Who Owns First Citizens Bank (NC) Company?

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Who Really Owns First Citizens Bank?

Unraveling the ownership of First Citizens Bank is key to understanding its strategic moves and long-term vision. From its humble beginnings in 1898 to its pivotal acquisition of Silicon Valley Bank, the bank's ownership structure has significantly shaped its trajectory. This exploration will reveal the key players behind this financial powerhouse, including the enduring influence of the Holding family and major institutional investors.

First Citizens Bank's journey from a local North Carolina bank to a top 20 U.S. financial institution is a testament to its strategic decisions, including its recent bank acquisitions. Understanding the First Citizens Bank (NC) SWOT Analysis can provide further insights into its strengths and weaknesses. This analysis will help you understand the bank's ownership, its parent company First Citizens BancShares, and its position within the competitive banking industry.

The story of First Citizens Bank, now a significant player in the banking industry, began on March 1, 1898, as the Bank of Smithfield. Allen K. Smith founded the bank in Johnston County, North Carolina, with an initial capital of just $10,000.

Smith served as the bank's president until 1906, setting the foundation for what would become a major financial institution. The bank initially focused on serving the agricultural community, establishing its roots in the local economy.

The leadership of First Citizens Bank changed significantly when Robert Powell Holding joined in 1918. He rose through the ranks, becoming president in 1935. Holding's leadership was crucial, especially during the Great Depression and World War II.

Foundation

Founded in 1898 as the Bank of Smithfield, the initial focus was on agricultural customers.

Early Leadership

Allen K. Smith was the first president. Robert Powell Holding became president in 1935.

Growth

Under Holding, the bank expanded, becoming North Carolina's second-largest by the time of his death in 1957.

Family Influence

The Holding family's involvement marked the beginning of long-term leadership and influence.

Legacy

First Citizens Bank is one of the largest family-controlled banks in the United States.

Early Details

Early agreements and shareholding details are not publicly available.

Key Takeaways

The early history of First Citizens Bank highlights its humble beginnings and the pivotal role of key leaders. The transition to the Holding family established a multi-generational ownership structure, which has significantly shaped the bank's trajectory. For more insights, you can explore the history of First Citizens Bank.

• Founded in 1898 with $10,000 in capital.
• Robert Powell Holding became president in 1935.
• By 1957, the bank had over $200 million in assets and 45 branches.
• The Holding family continues to have a significant influence.

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The story of First Citizens Bank's ownership is a tale of family legacy and strategic growth. The bank, which adopted its current name in 1929, saw a pivotal shift in 1957 when Robert Powell Holding's sons took over leadership. This marked the beginning of an expansion phase, with the bank growing to 114 offices within a decade. The formation of First Citizens BancShares, Inc. in 1986 as the holding company further solidified its structure, paving the way for significant acquisitions.

The bank's growth accelerated, particularly after the 2008 financial crisis, with over 20 FDIC-assisted acquisitions. A major milestone was the 2022 acquisition of CIT Group, which doubled its assets. The acquisition of Silicon Valley Bank (SVB) in March 2023 was another game-changer, doubling its assets once more and propelling it into the ranks of the top 15 largest banks in the United States. As of Q1 2025, First Citizens BancShares, Inc. reports total assets exceeding $200 billion, highlighting its substantial presence in the banking industry.

The Holding family maintains a strong influence, owning approximately 20% of the stock and nearly 50% of the voting power. Frank B. Holding Jr. leads as Chairman and CEO, with Hope Holding Bryant as Vice Chairwoman, representing the third generation. Institutional investors also hold significant stakes. As of March 30, 2025, major shareholders include BlackRock Inc. (9.29%), Vanguard Group Inc. (7.12%), Harris Associates L.P. (4.97%), and Capital Research Global Investors (4.71%). First Citizens BancShares, Inc. is publicly traded on NASDAQ (FCNCA), reflecting its public status.

