First Citizens BancShares
American bank holding company headquartered in Raleigh, North Carolina, whose principal subsidiary is First Citizens Bank.
Last updated August 22, 2026
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Overview
First Citizens BancShares is an American bank holding company headquartered in Raleigh, North Carolina. Its principal operating subsidiary is First Citizens Bank, a full-service banking institution serving consumers, businesses, institutions and wealth-management clients through a branch and digital banking network in the United States. The group also owns Silicon Valley Bank, which operates as a subsidiary with a specialized presence serving innovation-oriented companies, venture-backed businesses, investors and related commercial clients. The organization traces its roots to the opening of the Bank of Smithfield in Smithfield, North Carolina, on March 1, 1898. The institution subsequently became First National Bank of Smithfield and later combined with Citizens National Bank. The resulting organization operated under the name First and Citizens National Bank before adopting the First Citizens Bank and Trust Company name in 1929. This history places the company among the longstanding regional banking institutions in the United States. A significant element of First Citizens’ identity has been the continuing involvement of the Holding family. Robert Powell Holding joined the bank in 1918 and served as president from 1935 to 1957. The bank was subsequently led for three generations by members of his family, giving the organization a distinctive family-influenced governance tradition within the American banking sector. In 1986, the operating bank was reorganized under First Citizens BancShares, Inc., establishing the holding-company structure used by the group today. The parent company is publicly traded on the Nasdaq under the ticker FCNCA. Its business scope includes consumer and commercial deposits, lending, treasury and cash-management services, investment and wealth-related services, and specialized banking for corporate and institutional customers. The group’s portfolio of banking businesses gives it exposure to both traditional community and regional banking and more specialized commercial-finance markets. The company has expanded its national scale through acquisitions and other strategic growth. Its network includes more than 500 branches in 23 states through First Citizens Bank, while Silicon Valley Bank operates 39 offices in 15 states. These businesses provide the group with a broader geographic footprint than its North Carolina origins suggest, while retaining a core identity built around relationship banking and federally regulated deposit-taking operations. According to the cited Wikipedia reference, First Citizens ranked as the fifteenth-largest bank in the United States in 2024. The same reference reported approximately $221 billion in assets, $152 billion in deposits and $88 billion in liquidity as of 2024; these figures are included as time-specific reference data rather than as timeless company attributes. First Citizens also appeared on the Fortune 500 for the first time in 2024, ranking 182nd overall. American Banker named it the top-performing large bank in 2024 among institutions with at least $50 billion in assets. The company’s present positioning therefore combines the heritage of a century-old regional bank with the scale, acquisition capacity and specialized operating businesses of a large U.S. banking group.
History
First Citizens BancShares developed from a North Carolina bank founded in the late nineteenth century. The original Bank of Smithfield opened on March 1, 1898, in Smithfield. It later became First National Bank of Smithfield and combined with Citizens National Bank. The merged institution operated as First and Citizens National Bank before adopting the name First Citizens Bank and Trust Company in 1929. The organization’s subsequent history was strongly associated with the Holding family. Robert Powell Holding joined the bank in 1918 and became president in 1935, remaining in that role until 1957. The bank was led by members of his family across three generations, creating a long-running family-management tradition that distinguished it from many other American banking institutions. In 1986, the banking organization reorganized as First Citizens BancShares, Inc., a bank holding company. This structure enabled the group to own and coordinate banking subsidiaries while expanding beyond its original local-market base. First Citizens Bank became the principal subsidiary and developed a multistate branch network serving retail customers, small and middle-market businesses, commercial clients and institutions. The group’s later growth included the addition of specialized banking operations. Silicon Valley Bank became a subsidiary of First Citizens BancShares and continued operating offices in multiple U.S. states. Its activities complement the broader First Citizens franchise through services aimed at technology companies, venture-backed businesses, investors and other innovation-economy participants. First Citizens Bank, meanwhile, maintained a wider branch and commercial-banking presence, with more than 500 branches across 23 states according to the cited reference. By 2024, the company had become one of the largest banks in the United States. The reference describes it as the country’s fifteenth-largest bank at that time and reports approximately $221 billion in assets, $152 billion in deposits and $88 billion in liquidity. It also records the company’s first appearance on the Fortune 500, where it ranked 182nd, and an American Banker designation as the best-performing large bank among banks with at least $50 billion in assets. The company’s historical trajectory is therefore one of transformation from a single North Carolina bank into a publicly traded national bank holding company with both traditional and specialized banking businesses.
- 2024
Scale and national recognition
[1]The company is described as the fifteenth-largest U.S. bank, appears on the Fortune 500 at number 182, and receives American Banker recognition as the top-performing large bank in its asset category.
- 1986
Holding-company reorganization
[1]The organization restructures as First Citizens BancShares, Inc., creating the parent-company form used by the group.
- 1929
First Citizens Bank and Trust Company name adopted
[1]Following earlier name changes and a merger with Citizens National Bank, the bank adopts the First Citizens Bank and Trust Company name.
- 1898
Bank of Smithfield opens
[1]The institution that ultimately became First Citizens begins operations as the Bank of Smithfield in Smithfield, North Carolina, on March 1.
Products and positioning
A large U.S. bank holding company combining traditional relationship-based regional banking with national commercial, institutional and specialized innovation-sector banking capabilities.
Retail and commercial banking
First Citizens Bank
The principal banking subsidiary provides a broad range of U.S. banking services through branches and digital channels. Its activities include consumer deposits, checking and savings products, personal and business lending, commercial banking, treasury services and wealth-related offerings. The franchise serves individuals as well as small businesses, middle-market companies and institutional customers, combining a regional branch presence with a multistate operating model.
Specialized commercial banking
Silicon Valley Bank
Silicon Valley Bank operates as a First Citizens BancShares subsidiary with a specialized focus on technology companies, venture-backed businesses, investors and other participants in innovation-oriented sectors. Its network is described in the reference as comprising 39 offices in 15 states. The business complements First Citizens’ broader retail, regional and commercial banking activities with sector-focused corporate and institutional services.
Recent events
- 2024
First Citizens BancShares enters the Fortune 500[1]
Other
First Citizens BancShares appeared on the Fortune 500 for the first time in 2024, ranking 182nd overall.
- 2024
American Banker recognizes First Citizens as the top-performing large bank[1]
Other
American Banker named First Citizens the top-performing large bank among banks with at least $50 billion in assets.
Sources3 sources
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