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    Frank B. Holding, Jr.

    Chairman and CEO at First Citizens BancShares Inc (Delaware)
    Board
    Since January 2008
    Age
    62 years
    Tenure
    Joined FCNCA in 1983, later serving as President (1994-2009), Chief Executive Officer (since 2008), and Chairman (since 2009).

    Also at First Citizens BancShares Inc (Delaware)

    HHB
    Hope H. Bryant
    Vice Chairwoman
    CLN
    Craig L. Nix
    Chief Financial Officer (CFO)
    GLS
    Gregory L. Smith
    Chief Information & Operations Officer (CIOO)

    About

    Frank B. Holding, Jr. is 62 years old and hails from a family that has been influential in the history of the bank since the 1920s, being the grandson of Robert P. Holding who brought the bank under family control. His personal background is marked by longstanding familial involvement in the leadership, which has played a significant part in shaping the institution’s legacy.

    He began his career at FCNCA in 1983, progressing through various roles including serving as President from 1994 to 2009 before becoming the Chief Executive Officer in January 2008 and Chairman in February 2009. This progression reflects a deep and enduring commitment as well as a thorough understanding of the bank’s operations.

    Under his leadership, the bank has evolved into a top 20 U.S. financial institution with over $200 billion in assets, enhanced by strategic acquisitions such as the Silicon Valley Bridge Bank acquisition in 2023 and an inclusion in the Fortune 500 list in 2024, ranking at #182. His tenure is characterized by a steadfast focus on long-term growth, strategic innovation, and prudent risk management.

    In addition to his executive responsibilities at FCNCA, his career is complemented by involvement in various boards and civic organizations, highlighting his broader commitment to corporate governance and community leadership. This extensive portfolio underlines both his professional and personal contributions to the business landscape and his community.

    $FCNCA Performance Under Frank B. Holding, Jr.

    Past Roles

    Organization Role Date Range Details
    First Citizens BancShares / First Citizens Bank President 1994 to February 2009 Served prior to promotion to Chairman and CEO
    IronStone Bank Chief Executive Officer February 2009 to January 2011 Former subsidiary of FCNCA
    Wake Forest University Past Trustee N/AServed as Past Trustee

    External Roles

    Organization Role Date RangeDetails
    Duke Energy Corporation Member, Advisory Board N/AN/A
    Blue Cross and Blue Shield of North Carolina Chairman, Board of Trustees N/AN/A
    Global Transpark Foundation Director N/AN/A
    Mount Olive Pickle Company Director N/AN/A

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$1,010,000Annual (2023)Fixed annual salary for 2023, unchanged from 2022
    Pension Plan$1,808,831As of December 31, 2023Actuarial present value of accumulated benefit under the pension plan; discount rate 5.16%, retirement at age 65; increase of $277,630 in 2023
    Separation from Service Agreement$2,701,720Future payments over a 10-year term starting six months and one week after separationPresent value of future payments as of December 31, 2023; assumes discount rate of 4.60%, monthly payments of $33,056; increase of $151,948 in 2023

    Performance Compensation

    Data from  FY 2023

    LTIP (Long-Term Incentive Plan)

    Metric [Unit]**Detail
    Performance MeasureTBV+D Growth Rate (Tangible Book Value per Share plus cumulative dividends per share)
    Threshold Goal12% TBV+D Growth Rate
    Target Goal30% TBV+D Growth Rate
    Stretch Goal48% TBV+D Growth Rate
    Award PercentagesThreshold: 50% of Target; Target: 100% of Target; Stretch: 150% of Target
    Potential PayoutsThreshold: $2,398,750; Target: $4,797,500; Stretch: $7,196,250
    Grant DateJanuary 23, 2023
    Vesting ScheduleVesting at the end of the 2023-2025 Performance Period; interpolation may apply based on performance
    Evaluation Period2023-2025 Performance Period

    MPP (Merger Performance Plan)

    Metric [Unit]**Detail
    Performance ObjectivesFor CIT Merger: integration and conversion milestones, cost savings, synergies, risk management, individual performance
    CIT Merger AwardAward at Target level: $1,010,000
    SVB Acquisition AwardThreshold: $500,000; Target: $1,000,000; Maximum: $1,500,000
    Grant DatesCIT Merger: February 22, 2023; SVB Acquisition: July 24, 2023
    Vesting & EvaluationPerformance objectives to be achieved by December 31, 2023; payments assessed in January 2024
    Payment ConditionsCash-based awards, subject to required withholdings and continued active employment with limited exceptions
    Additional DetailsMPP awards do not involve share-based compensation; no grant date fair value or stock price applicable