Business
Forever Starts With the First 125 Years: First Citizens Bank Celebrates Milestone Anniversary
RALEIGH, N.C., March 1, 2023 /PRNewswire/ -- On March 1, First Citizens Bank celebrates its 125th year of delivering long-term value and excellent service to
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"RALEIGH, N.C., March 1, 2023 /PRNewswire/ -- On March 1, First Citizens Bank celebrates its 125th year of delivering long-term value and excellent service to clients and strong results to shareholders. \n\n \n \n \n \n \n \n\n \nFirst Citizens is recognizing this significant service milestone with a celebration throughout the year highlighting core principles that have fostered success for the bank and its customers alike.\n\"If the past is any guide, we'll bring our Forever First values to our customers for years to come,\" said Chairman and CEO Frank Holding. \"This means making a difference in their lives, their careers, their bottom lines and their futures.\"\nFirst Citizens Bank opened for business on March 1, 1898, as the Bank of Smithfield. At that time, the economy of the surrounding Johnston County, N.C., was primarily driven by agriculture. With $10,000 in capital, the bank's founders helped local farmers rise above economic hardships by securely holding their money and making sensible loans to them and their neighbors.\nIn 1918, Robert Powell \"R.P.\" Holding joined the bank as an assistant cashier and bookkeeper-teller. By that time, the bank had accumulated $500,000 in total reserves. Within a few short years, Holding, a hard-working visionary, was elected bank president. Under his leadership, the bank adopted a statewide charter and changed its name to First-Citizens Bank & Trust Co.\nDuring the Great Depression – which forced other banks to close, taking people's life savings with them – First Citizens Bank continued to grow in customers, accounts and assets.\nWhen Holding died in 1957, the bank held $200 million in assets. His three sons – Robert Jr., Lewis and Frank B., all aged 32 or younger – took on responsibilities for leading the bank. And First Citizens grew steadily, adding new products, services and technologies.\nFirst Citizens took one of its largest steps forward in 2022, when it merged with CIT.\nA leading national bank, CIT brought to the merger its complementary, long-established relationships with commercial and industrial clients, including shipping and rail; community association and market banking; equipment finance and leasing; treasury and payment services; and other key markets.\nNow, with its robust suite of retail franchises and banking products, and strong market position in nationwide co...