- Business
- First Citizens BancShares, Inc. (FCNCP) serves as the holding company for First-Citizens Bank & Trust Company, a top 20 U.S. financial institution with over $200 billion in assets headquartered in Raleigh, North Carolina, and founded in 1898 as the Bank of Smithfield. The company operates through General Bank, Commercial Bank, Silicon Valley Bank Commercial, and Rail segments, offering retail and commercial banking services including checking, savings, money market, and time deposit accounts; commercial construction, commercial and industrial, small business administration, non-owner and owner-occupied commercial mortgages, consumer auto, residential mortgage, and other consumer loans; wealth management services such as annuities, brokerage, third-party mutual funds, investment management, advisory, trust, cash management, leasing, capital markets, asset-based lending, factoring, receivables management, secured financing, underwriting, private placement, and insurance; as well as payment, treasury, private banking, and customized railcar and locomotive leasing and financing solutions primarily to individuals, businesses, professionals, innovation ecosystem clients, private equity and venture capital firms, railroads, and shippers across the United States in over 23 states with more than 500 branches, Silicon Valley Bank offices in 15 states, and international reach. Geographically focused on the U.S. with nationwide branches, offices, and direct banking, recent major developments include the 2022 acquisition of CIT Group enhancing commercial lending and leasing capabilities; the 2023 assumption of Silicon Valley Bank's deposits and loans following its collapse, bolstering innovation banking and commercial segments with robust lending growth; a $3.5 billion stock repurchase authorization commenced in 2024 and extended into 2025; and the October 2025 agreement to acquire 138 branches from BMO Bank N.A. in the Midwest, Great Plains, and West regions, assuming approximately $5.7 billion in deposits and $1.1 billion in loans to expand footprint and liquidity, expected to close mid-2026 pending regulatory approvals.