Record #:

44084

Author(s):

Macmillan, Mike

Abstract:

"First Citizens' bold conquest raised the stakes and profile of the family controlled bank." First Citizens acquired Silicon Valley Bank last spring. It was the second time it had essentially doubled its size in the past three years. Raleigh based First Citizens was created in 1898 in Smithfield in Johnston County. It took its current name in 1929. The institution is at present the largest family owned bank in the United States. It has made a habit of buying distressed banks since the real estate depression 15 years ago that caused hundreds of banks to fail. Frank Holding Jr. is CEO.

Source:

Business North Carolina (NoCar HF 5001 B8x), Vol. 44 Issue 2, February 2024, p36-39, il, por

Subject(s):

First Citizens Bank (Raleigh); Banks and banking--Raleigh; Banks and banking--North Carolina--Family Owned