First Citizens Bank is owned by First Citizens BancShares, a publicly traded holding company
First Citizens BancShares, Inc. is the parent company that owns First Citizens Bank. BancShares is listed on the NASDAQ stock exchange under the ticker symbol FCNCA, which means its ownership is distributed among public shareholders rather than controlled by a single person or family. The bank itself operates as a subsidiary of this larger holding company.
First Citizens Bank is the largest bank headquartered in North Carolina by assets. The holding company structure is standard in banking — the parent company (BancShares) owns the operating bank and manages regulatory compliance, while First Citizens Bank handles day-to-day customer operations like deposits, loans, and branch services.
The company was founded in 1829 as a state bank in Raleigh, North Carolina. It remained under family control for much of its history before becoming a public company. Today, no single shareholder controls the bank; ownership is spread across institutional investors, mutual funds, and individual shareholders who own stock in First Citizens BancShares.
Key Takeaways
- First Citizens BancShares is a publicly traded company, meaning thousands of shareholders own pieces of it rather than one person or family.
- First Citizens Bank operates as a subsidiary of BancShares, which handles the regulatory and financial oversight of the bank.
- The company trades on NASDAQ under the ticker FCNCA, and its stock price changes based on market activity.
- First Citizens Bank has grown through acquisitions over the past two decades, absorbing other regional banks into its structure.
How the holding company structure works
A holding company owns the bank but does not directly serve customers. First Citizens BancShares owns First Citizens Bank the same way a parent company might own a subsidiary — it holds the shares, appoints the board of directors, and ensures the bank follows federal and state banking rules. The holding company also manages capital, decides on dividends to shareholders, and handles mergers or acquisitions.
First Citizens Bank is the operating entity. It takes deposits, makes loans, processes payments, and runs the branches you visit or the website you log into. When you open an account at First Citizens Bank, you are banking with the subsidiary, not directly with BancShares. But BancShares is responsible for making sure the bank stays solvent and follows the law.
This structure protects both the bank and its parent company. If the bank faces financial trouble, the holding company can inject capital. If the holding company has other business problems, they do not directly affect the bank's operations or your deposits.
Ownership through public stock markets
First Citizens BancShares shares trade on the NASDAQ exchange, which means anyone can buy or sell shares during market hours. The largest shareholders are typically institutional investors — pension funds, mutual funds, and investment firms that hold shares on behalf of their clients. No single investor owns a controlling stake.
When you own stock in First Citizens BancShares, you own a fractional piece of the holding company and indirectly a fractional piece of First Citizens Bank. Shareholders receive dividends (a portion of company profits) and have voting rights on major company decisions at annual shareholder meetings.
The stock price fluctuates based on the bank's financial performance, interest rates, economic conditions, and investor sentiment. A strong quarter might push the price up; regulatory fines or loan losses might push it down. The price you see quoted on financial websites reflects what investors are willing to pay for a share at that moment.
Major acquisitions that shaped the current company
First Citizens Bank has grown significantly through buying other banks. In 2017, it acquired CoBiz Financial, a Colorado-based bank holding company, which expanded its presence in the Mountain West. In 2021, it acquired WSFS Financial Company, a Delaware bank, adding branches and customers in the Mid-Atlantic region.
These acquisitions mean that First Citizens Bank today is not just the original North Carolina bank — it is a network of regional banks that were purchased and integrated under the First Citizens name. When you see First Citizens Bank branches in states far from North Carolina, those often came from acquisitions rather than organic growth.
Each acquisition required regulatory approval from the Federal Reserve and the Office of the Comptroller of the Currency (OCC), which oversee bank mergers to may support they do not reduce competition or put deposits at risk.
Regulatory oversight and the board of directors
First Citizens BancShares is regulated by the Federal Reserve because it is a bank holding company. First Citizens Bank itself is regulated by the OCC because it is a national bank. Both agencies examine the company's finances, risk management, and compliance with banking laws on a regular schedule.
The board of directors, elected by shareholders, sets company strategy and oversees management. The board includes people with banking experience, business backgrounds, and financial informed. They meet regularly to review performance, approve major decisions, and may support the company is run in shareholders' interests.
The CEO and executive team report to the board and manage day-to-day operations. This separation between the board (which represents shareholders) and management (which runs the company) is a standard governance structure in public companies.
What public ownership means for customers
Your deposits at First Citizens Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account category, regardless of who owns the bank. Public ownership does not change deposit safety or the protections you have as a customer.
Public ownership does mean the bank must disclose financial information quarterly and annually. You can read First Citizens BancShares' earnings reports, balance sheets, and regulatory filings on the SEC website or the company's investor relations page. This transparency is required by law for all publicly traded companies.
The bank's decisions about interest rates, fees, and services are influenced by the need to remain profitable for shareholders. But they are also constrained by banking regulations, competition from other banks, and customer expectations. A bank that charges excessive fees or offers poor service will lose customers to competitors, which hurts shareholder value.
Frequently Asked Questions
Can I buy stock in First Citizens Bank directly?
You cannot buy stock in First Citizens Bank itself — it is a subsidiary and does not trade publicly. You can buy stock in First Citizens BancShares, the parent company, through any brokerage account. The ticker symbol is FCNCA on NASDAQ.
Does First Citizens Bank have a single owner or CEO?
No single person owns the bank. It is owned by thousands of shareholders through First Citizens BancShares. The CEO is the chief executive officer of BancShares, who is hired by the board of directors and can be replaced by the board if performance is poor.
What happens to my account if First Citizens Bank is acquired?
Your account would transfer to the acquiring bank. The acquiring company must honor existing account terms and cannot when ready change your rates or fees without notice. Your FDIC insurance coverage continues under the new owner.
Is First Citizens Bank a federal or state bank?
First Citizens Bank is a national bank, which means it is chartered and regulated by the Office of the Comptroller of the Currency (OCC), a federal agency. National banks can operate across state lines and are subject to federal banking standards.
Where can I find First Citizens BancShares' financial information?
Quarterly and annual reports are available on the SEC's EDGAR database and on First Citizens BancShares' investor relations website. These documents show revenue, profits, assets, and other financial details that affect shareholder value and the bank's stability.