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Not Us Too, Small Banks Say

Fri, 23 Oct 2009 09:45:00 GMT

Oct. 23--The CEO of TrustAtlantic Bank likens the Federal Reserve's proposal for regulating bank compensation policies to the teacher who punishes the entire class after just a few students misbehave.
On Thursday, the Federal Reserve Board proposed policing compensation policies at thousands of banks across the country -- even those that haven't received stimulus money from the U.S. Treasury.
The goal is to ensure that bank pay structures don't undermine their "safety and soundness" by encouraging executives, loan officers and others to take undue risks.

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First Citizens Poised for Deals: Bank Plans Second Takeover

Tue, 15 Sep 2009 09:46:00 GMT

Sep. 15--First Citizens Bank's second major acquisition of a failed bank in two months may not be its last.
The Raleigh-based bank announced late Friday that it acquired the operations of Venture Bank, which has 18 branches in the Puget Sound region of Washington where Microsoft is headquartered, after it was taken over by the Federal Deposit Insurance Corp. That purchase followed July's acquisition of virtually all the assets of an 11-branch Southern California bank, Temecula Valley Bank.
Tony Plath, a finance professor at UNC-Charlotte, predicts First Citizens will forge ahead with at least two more such deals.

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IronStone Bank Opens Branch in Northwest Oklahoma City

Sun, 26 Jul 2009 07:46:00 GMT

Jul. 26--A second IronStone Bank location opens Monday in northwest Oklahoma City, the bank's first stand-alone office after entering the Oklahoma City market last year.
The 6,000-square-foot branch at 4501 W Memorial Drive is near Mercy Health Center and the Gaillardia area's growing retail businesses and medical offices.
The area is a good fit for IronStone, which provides financial services to small- and medium-size firms, medical practices and medical professionals, company spokesman Frank Smith said.

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First Citizens Buying Bank: It Will Gain 11 Branches in Calif.

Tue, 21 Jul 2009 09:48:00 GMT

Jul. 21--First Citizens Bank of Raleigh is taking over 11 bank branches in Southern California as part of a deal brokered by the Federal Deposit Insurance Corp.
The struggling Temecula Valley Bank of Temecula, Calif., was shut down Friday by regulators for having inadequate capital, and the FDIC was named as receiver.
The FDIC accepted a bid from First Citizens to purchase virtually all the assets and assume the majority of the liabilities of the 11-branch bank.

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First Citizens Takes Over California Bank

Mon, 20 Jul 2009 16:48:00 GMT

Jul. 20--Raleigh-based First Citizens Bank is taking over the operation of 11 bank branches in Southern California today as part of a deal brokered by the Federal Deposit Insurance Corp.
The struggling Temecula Valley Bank of Temecula, Calif., was shut down by state regulators for having inadequate capital on Friday and the FDIC was named as receiver.
The FDIC accepted a bid from First Citizens to purchase virtually all the assets and assume the majority of the liabilities of the 11-branch bank.

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Vineyard, Temecula Valley Banks Could Be Last I.E.-Based Banks to Fall

Mon, 20 Jul 2009 14:02:00 GMT

Jul. 20--The near $1 billion hit the Federal Deposit Insurance Corp took on Friday from the failures of Vineyard Bank and Temecula Valley Bank might be the last Inland Empire-related gouges to the insurance fund for some time to come.
Larger banks with local branches could still fail, but the Inland Empire's locally headquartered community players left on the field seem strong enough to stay alive, although nothing is for sure, says James Estes, associate professor of finance at Cal State San Bernardino.
Another expert in Seattle who studies Inland Empire banks says Vineyard and Temecula Valley were "the two worst" in the local market.

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First Citizens Opts Not to Use U.S. Cash: Columbia-Based Bank Approved for $50 Million Loan, but Won't Take It

Tue, 24 Mar 2009 16:49:00 GMT

Mar. 24--Although it was approved for the money, Columbia-based First Citizens said Monday it won't participate in the federal bailout loan program.
Lloyd Hendricks, president of the South Carolina Bankers Association, said Monday he doesn't know of any other banks in the state that have made a similar decision.
First Citizens, a privately owned bank, had applied for a $50 million loan through the Trouble Assets Relief Program and was approved without conditions, chief financial officer Craig Nix said.

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First Citizens Will Stay Conservative: New President Says Bank is Unlikely to Buy Troubled Rivals

Tue, 10 Mar 2009 09:46:00 GMT

Mar. 10--RALEIGH -- The new president of First Citizens BancShares says the bank is unlikely to exploit its financial strength by acquiring smaller rivals that are struggling.
That's just not part of the bank's culture, said Ed Willingham, who was recently promoted to president of the Raleigh-based company and its subsidiary, First Citizens Bank.
First Citizens has eschewed large acquisitions throughout its 111-year existence.

