First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina and one of the largest banks in the United States. Its primary subsidiary is First Citizens Bank, which operates over 500 branches 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.
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.[2] In 1986, it reorganized as a holding company, First Citizens BancShares, Inc.[1] 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.[3]