First Citizens Bank (NC) is headquartered in Raleigh and is the 3rd largest bank in the state of North Carolina. It is also the 53rd largest bank in the nation. It was established in 1898 and as of December of 2019, it had grown to 6,999 employees at 569 locations. First Citizens Bank (NC) has an A health rating.
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Saving with a bank I trust
I have been banking with First Citizens since college. My mother used to visit the bank daily for work. When I opened my checking account, she introduced me personally to two bankers by name. The first banker eventually talked me into opening a savings account. It seemed odd at the time - I was more than broke. But once I graduated from high school and started my first real job, I piled as much money as I could into that savings account. Eventually, the other banker noticed I had three times the minimum in my account. He called me because he knew I wasn't getting the best interest rate on that money. I explained that I was getting ready to pay off a big debt in one chunk, but that I would keep his ideas in mind. Once that debt was paid, I took his advice seriously. Again I piled money into my savings account. And in my second year of my "real job," I walked into his office and asked him to help me set up a CD.
The Best Kept Secret in Banking
This bank is insanely great for business banking. I own a business and it is the coolest thing in the world to have an actual banker that has been with a bank for more than 10 years. It's cool because most of the employees have been with the bank for 10+ years. They all give you their cell phone numbers so you never have to call 1800 Banker Bob...instead, it is literally a direct contact to the person that opens your accounts. Any question you have with a deposit or a merchant terminal, they handle it all. They don't have any fees for their accounts or anything as long as you use online statements, but let's be honest, who doesn't use online banking anymore? If you don't you should for your own financial security, but at any rate, that bank is the best ever!!
Life as a First Citizen
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.
Not good
I have been using First Citizens for at least 15 years, and is the only bank I've had any savings/checking accounts with. Regularly I decide to change banks, but then end up not, because I just don't feel like the hassle of going through with it. Plus I do prefer using a local company and their branch is convenient. I have a savings account and money market account with First Citizens. The interest rates they give you are a complete joke, we spend way more in random fees. For example last year my checking account dropped below a certain amount (by 2-3 dollars), and they charged me $10 (more than how much I was below the threshold). I think all year I've made maybe $0.45 in interest. I have other accounts with them with more money, that would have me over the threshold. Awhile back I had to make a wire transfer to a family member - that banked there too, and they charged $25 for it. $25 to "Transfer" money from one person at their bank to another. Overall I have not been pleased with First Citizens.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 11063 |
| Year Established | 1898 |
| Employees | 6999 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.22% |
| Return on Equity - YTD | 12.81% |
| Annual Interest Income | $1.40B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $39.79B$35.27B |
| Loans | Q4 2019vs Q4 2018 | $28.79B$25.35B |
| Deposits | Q4 2019vs Q4 2018 | $34.46B$30.71B |
| Equity Capital | Q4 2019vs Q4 2018 | $3.76B$3.31B |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $225.1MM$223.7MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $141.0MM$114.3MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $46.5MM$47.2MM |
