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First Citizens BancShares, Inc. (FCNCA) is a financial holding company headquartered in Raleigh, North Carolina. It operates through its banking subsidiary, First-Citizens Bank & Trust Company, providing a wide range of financial services across the United States. The company offers consumer and commercial banking services, wealth management, digital banking, and specialized financial services, catering to both individual and business clients .
- General Banking - Offers consumer and business banking products and services through branches and digital channels, including deposit products, loans, cash management, and wealth management .
- Commercial Banking - Provides lending, leasing, capital markets, and asset management services to small and middle-market companies across various industries .
- SVB Commercial - Serves commercial clients and investors in the innovation ecosystem, focusing on technology, life sciences, and healthcare companies, as well as private equity and venture capital firms .
- Rail - Provides leasing and financing solutions for railcars and locomotives, generating revenue primarily from rental income .
- Corporate - Includes financial activities not allocated to other segments, such as interest income on investment securities and acquisition-related expenses .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Frank B. Holding, Jr. ExecutiveBoard | Chairman and CEO | Member, Advisory Board, Duke Energy Corporation; Chairman, Board of Trustees, Blue Cross and Blue Shield of North Carolina; Director, Global Transpark Foundation; Director, Mount Olive Pickle Company. | Joined FCNCA in 1983; CEO since 2008; Chairman since 2009; extensive leadership and financial expertise. | View Report → |
Hope H. Bryant ExecutiveBoard | Vice Chairwoman | Director, Southern BancShares (N.C.), Inc.; Director, Fidelity BancShares (N.C.), Inc.; Board of Advisors, YMCA of the Triangle; Trustee, Woodberry Forest School. | Joined FCNCA in 1986; Vice Chairwoman since 2011; led expansion into new markets and served as President of IronStone Bank. | |
Craig L. Nix Executive | Chief Financial Officer (CFO) | None reported. | CFO of FCNCA; confirmed in role as of January 2025; no additional details provided in documents. | |
Gregory L. Smith Executive | Chief Information & Operations Officer (CIOO) | None reported. | Joined FCNCA in January 2024; oversees technology, operations, cyber, and data functions; previously held leadership roles at TD Bank and National Australia Bank. | |
Jeffery L. Ward Executive | Chief Strategy Officer | None reported. | Joined FCNCA in 1992; Chief Strategy Officer since 2014; previously served as Regional Executive Vice President. | |
Lorie K. Rupp Executive | Chief Risk Officer | None reported. | Joined FCNCA in 2013; Chief Risk Officer since 2017; oversees risk management strategies and regulatory compliance. | |
Peter M. Bristow Executive | President | Director, North Carolina Community Foundation; Trustee, Saint Mary’s School; Director, North Carolina Museum of Art Foundation. | Joined FCNCA in 2014; President since 2014; over 31 years of banking experience, including leadership in retail, wealth management, and commercial banking. | |
David G. Leitch Board | Director | None reported. | Joined FCNCA in 2024; former Vice Chair and Global General Counsel at Bank of America; extensive legal and governance expertise. | |
Ellen R. Alemany Board | Director | Director, Fidelity National Information Services, Inc. (FIS); Director, Dun & Bradstreet Holdings, Inc.; Director, Center for Discovery; Trustee, The Conference Board; Advisor, Operation Hope. | Joined FCNCA in 2022 after CIT merger; served as Vice Chairwoman and Special Advisor to the CEO; extensive experience in banking and financial services. | |
Matt Snow Board | Director | Chairman, Governing Board, Forvis Mazars, LLP; Vice Chairman, Governing Board, Forvis Mazars Global, Ltd.. | Joined FCNCA in 2025; former CEO of Dixon Hughes Goodman LLP; extensive experience in auditing and consulting for public companies. | |
Robert E. Mason IV Board | Director | Board Member, Crosland Foundation. | Director since 2007; over 36 years of experience in industrial automation and engineering services; expertise in serving regulated industries. | |
Robert R. Hoppe Board | Director | Director (Past Chairman), Salvation Army of Greater Charlotte. | Director since 2014; former partner at PricewaterhouseCoopers LLP with 34 years of public accounting experience; Chairman of FCNCA's Risk Committee. | |
Robert T. Newcomb Board | Lead Independent Director | Director, Raleigh Cemetery Association (Oakwood Cemetery); Trustee, YMCA of the Triangle. | Director since 2002; over 32 years of experience managing a mechanical contracting company; expertise in corporate governance. | |
Victor E. Bell III Board | Director | Chairman and President, North Carolina Museum of History Foundation; Chairman and President, Ravenscroft School Foundation; Vice Chairman, A. E. Finley Foundation; Trustee, YMCA of the Triangle. | Director since 2002; over 42 years of experience in real estate and investment management; extensive governance experience. |
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Given the continued stress and anticipated elevated losses in your general office commercial real estate portfolio into 2024 and 2025, what specific strategies are you implementing to mitigate these risks, and how confident are you in your reserve levels to absorb potential future losses?
