Who Owns First Citizens Bank (NC) Company?

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Who Owns First Citizens Bank (NC)?

Understanding First Citizens Bank's ownership is key to grasping its strategy and influence. A major recent event, the March 2023 acquisition of Silicon Valley Bridge Bank, N.A., significantly expanded its reach and assets, underscoring the importance of its ownership structure.

Founded in 1898 in North Carolina, First Citizens Bank has grown from humble beginnings to become a major financial institution. Its evolution reflects a consistent growth trajectory, now boasting over $200 billion in total assets as of Q1 2025.

The ownership of First Citizens Bank is primarily characterized by the significant and enduring stake held by the founding family, the controlling influence of which has guided the bank's development for over a century. This family ownership is complemented by holdings from institutional investors and public shareholders, creating a dynamic ownership landscape. Analyzing the First Citizens Bank (NC) BCG Matrix can offer insights into how different business units contribute to the bank's overall market position and growth strategy, influenced by these ownership dynamics.

First Citizens Bank's origins trace back to 1898 as the Bank of Smithfield in Johnston County, North Carolina, with an initial capital of $10,000. Allen K. Smith served as its first president, followed by Willis Lester ('Less') Woodall, who led the transition to First National Bank of Smithfield and its federal reserve membership. The bank's early expansion was supported by favorable agricultural markets, with assets reaching over $800,000 by mid-1919.

Founding and Early Capital

The Bank of Smithfield was established in 1898 with an initial capital of $10,000. This foundational investment set the stage for its future growth and development within North Carolina.

Leadership Transitions

Allen K. Smith was the inaugural president, followed by Willis Lester ('Less') Woodall. Woodall's tenure saw the bank renamed First National Bank of Smithfield and integrated into the federal reserve system.

Economic Drivers of Early Growth

The bank's initial expansion was significantly influenced by the booming cotton and tobacco markets. This economic climate allowed for substantial asset growth and capital increases.

Merger and Name Change

A pivotal moment in its history was the 1921 merger with Citizens National Bank, resulting in the First and Citizens National Bank. This consolidation eventually led to the name First Citizens Bank & Trust Company in 1929.

Robert Powell Holding's Influence

Robert Powell Holding joined the bank in 1918 and became president and chairman in 1935. His leadership guided the bank through significant economic periods, including the Great Depression and World War II.

Expansion and Family Legacy

Under Holding's direction, the bank grew to become North Carolina's second-largest bank by 1957, with over $200 million in assets and 45 branches. The Holding family's dedication to stability has been a cornerstone of the bank's heritage.

The merger in 1921 with Citizens National Bank marked a significant step, leading to the formation of First and Citizens National Bank, which was later renamed First Citizens Bank & Trust Company in 1929. Robert Powell Holding's arrival in 1918 and subsequent leadership roles were instrumental in the bank's sustained growth and the establishment of its enduring family control. His strategic guidance saw the institution navigate challenging economic landscapes, expanding its reach and solidifying its position as a major financial player in North Carolina. This period laid the groundwork for understanding the Revenue Streams & Business Model of First Citizens Bank (NC).

Key Milestones in Early Ownership

The bank's early years were characterized by strategic mergers and leadership that shaped its ownership structure and operational trajectory. The Holding family's involvement became a defining characteristic.

• Founded as Bank of Smithfield in 1898 with $10,000 capital.
• Renamed First National Bank of Smithfield under Willis Lester ('Less') Woodall.
• Merged with Citizens National Bank in 1921, becoming First and Citizens National Bank.
• Renamed First Citizens Bank & Trust Company in 1929.
• Robert Powell Holding joined in 1918 and became president and chairman in 1935.
• Holding family's long-term commitment to stability established.

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The ownership of First Citizens Bank has been shaped by a strong family legacy and strategic acquisitions. Following the passing of its founder, the bank's leadership transitioned to his sons, ensuring continued family control. This family influence remains a cornerstone of the institution, positioning it as one of the largest family-controlled banks in the U.S. The bank's expansion, particularly through acquiring other financial institutions, has significantly altered its scale and market position.

