertise inherited through acquisitions. Important subsidiaries and operating units include First-Citizens Bank & Trust Company, CIT Bank, and financing businesses associated with the former CIT Group Inc. acquisition. The integration of Silicon Valley Bank assets expanded the company’s relationships with venture-backed companies, private equity firms, and innovation-focused clients.

Strategic Position & Investments

First Citizens BancShares has pursued a long-term growth strategy focused on disciplined acquisitions, balance sheet expansion, and targeted specialty finance capabilities. The acquisition of CIT Group Inc. in 2022 materially expanded the company’s national commercial banking operations, equipment finance capabilities, and middle-market lending presence. The subsequent acquisition of substantial portions of Silicon Valley Bridge Bank in 2023 strengthened the company’s position in technology, venture capital, and innovation banking sectors. These transactions significantly increased total assets, deposits, and national market relevance.

The company continues investing in commercial banking scale, digital banking capabilities, risk management systems, and industry-focused lending verticals. Strategic emphasis has included healthcare finance, railcar leasing, technology and life sciences banking, commercial real estate, and treasury services. Management has consistently communicated a focus on conservative underwriting, liquidity management, operational integration, and long-term shareholder value creation. Public filings and investor communications indicate ongoing integration and optimization efforts tied to acquired businesses and expanded national operations.

Geographic Footprint

First Citizens BancShares operates primarily within the United States, with an extensive branch and commercial banking network spanning numerous states. The company maintains a particularly strong presence in the Southeast, Mid-Atlantic, West Coast, and major metropolitan commercial markets following recent acquisitions. Its headquarters remain in Raleigh, North Carolina, while commercial banking and specialty finance teams operate nationwide.

The acquisition of former Silicon Valley Bank operations significantly expanded the company’s footprint in California, the technology sector, and innovation-driven business ecosystems. Through commercial finance and institutional banking relationships, the company also maintains exposure to international clients and cross-border financial activities, particularly involving technology, venture capital, equipment finance, and multinational corporate customers. Its broader national platform positions the company among larger regional banking institutions in the United States by asset size.

Leadership & Governance

First Citizens BancShares remains closely associated with the Holding family, which has played a central role in the company’s governance and strategic direction for decades. Leadership has emphasized long-term operational stability, disciplined risk management, relationship banking, and acquisition integration. The company’s governance structure combines family leadership continuity with experienced banking and financial services executives overseeing commercial banking, finance, risk, and operational functions.

Key executives include:

• Frank B. Holding Jr. – Chairman and Chief Executive Officer
• Peter M. Bristow – President of First Citizens Bank
• Craig L. Nix – Chief Financial Officer
• Hope Holding Bryant – Vice Chair
• Ellen R. Alemany – Vice Chair
• Michael T. Rizzi – Chief Risk Officer

The leadership team has publicly emphasized maintaining strong capital levels, integrating acquired businesses efficiently, and expanding specialized banking capabilities while preserving the company’s historically conservative operating approach.