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Bank Chairman, 81, Retires: First Citizens' Holding to Be Succeeded By Nephew

Thu, 26 Feb 2009 19:50:00 GMT

Feb. 26--RALEIGH -- Lewis R. Holding is stepping down as chairman of First Citizens BancShares and handing over one of the largest family-controlled banks in the U.S. to the next generation.
Holding, 81, joined the Raleigh bank in 1953 and oversaw its day-to-day operations from 1957 until his nephew, Frank Holding Jr., succeeded him as chief executive last year.
The bank's board found out about his decision to retire in a Wednesday morning conference call and elected Frank Holding Jr. to take on the chairman's role.

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GSK Will Halt Political Gifts: Corporate Donations Will Stop. Lobbying and Other Efforts to Sway Politics Will Go On

Tue, 23 Dec 2008 09:54:00 GMT

Dec. 23--GlaxoSmithKline announced Monday that it will stop making political contributions as a corporation, a move designed to reduce appearances that the drug maker buys influence.
GSK gave $585,425 to candidates this year, mostly in about 20 states where direct contributions are legal.
Such giving is illegal in North Carolina, and federal law also prohibits corporations from donating directly to candidates.

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U.S. Bank to Acquire the Bond Trustee Business From First Citizens Bank

Wed, 07 Oct 2009 13:48:00 GMT

U.S. Bancorp (NYSE: USB) announced today that its lead bank, U.S. Bank National Association, has entered into a definitive agreement to purchase the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares, Inc. (NASDAQ: FCNCA) of Raleigh, N.C.
"This acquisition is consistent with U.S. Bank's ongoing commitment to continued strategic business investments in the current economic climate," said Diane Thormodsgard, vice chair of U.S. Bancorp Wealth Management & Securities Services.
The U.S. Bank team will work closely with First Citizens Bank to ensure a seamless transition and is committed to providing our new customers with the same high level of quality services our current U.S. Bank bond trustee customers have come to expect."

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First Citizens Reports Earnings for Second Quarter 2009

Mon, 27 Jul 2009 18:49:00 GMT

First Citizens BancShares Inc. reports earnings for the quarter ending June 30, 2009, of $6.2 million, compared to $26.2 million for the corresponding period of 2008, according to Frank B. Holding Jr., chairman of the board. The decrease in net income during 2009 was the result of higher provision for loan and lease losses, increased deposit insurance expense and lower revenues.[More...]

First Citizens Bank Acquires Temecula Valley Bank

Sat, 18 Jul 2009 01:51:00 GMT

First Citizens Bank, the primary subsidiary of Raleigh-headquartered First Citizens BancShares , has entered into an agreement with the Federal Deposit Insurance Corporation effective today to purchase substantially all the assets and assume the majority of the liabilities of Temecula Valley Bank of Temecula, Calif. The FDIC serves as Receiver of the institution.[More...]

First Citizens BancShares Declares Dividend

Mon, 27 Apr 2009 18:41:00 GMT

The Board of Directors of First Citizens BancShares Inc. today declared a quarterly dividend of 30 cents per share on the Class A and Class B common stock. The dividend is payable July 6, 2009, to shareholders of record June 15, 2009.[More...]

First Citizens Bank Launches FreeMoney Bonus Program

Mon, 30 Mar 2009 15:11:00 GMT

First Citizens Bank announced today a first-of-its-kind program that gives 'free money' bonuses to eligible customers who make frequent check card purchases.[More...]

Photo Release -- First Citizens BancShares Announces Executive Management Changes

Wed, 25 Feb 2009 21:21:00 GMT

First Citizens BancShares Inc. 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.[More...]

First Citizens Reports Earnings for 2008

Mon, 26 Jan 2009 18:14:00 GMT

First Citizens BancShares Inc. reports earnings for the year ending December 31, 2008, of $91.1 million, compared to $108.6 million earned during 2007, according to Lewis R. Holding, chairman of the board.[More...]

First Citizens Bank Earns National, Regional Honors for Business Banking

Wed, 14 Jan 2009 13:45:00 GMT

First Citizens Bank has been honored with three distinguished Greenwich Excellence Awards for Middle Market Banking for services provided to business customers.[More...]

First Citizens Bank to Expand Into Washington, D.C.

Thu, 13 Nov 2008 15:46:00 GMT

First Citizens Bank, the principal subsidiary of First Citizens BancShares Inc. , today announced plans to expand into Washington, D.C.[More...]

First Citizens BancShares Announces Merger Between Two Banking Subsidiaries; First Citizens and IronStone Banks to Merge; Combined Bank to Be Named First Citizens Bank

Thu, 30 Oct 2008 17:47:00 GMT

RALEIGH, N.C., Oct. 30, 2008 (GLOBE NEWSWIRE) -- First Citizens BancShares (Nasdaq:FCNCA) today announced that it will seek regulatory approval to merge its two banking subsidiaries: First Citizens Bank and IronStone Bank.
BancShares' Board of Directors approved the merger during its third quarter meeting on Oct. 27.
Subject to federal and state regulatory approval, IronStone Bank, currently a federal thrift institution, will become part of First Citizens Bank, which operates under a North Carolina commercial bank charter.

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