First Citizens Bank (NC) is headquartered in Raleigh and is the 3rd largest bank in the state of North Carolina. It is also the 62nd largest bank in the nation. It was established in 1898 and as of March of 2014, it had grown to 4,630 employees at 415 locations. First Citizens Bank (NC) has a A health rating.
As I recently moved to a new area I was in search of a new lcal bank. My parents were already members with First Citizens and so it was natural for me to join as well. I met with a representative and had my checkings account set up quickly. Beyond that not much was different then other institutions. However, two thinkgs stick out in my mind. I needed a new debit card, as my old one was no longer readable, and it was sent to me quickly. Also, the banks new app allows depositing a check by simply taking a picture of it with my phone...very convenient.
3 months ago I opened a basic checking and was told that it was free checking if I had direct deposit. This was true until I reduced my direct deposit amount with them and all of a sudden I started getting hit with an 8 dollar a month service fee. There are too many banks out there that offer free checking without a direct deposit. I figured I would give this bank a try since they brag about customer service and the person to person experience but I quickly found out that you have to have the makings of a rockerfella or a Hefner to get that treatment. Calling for information about your account to their national office in Raleigh NC can cost you after your first call. Try 5 bucks a call. I've switch to a credit union and it is truly free checking with no hidden fees for statements and or information inquired about my account. If you want a good ole' boy bank then this old school bank is for you.
First Citizens Bank
I opened a money market account in June with a guaranteed rate of 1% for the first 6 months. I noticed in the 4th month’s statement that the interest was not what it should be and the rate was noted as .2 %. I called the bank representative that opened the account for me and was told that he would get it fixed. After several phone calls, a half dozen emails and 5 weeks, it is still not corrected. The representative says he need to get an "area executive’s" approval (who seems to be always on vacation or in meetings) and the email response I get is to call the local branch. No one is taking responsibility to fix this problem. At this point they owe me a lot of interest. I have just opened an online account and will transfer the funds.
What happened today in North Carolina with my account balance?
Sudden loss to a large negative number and unable to withdraw money just put into the account last week.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 First Citizens Bank (NC) had $237.35 million in non-current loans and owned real-estate with $2.25 billion in equity and loan loss allowances on hand to cover it. This gives First Citizens Bank (NC) a Texas Ratio of 10.56% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for First Citizens Bank (NC) decreased dramatically from 19.02% as of March 31, 2013 to 10.56% as of March 31, 2014, resulting in a positive change of 44.49%.This indicates that the balance sheet and financial strength for First Citizens Bank (NC) has improved dramatically in recent periods.
In the past year, First Citizens Bank (NC) has increased its total deposits by $728.57 million, resulting in 4.03% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth First Citizens Bank (NC) has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. First Citizens Bank (NC) has $21.85 billion in assets with $2.25 billion in equity, resulting in a capitalization level of 10.29%, which is above average.
|FDIC Certificate #||11063|
|Assets and Liabilities|
|Equity Capital||$2.02 billion|
|Loan Loss Allowance||$222.94 million|
|Unbacked Noncurrent Loans||$193.53 million|
|Real Estate Owned||$43.82 million|
|Historic Data - March 2013|
|Equity Capital||$1.89 billion|
|Loan Loss Allowance||$273.02 million|
|Unbacked Noncurrent Loans||$193.53 million|
|Real Estate Owned||$37.61 million|
|Profit Margin - Quarterly|
|Return on Assets||0.43%|
|Return on Equity||4.55%|
|Interest Income||$173.17 million|
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|0.05%||-||-||Money Market Savings|
|0.25%||$500||-||36 Month CD|
|0.20%||$500||-||24 Month CD|
|0.10%||$500||-||12 Month CD|