First Citizens Bank

Office address: 4300 Six Forks Road, Raleigh, NC 27609
Website: firstcitizens.com
Year established: 1898
Company type: banking
Employees: 16,000+
Expertise: personal banking, business banking, commercial banking, wealth management, innovation banking, private banking, asset management, lending, treasury management, trade finance
Parent company: First Citizens BancShares, Inc.
Key people: Frank Holding, Jr. (CEO), Hope Holding Bryant (vice chair), Peter Bristow (president), Craig Nix (CFO), Lorie Rupp (chief risk officer), Jeffery Ward (chief strategy officer), Gregory Smith (chief information and operations officer)
Financing status: corporation

First Citizens Bank is a top 20 US bank based in Raleigh, with more than $200 billion in assets. The bank offers personal, business, commercial, and innovation banking, and is known for its family leadership and 125-year history. It serves clients nationwide with over 16,000 employees and a focus on stability and high-touch service.

History of First Citizens Bank

First Citizens Bank was founded in 1898 as the Bank of Smithfield with just $10,000 in capital. It was Johnston County’s only bank, serving local farmers and families and quickly earning a reputation for steady growth.

Growth and leadership

In 1935, R.P. Holding became president and chairperson, guiding the bank’s expansion into Raleigh and eastern North Carolina. After his passing in 1957, his three sons, all under 32, took charge and continued the family’s leadership. By 1974, First Citizens moved its headquarters to Raleigh and grew its assets past $1 billion.

Expanding beyond North Carolina

The 1990s brought new milestones as First Citizens Bank acquired a bank in West Virginia and launched Atlantic States Bank in Atlanta. This move set the stage for national growth and a coast-to-coast presence.

During the 2009 recession, the bank remained stable. Frank B. Holding, Jr. became chairperson, and his sister, Hope Holding Bryant, was named vice chair.

New brands and national recognition

The Forever First brand launched in 2013, reinforcing First Citizens Bank’s commitment to guiding clients for generations. In 2022, a merger with CIT made First Citizens one of the top 20 US banks by asset size.

The following year, the bank celebrated 125 years and acquired Silicon Valley Bridge Bank. This expanded the bank’s reach in California and brought new wealth services to the Northeast.

As part of the broader deal, SVB Wealth, a registered investment advisor, was also included. This addition strengthened First Citizens’ ability to serve high-net-worth clients and supported growth in technology and venture capital sectors.

First Citizens Bank’s global growth

In 2024, the company opened a Global Capability Center in India which added over 850 associates to support more than 130 processes. That year, the parent company reached $200 billion in assets and joined the Fortune 500 list for the first time.

By 2025, First Citizens Bank combined its size and expertise to help clients reach their biggest goals. The firm offers specialized knowledge across many industries

First Citizens Bank products and services 

First Citizens Bank offers a mix of digital-first investing, personalized advisory, and specialized accounts for education and retirement. Their solutions are tailored for individuals, business owners, and high-net-worth clients:

Personal banking

• self-directed investing: commission-free trades on most US stocks and ETFs
• traditional IRA: tax-deductible retirement savings for individuals
• Roth IRA: tax-advantaged retirement withdrawals after age 59 1/2
• SEP IRA: low-cost retirement plan for business owners and employees
• SIMPLE IRA: flexible retirement savings for small businesses
• 529 college savings plan: tax-free growth for higher education expenses
• Coverdell education savings account: FDIC-insured, tax-free withdrawals for qualified education expenses

Wealth management

• professional investment advisory: personalized portfolio management and ongoing guidance
• private investments: access to private equity, real assets, and private credit for qualified clients
• global multi-asset portfolios: diversified strategies for risk and return balance
• proprietary fixed-income strategies: disciplined approach to generate income and preserve capital
• proprietary equity strategies: data-driven equity management and risk control
• private investments access: open-architecture platform for direct private market exposure
• donor advised fund: tax-smart charitable giving with flexible grant options

First Citizens Bank is also recognized for supporting high-growth companies with tailored lending and credit solutions. The bank’s wealth management team manages over $50 billion in assets and offers a holistic, goals-based approach for clients.

Culture and corporate values

First Citizens Bank states that it values life-long relationships and treats associates like family as a family-controlled bank. The company lists a range of benefits for employees:

• physical well-being: medical, dental, vision, telehealth, fertility, and wellness programs
• financial well-being: 401(k), health savings, flexible spending, life and disability insurance, and commuter savings
• additional coverage: hospital indemnity, critical illness, accident, legal plan, identity theft, pet insurance, and discount programs
• work-life balance: paid time off, holidays, parental leave, employee assistance, and recognition programs
• community involvement: volunteer time, school function leave, business groups, and charitable giving opportunities
• learning and development: online and classroom training, leadership tools, and growth resources for all associates

First Citizens Bank also offers business resource groups to support diverse talent and foster connections across the organization. Associates are encouraged to volunteer and partner with local organizations to strengthen communities.

About CEO Frank Holding, Jr. and key people

Frank B. Holding, Jr. is CEO and chair of First Citizens BancShares and First-Citizens Bank & Trust Company. He also chairs the board at BlueCross BlueShield of North Carolina and serves on several other boards. Holding is from Smithfield and holds degrees from UNC Chapel Hill and The Wharton School.

The executive management team leads key areas of First Citizens Bank and brings a range of experience:

• Hope Holding Bryant serves as vice chair and leads the General Bank and branch network
• Peter M. Bristow acts as president and oversees commercial banking and SVB Commercial
• Craig L. Nix is CFO, managing all corporate finance functions
• Lorie K. Rupp works as chief risk officer, overseeing all corporate risk activities
• Jeffery L. Ward serves as chief strategy officer, leading strategy and integration management
• Gregory L. Smith acts as chief information and operations officer, managing technology and operations across the bank

This team helps keep the Forever First promise strong. Their guidance supports First Citizens Bank’s stability and family-led tradition.

The future at First Citizens Bank

First Citizens Bank’s wealth management arm, First Citizens Wealth, expanded private investment options for HNW clients and institutions in 2024. It now offers easier access to private equity, private debt, and private real estate, lowering the usual barriers for these investments. This move helps clients diversify their portfolios and supports the company’s future as a leader in specialized wealth services.

The division also released a study in 2024 showing many affluent clients feel confident about money management but less prepared for retirement. This research helps First Citizens Wealth spot gaps in planning and shape future financial advice. By understanding these needs, the company can better support clients with retirement and wealth transfer planning.