First Citizens Bank of South Carolina

First Citizens Bank of South Carolina was a commercial banking organization headquartered in Columbia, South Carolina. Its institutional roots reached back to Homestead Bank, founded in Columbia in 1913, which later operated as Commercial Bank and Trust Company of South Carolina. The modern First Citizens organization emerged from a series of ownership changes, mergers, and acquisitions connected to the Holding family, which also controlled First Citizens Bank and Trust of North Carolina. In 1964, Frank, Lewis, and Robert Holding acquired a controlling interest in Anderson Bank of Dillon, a small South Carolina institution with one office and sixteen employees. The bank adopted the name Citizens Bank of South Carolina in 1968. A subsequent merger with Commercial Bank and Trust created First Citizens Bank and Trust Company of South Carolina, with Columbia as its headquarters. The organization then pursued a regional expansion strategy, adding banks and branches across South Carolina and entering Georgia. Its acquisition program included Summerville National Bank in 1995, Citizens Bank in Georgia in 2002, and First Bank and Trust and The Bank of Toccoa in 2003. In 2005, it acquired Greenville-based Summit Financial Corporation and People's Community Bank of Aiken. During the financial crisis and its aftermath, the bank also assumed selected operations of failed institutions under arrangements involving the Federal Deposit Insurance Corporation. These transactions included five branches of Williamsburg First National Bank in 2010 and three former Atlantic Bank & Trust offices in Charleston, Myrtle Beach, and Savannah in 2011. Branches of Exchange Bank of South Carolina were converted to the First Citizens name later in 2011. Before its combination with the North Carolina organization, First Citizens Bancorporation, Inc. was a bank holding company based in Columbia and was described as having more than $8 billion in assets. First Citizens Bank of South Carolina was reported as the second-largest commercial bank headquartered in South Carolina and maintained branches in both South Carolina and Georgia. The bank provided conventional commercial and retail banking services, including deposit accounts, lending, and branch-based financial services, although the available reference material does not provide a complete product catalog. In June 2014, First Citizens BancShares of Raleigh announced an agreement to acquire First Citizens Bank and Trust of Columbia, South Carolina. After shareholder and regulatory approvals, the transaction closed effective January 1, 2015. First Citizens Bancorporation, Inc. became a wholly owned subsidiary of First Citizens BancShares, Inc., and the South Carolina banking organization was absorbed into the broader First Citizens group. The separate South Carolina corporate identity therefore no longer operates as an independent bank holding company, although the First Citizens name continued within the acquiring group.

The history of First Citizens Bank of South Carolina combines the development of an early Columbia bank with the expansion of a later regional banking organization. Homestead Bank was established in Columbia, South Carolina, in 1913. It subsequently became Commercial Bank and Trust Company of South Carolina, one of the institutional predecessors of the later First Citizens organization. A decisive change occurred in 1964, when Frank, Lewis, and Robert Holding acquired a controlling interest in Anderson Bank of Dillon, South Carolina. At that time the bank had only one location and sixteen employees. The Holding brothers were also part owners of First Citizens Bank and Trust of North Carolina, linking the South Carolina institution to the family-controlled banking group that would eventually become First Citizens BancShares. Anderson Bank expanded over the following years and changed its name to Citizens Bank of South Carolina in 1968. Commercial Bank and Trust later merged with Citizens Bank. The combined institution became First Citizens Bank and Trust Company of South Carolina and was headquartered in Columbia. This merger established the operating identity that developed into one of the largest commercial banking organizations headquartered in the state. The bank grew through a mixture of organic branch development and acquisitions, maintaining a presence in South Carolina while extending its reach into Georgia. The acquisition program accelerated in the 1990s and 2000s. First Citizens acquired Summerville National Bank in 1995. In 2002, it entered Georgia by purchasing Citizens Bank. The following year it added Georgia operations associated with First Bank and Trust and The Bank of Toccoa. In 2005, it acquired Greenville-based Summit Financial Corporation and People's Community Bank in Aiken. These transactions broadened the institution's branch network and customer base across the two-state market. The bank also expanded during the period of stress that followed the 2007–2009 financial crisis. On July 23, 2010, it took over the operations and five branches of Kingstree-based Williamsburg First National Bank through a Federal Deposit Insurance Corporation-related transaction. On June 3, 2011, Charleston-based Atlantic Bank & Trust failed. Its three offices, located in Charleston, Myrtle Beach, and Savannah, Georgia, reopened as First Citizens branches on June 6. On July 22 of the same year, four branches of Exchange Bank of South Carolina in Kingstree and Andrews began converting to the First Citizens name. Before the eventual merger, First Citizens Bancorporation, Inc. served as the South Carolina bank holding company. It was based in Columbia and was described as having more than $8 billion in assets. First Citizens Bank of South Carolina was also described as the second-largest commercial bank headquartered in South Carolina, with branches in South Carolina and Georgia. The final stage of the institution's independent corporate history began in June 2014, when First Citizens BancShares of Raleigh announced its plan to acquire the Columbia-based organization. Shareholder and regulatory approvals were obtained, and the transaction became effective on January 1, 2015. First Citizens Bancorporation, Inc. became a wholly owned subsidiary of First Citizens BancShares, Inc. Frank B. Holding Jr., chairman and chief executive of the Raleigh-based parent and its bank, led the combined organization. The South Carolina company consequently ceased to exist as an independent bank holding company, completing its integration into the wider First Citizens group.