Key Takeaways on First Citizens Bank Ownership

The ownership structure of First Citizens Bank combines family control with significant institutional investment.

• The Holding family's influence remains substantial.
• Strategic acquisitions have driven significant growth.
• Institutional investors play a key role in the bank's ownership.
• The bank is publicly traded under the stock symbol FCNCA.

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The current Board of Directors of First Citizens BancShares, Inc. significantly influences the company's governance, particularly concerning its long-standing family ownership. The Holding family maintains a substantial presence and influence on the board, as detailed in the company's proxy statements. The board's composition and its relationship with major shareholders are key aspects of the company's structure, especially given the family's historical role in the Marketing Strategy of First Citizens Bank (NC).

First Citizens BancShares operates with a dual-class share structure, which gives the Holding family outsized control. As of March 3, 2025, there were 12,527,433 outstanding shares of Class A Common Stock and 1,005,185 outstanding shares of Class B Common Stock. This structure allows the Holding family, despite owning about 20% of the total stock, to control more than 50% of the voting power.

The Board of Directors typically recommends voting 'FOR' all director nominees and proposals related to executive compensation and the ratification of independent accountants. The annual shareholder meeting, where directors are elected, is usually held in April. Due to the Holding family's controlling voting power, there have been no significant recent proxy battles or activist investor campaigns that have altered the company's decision-making.

Key Takeaways on First Citizens Bank Ownership

The Holding family's control is maintained through a dual-class share structure, ensuring significant voting power despite their percentage of total stock ownership. This structure allows the family to maintain control over key decisions, including the election of directors. Understanding the board's composition and the influence of major shareholders is crucial for investors and stakeholders.

• The Holding family controls more than 50% of the voting power.
• Annual shareholder meetings are typically held in April.
• No significant proxy battles have altered decision-making recently.
• First Citizens Bank ownership structure impacts corporate governance.

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Over the past few years, First Citizens Bank has seen substantial shifts in its ownership structure. The acquisition of Silicon Valley Bank (SVB) in March 2023 was a pivotal event, significantly increasing its market presence. Prior to this, the acquisition of CIT Group in January 2022 further solidified its position in the banking industry. These strategic moves have led to considerable growth, with total assets exceeding $200 billion as of Q1 2025.

In terms of ownership trends, First Citizens BancShares has actively engaged in share buybacks. The company repurchased 1,117,324 shares of its Class A common stock for $2.28 billion through March 31, 2025. This represents 8.26% of Class A common shares and 7.69% of total Class A and Class B common shares outstanding as of June 30, 2024. As of December 31, 2024, the remaining capacity under the Share Repurchase Program (SRP) was $1.84 billion. This reflects a strategy of returning capital to shareholders while integrating acquired entities.

Institutional ownership remains a key factor, with BlackRock Inc., Vanguard Group Inc., and Harris Associates L.P. among the top holders as of May 2025. Insider holdings, primarily the Holding family, stood at 3.36% in May 2025, maintaining significant voting power through Class B shares. The bank's focus remains on maximizing growth opportunities, optimizing funding, and maintaining a strong capital position, suggesting continued strategic development.

First Citizens Bank Ownership Overview

The bank's ownership structure has evolved through strategic acquisitions and share buybacks. Institutional investors hold a significant portion of the shares. The Holding family maintains control through substantial voting power.

Key Institutional Holders

BlackRock Inc., Vanguard Group Inc., and Harris Associates L.P. are among the top institutional holders. These firms hold a significant percentage of the company's shares. Their investment decisions influence the bank's strategic direction.

Share Repurchase Program

First Citizens BancShares has actively repurchased its shares. By March 31, 2025, the company bought back a significant number of shares. This indicates a commitment to returning value to shareholders.

Future Outlook

The bank is focused on growth, optimizing funding, and maintaining a strong capital position. This suggests a proactive approach to future opportunities. Strategic moves are likely to continue.

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