Company Overview

First Citizens BancShares, Inc. is a U.S.-based bank holding company operating primarily in the commercial banking and financial services industries. Through its principal subsidiary, First-Citizens Bank & Trust Company, the company provides a broad range of banking products and services, including commercial lending, consumer banking, wealth management, and specialized financial solutions. Its primary revenue drivers are net interest income from loans and securities, along with fee-based income from wealth management, payments, and treasury services.

The company serves a diversified customer base that includes individuals, small and mid-sized businesses, commercial enterprises, and nonprofit organizations. A key element of its strategic positioning is its conservative credit culture combined with opportunistic acquisitions, which has allowed it to expand scale while maintaining profitability. Founded in 1898 as the Bank of Smithfield in North Carolina, the institution remained family-controlled for decades and evolved into a national banking franchise, most notably following its acquisition of significant assets and deposits from Silicon Valley Bank in 2023.

Business Operations

First Citizens BancShares operates through several core business segments, including General Banking, Commercial Banking, Silicon Valley Bank Division, and Wealth Management. The company generates revenue primarily through interest earned on commercial and consumer loans, investment securities, and through noninterest income streams such as asset management fees, service charges, and capital markets-related activities.

Its operations span both domestic and international markets, with international exposure largely tied to the Silicon Valley Bank Division, which serves technology, life sciences, and innovation-focused companies with global operations. The company controls a wide range of banking technologies and platforms supporting digital banking, treasury management, and specialized lending. Major subsidiaries include First-Citizens Bank & Trust Company and SVB Commercial, with no publicly disclosed material joint ventures outside standard banking partnerships.

Strategic Position & Investments

The company’s strategic direction emphasizes disciplined growth, balance sheet strength, and targeted expansion in specialized banking verticals. A transformative investment was the acquisition of select assets, loans, and deposits of Silicon Valley Bank from the Federal Deposit Insurance Corporation in 2023, significantly expanding First Citizens’ presence in innovation-driven sectors and higher-growth commercial markets.

Beyond acquisitions, the company continues to invest in technology infrastructure, risk management systems, and talent acquisition to support complex commercial banking clients. Its strategic focus includes emerging growth sectors such as technology, healthcare, life sciences, and private equity-backed enterprises, while maintaining a conservative approach to capital allocation and liquidity management.

Geographic Footprint

First Citizens BancShares is headquartered in Raleigh, North Carolina, and operates a broad banking network across the United States, with a strong presence in the Southeast, California, Texas, and the Northeast. The acquisition of Silicon Valley Bank assets significantly expanded its footprint in major innovation hubs, including San Francisco Bay Area, New York, and Boston.

Internationally, the company maintains offices and operational capabilities in Europe, Asia-Pacific, and the United Kingdom, primarily to support globally active commercial clients rather than retail banking operations. Its geographic reach reflects a combination of traditional regional banking markets and globally connected financial centers.

Leadership & Governance

First Citizens BancShares is known for long-tenured leadership and a governance philosophy centered on prudence, long-term value creation, and conservative risk management. The company remains influenced by its founding family, which continues to hold a significant ownership stake and leadership role.

Key executives include:

• Frank B. Holding Jr. – Chairman and Chief Executive Officer
• Hope H. Holding – Vice Chair
• Craig L. Nix – President
• Bradley B. Ketchum – Chief Financial Officer
• Mary W. Mack – Chief Risk Officer

The leadership team emphasizes disciplined growth, strong capital and liquidity positions, and integration of acquired businesses while preserving client relationships and institutional culture.