Frank B. Holding, Jr.

Chairman and CEO at FIRST CITIZENS BANCSHARES INC /DE/

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 /DE/

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/A	Served as Past Trustee

External Roles

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

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,010,000	Annual (2023)	Fixed annual salary for 2023, unchanged from 2022
Pension Plan	$1,808,831	As of December 31, 2023	Actuarial 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	$2,701,720	Future payments over a 10-year term starting six months and one week after separation	Present 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 Measure	TBV+D Growth Rate (Tangible Book Value per Share plus cumulative dividends per share)
Threshold Goal	12% TBV+D Growth Rate
Target Goal	30% TBV+D Growth Rate
Stretch Goal	48% TBV+D Growth Rate
Award Percentages	Threshold: 50% of Target; Target: 100% of Target; Stretch: 150% of Target
Potential Payouts	Threshold: $2,398,750; Target: $4,797,500; Stretch: $7,196,250
Grant Date	January 23, 2023
Vesting Schedule	Vesting at the end of the 2023-2025 Performance Period; interpolation may apply based on performance
Evaluation Period	2023-2025 Performance Period

MPP (Merger Performance Plan)

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