• 2015

  The South Carolina company becomes a wholly owned subsidiary

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  The merger became effective January 1, 2015, ending the South Carolina company's independent corporate status.

• 2014

  Acquisition by First Citizens BancShares is announced

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  First Citizens BancShares of Raleigh announced its planned acquisition of the South Carolina organization.

• 2011

  Atlantic Bank & Trust offices reopen under the First Citizens name

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  Three former Atlantic Bank & Trust offices reopened as First Citizens branches after Atlantic Bank failed.

• 2010

  Williamsburg First National Bank operations are assumed

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  First Citizens took over five branches and related operations of Williamsburg First National Bank through an FDIC-related transaction.

• 2005

  Summit Financial and People's Community Bank are acquired

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  The bank acquired Greenville-based Summit Financial Corporation and People's Community Bank of Aiken.

• 2003

  Additional Georgia operations are added

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  First Citizens acquired operations associated with First Bank and Trust and The Bank of Toccoa in Georgia.

• 2002

  First Citizens enters Georgia

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  The organization entered Georgia through the acquisition of Citizens Bank.

• 1995

  Summerville National Bank is acquired

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  First Citizens expanded its South Carolina presence by acquiring Summerville National Bank.

• 1968

  Anderson Bank adopts the Citizens Bank name

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  The acquired South Carolina institution changed its name to Citizens Bank of South Carolina as it expanded.

• 1964

  The Holding brothers acquire control of Anderson Bank

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  Frank, Lewis, and Robert Holding acquired a controlling interest in Anderson Bank of Dillon, linking the South Carolina bank to the Holding family's North Carolina banking interests.

• 1913

  Homestead Bank is founded in Columbia

  [1]First Citizens Bank of South Carolinaen.wikipedia.org

  Homestead Bank was established in Columbia, South Carolina, providing an early institutional predecessor to the later First Citizens organization.

A regional commercial bank serving consumers and businesses in South Carolina and Georgia, with growth driven by bank acquisitions and branch expansion.

• Consumer banking

  Retail banking

  The bank operated a branch-based consumer banking business serving customers in South Carolina and Georgia. The available reference identifies the institution as a commercial bank but does not provide a detailed list of account products, fees, or digital services.

• Business banking

  Commercial banking

  Commercial banking was a core part of the organization’s identity and market position. It served businesses through deposits, lending, and related branch banking services, although the source material does not specify individual commercial product names.

• Banking services

  Branch banking network

  The institution maintained branches across South Carolina and Georgia. Its network expanded through acquisitions and FDIC-assisted transactions, including former Williamsburg First National Bank, Atlantic Bank & Trust, and Exchange Bank of South Carolina locations.

• 2014

  First Citizens BancShares announces the acquisitionM&A

  Background

  First Citizens Bancorporation, Inc. was the Columbia-based holding company for the South Carolina organization, while First Citizens BancShares was headquartered in Raleigh, North Carolina.

  Action taken

  First Citizens BancShares announced an agreement to acquire the South Carolina company, subject to shareholder and regulatory approvals.

  Aftermath

  The approved transaction became effective on January 1, 2015, making First Citizens Bancorporation a wholly owned subsidiary of First Citizens BancShares.

  Source

• 2011

  Conversion of Atlantic Bank & Trust officesM&A

  Background

  Atlantic Bank & Trust failed in June 2011, leaving three offices in South Carolina and Georgia.

  Action taken

  First Citizens reopened the three offices as branches under its own name.

  Aftermath

  The transaction added locations in Charleston, Myrtle Beach, and Savannah to the First Citizens network.

  Source

• 2011

  Exchange Bank branches are rebrandedStrategy

  Background

  Exchange Bank of South Carolina was another subsidiary within the First Citizens banking structure.

  Action taken

  Four branches in Kingstree and Andrews began operating as First Citizens branches.

  Aftermath

  The change consolidated the local branch identity under the First Citizens name.

  Source

• 2010

  Assumption of Williamsburg First National Bank operationsM&A

  Background

  Williamsburg First National Bank in Kingstree, South Carolina, failed during a period of banking-sector stress.

  Action taken

  First Citizens took over the institution’s operations and five branches through an arrangement involving the Federal Deposit Insurance Corporation.

  Aftermath

  The transaction expanded First Citizens’ South Carolina branch presence.

  Source

1. 1First Citizens Bank of South Carolinaen.wikipedia.org