RALEIGH, N.C., Feb. 25, 2009 (GLOBE NEWSWIRE) -- First Citizens BancShares Inc. (Nasdaq:FCNCA) today announced that Lewis R. Holding has relinquished his role as Chairman of BancShares and its First Citizens Bank and IronStone Bank subsidiaries and has retired from the Boards of Directors of each company. He has also retired as Chief Executive Officer of IronStone Bank. Lewis R. Holding has served in major leadership roles at First Citizens since 1957.
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First Citizens BancShares and First Citizens Bank Chief Executive Officer and former President Frank B. Holding Jr. has been elected Chairman of First Citizens BancShares, First Citizens Bank and IronStone Bank. He was also elected CEO of IronStone Bank. Ed Willingham, former Executive Vice President of the Bank's central North Carolina region, has been elected President of First Citizens BancShares and First Citizens Bank.
The Boards of Directors for BancShares, First Citizens Bank and IronStone Bank today approved the executive management changes, which are effective immediately.
Frank Holding Jr. said, "Mr. Lewis Holding's pioneering spirit and leadership -- combined with his personal devotion and professional commitment to First Citizens BancShares -- have positioned us for a strong future. It is a tribute to his 52-year leadership that BancShares is the stable, successful corporation it is today. I'm excited about this new era for our company and the five-member executive management team, with 150 years of First Citizens banking experience, that will lead us."
In addition to Frank Holding and Ed Willingham, other members of the executive team include: Frank B. Holding Sr., Executive Vice Chairman of First Citizens BancShares and First Citizens Bank; Hope Holding Connell, President of IronStone Bank and First Citizens Bank Business Services Manager; and James M. Parker, IronStone Bank Western Division President and Chief Operating Officer and First Citizens Bank Vice Chairman.
Smithfield, N.C., native Lewis Holding, 81, joined the bank full time in 1953 and was named President and CEO of First Citizens Bank in 1957 at age 29. He served as President until 1979, when he was elected Chairman. During his tenure with the company, First Citizens BancShares' subsidiaries grew from a North Carolina regional bank to financial service companies with 4,700 employees serving customers in 17 states from North Carolina to California as well as a Representative Office in London, England. Holding was a Founder and Chairman of Atlantic States Bankcard Association. In 2003, he was inducted into the North Carolina Business Hall of Fame.