First Citizens BancShares, Inc. (NASDAQ: FCNCA) stands as a significant financial entity, consistently growing its asset base through strategic mergers and acquisitions. This approach has not only expanded its operational footprint but also solidified the Holding family's enduring influence. As of early 2025, the bank's asset size exceeded $200 billion, placing it among the top 20 financial institutions in the United States. The family's commitment to maintaining control is evident in their substantial shareholdings and active roles in leadership, underscoring a long-term vision for the company's future. This strategy is further detailed in our analysis of the Growth Strategy of First Citizens Bank (NC).

Key Stakeholders and Shareholdings

The Holding family retains significant control over First Citizens Bank, with family members occupying key leadership positions. Their collective voting rights represent a substantial portion of the company's governance.

• Frank B. Holding Jr. is Chairman and CEO.
• Hope Holding Bryant serves as Vice-Chairwoman.
• Peter Bristow is the President.
• The Holding family and relatives collectively control approximately 50% of voting rights.
• As of June 25, 2025, Olivia B. Holding owned 7.59% of Class A common stock.
• Institutional investors held 78.01% of the stock as of August 1, 2025.

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The Board of Directors at First Citizens BancShares, Inc. is instrumental in guiding the company's strategic direction. As of March 18, 2025, the board comprises 11 directors, with their election proposed for the 2025 Annual Meeting of Stockholders. This structure ensures continuity and oversight in the company's operations.

The voting power within First Citizens BancShares, Inc. is significantly influenced by a dual-class share structure. The company's voting securities consist of Class A Common Stock and Class B Common Stock. As of the record date, March 3, 2025, there were 12,527,433 shares of Class A Common Stock and 1,005,185 shares of Class B Common Stock outstanding. Each share of Class A Common Stock carries one vote, whereas each share of Class B Common Stock carries 16 votes. This disparity grants substantial voting control to holders of Class B shares, primarily the Holding family.

Understanding Voting Power at First Citizens BancShares

The Holding family wields considerable influence over First Citizens BancShares, Inc. due to their significant ownership and the company's share structure. This family's control is a key aspect of the First Citizens Bank ownership landscape.

• Frank B. Holding Jr. holds over 5% of Class A shares as of June 25, 2025.
• The Holding family collectively controls more than 22% of the total voting rights.
• When considering all family members, their voting power approaches 50%.
• This structure impacts decision-making processes for the First Citizens Bank parent company.
• Understanding this dynamic is crucial for grasping Who owns First Citizens Bank.

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What Recent Changes Have Shaped First Citizens Bank (NC)’s Ownership Landscape?

Over the last three to five years, the ownership landscape of First Citizens Bank has seen substantial shifts, largely influenced by strategic acquisitions and proactive capital management. These developments have reshaped its market presence and financial structure.

Transaction	Date	Impact
Acquisition of Silicon Valley Bridge Bank, N.A.	March 2023	Nearly doubled total assets, expanded market position
Acquisition of CIT Group	Early 2022	Significant growth through merger and acquisition

First Citizens BancShares has been actively managing its capital, notably through share repurchases. The company repurchased $613 million of common shares in the first quarter of 2025, contributing to a total of $2.4 billion in repurchases since August. As of July 25, 2025, the company had bought back 1,456,283 shares of its Class A common stock for $2.89 billion under its 2024 Share Repurchase Program, representing 10.77% of Class A common shares outstanding as of June 30, 2024. A new $4 billion share repurchase plan was approved in July 2025, indicating a continued commitment to shareholder returns and balance sheet optimization.

Share Repurchase Program

The company has a history of returning capital to shareholders through share repurchases. A new $4 billion plan was approved in July 2025.

Board Appointments

Leadership continues to evolve with appointments like Diane Morais to the Board of Directors in June 2025. This reflects ongoing strategic direction.

Insider Ownership Trends

The Holding family remains a significant ownership presence. As of August 1, 2025, insider ownership was reported at 13.40%.

Strategic Priorities for 2025

The bank's strategic focus for 2025 includes diversifying business lines, optimizing its balance sheet, and investing in efficiency and productivity.

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