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Your net interest margin has faced headwinds due to asset sensitivity in the current rate environment, and you expect further pressure with anticipated Fed rate cuts. What measures are you taking to manage this asset sensitivity, and how will these actions impact your net interest income and overall profitability moving forward?
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Despite efforts to attract new clients and bring back former ones, SVB Commercial deposits were relatively flat in the third quarter, and venture investment activity remains muted. What are the principal challenges inhibiting deposit growth in this segment, and how do you plan to accelerate growth amidst a competitive landscape and subdued investment environment?
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Noninterest expenses have increased due to investments in risk and technology capabilities and strategic hires, impacting your efficiency ratio. How do you plan to balance necessary investments with cost management to meet your efficiency targets, and what are your expectations for expense growth in 2025?
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You have repurchased approximately 28% of your Board-approved $3.5 billion share repurchase authorization. Given the regulatory requirements as you approach Category 3 status and the need to maintain strong capital ratios, how do you justify this capital allocation strategy, and what implications might it have on your capital position amid potential economic or regulatory challenges?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Silicon Valley Bridge Bank, N.A. | 2023 | The acquisition was a FDIC-assisted whole bank purchase where First Citizens secured approximately $107–$110 billion in assets while also issuing a five-year, $35 billion purchase money note and paying a $500 million value appreciation instrument to the FDIC; this strategic move diversified its client base and created a new business segment targeting technology and venture capital industries. |
CIT Group Inc. | 2022 | This deal was executed as a stock-for-stock transaction worth $5.3 billion (plus a $7 million cash adjustment), converting CIT's common and preferred shares into First Citizens equity while combining retail banking strengths with robust commercial lending and digital capabilities to form a top-tier U.S. financial institution with roughly $110 billion in assets. |
Recent press releases and 8-K filings for FCNCA.
- Form 8-K filing reports on the Annual Meeting held on April 29, 2025, detailing key stockholder votes on director elections, a non-binding say-on-pay resolution, and the ratification of KPMG LLP as independent auditors.
- The document provides specific voting results for the 11 director nominees and outlines the outcomes for compensation and auditor proposals.
- An interactive data file is included, and the report was signed on May 5, 2025 by CFO Craig L. Nix.
- Q1 2025 Financial Performance: Adjusted net income of $528 million and GAAP net income of $483 million, reflecting the impact of higher income tax expense and notable items .
- Capital & Shareholder Returns: Returned $613 million to shareholders via share repurchases (totaling $2.4 billion), including repurchasing 8.91% of Class A shares, and raised $1.25 billion in debt (comprising $500 million in senior unsecured and $750 million in subordinated notes) .
- Dividend Announcement: Declared quarterly dividends effective June 16, 2025, including $1.95 per share for common stock and $13.4375 (Series A), $21.56925 (Series B), $0.351563 (Series C) for preferred shares .
- Growth Highlights: Achieved robust deposit growth with deposits rising by $4.1 billion (2.6%) and loan volumes increasing with an incremental growth of $1.1 billion to reach $141.36 billion, complemented by stable credit quality .
- Efficiency & Operational Metrics: Reported adjusted EPS of $37.79, ROE of 9.64%, and an efficiency ratio of 59.6%, underscoring strategic balance sheet optimizations .
- April 7, 2025 filing: The company announced the termination of its commercial shared‐loss agreement with the FDIC related to the Silicon Valley Bridge Bank acquisition, ending associated loss sharing and reimbursement obligations.
- The termination eliminates all future payment and reporting responsibilities under the agreement, without triggering any defaults or requiring prepayment of related financing arrangements.
- This action is part of the FDIC-assisted transaction framework, which previously involved a $35.99 billion purchase money note bearing a fixed interest rate of 3.50% until its March 2028 maturity.
- SVB, a division of First Citizens Bank, has entered into a strategic lending relationship with Pinegrove Venture Partners to expand venture debt availability to technology and life science companies.
- The collaboration anticipates deploying a combined $2.5 billion in venture debt loans, supporting the innovation economy.
- The long-standing relationship between the parties, marked by over a decade of joint work and more than $10 billion in venture debt commitments via 550 loans, underlines their robust industry expertise.
- The company executed a Second Supplemental Indenture on March 12, 2025 to issue $750,000,000 in 6.254% Fixed-to-Fixed Rate Subordinated Notes due 2040, supplementing the Base Indenture from March 4, 2020.
- The indenture outlines key features such as interest rate details, payment dates, redemption provisions, and the maturities of the notes, ensuring compliance with applicable regulations.