First Citizens Bank (NC) is headquartered in Raleigh and is the 3rd largest bank in the state of North Carolina. It is also the 50th largest bank in the nation. It was established in 1898 and as of December of 2020, it had grown to 6,600 employees at 544 locations. First Citizens Bank (NC) has an A health rating.
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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.
Very Unprofessional
First they misspelled my name on the debit card. Then the reissue was never sent out. When visiting the local branch no one could help me in getting a new or temporary card. When inquiring about direct deposit forms, I was told they don’t give them out in branch even though on the website it says they do.
Not Small Business Friendly
After 4.5 years as a customer, I received a new $15 fee for online banking. The only reason I am a First Citizens customer was for Free Checking. Customer Service said I could go to a branch and have them switch my accounts to a different online banking system with very little difference with no fee. Could they make it more difficult. AVOID THIS BANK. Worst in class technology and branches closed on Saturdays. Convenience is clearly not a consideration for them. They are so bad, I get my SBA loans through other institutions and just use their checking in case I need a local branch. If they want to nickel & dime small businesses, I'll take multiple accounts and tens of thousands of dollars to a new bank. First Citizens is NOT SMALL BUSINESS FRIENDLY.
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 11063 |
| Year Established | 1898 |
| Employees | 6600 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.07% |
| Return on Equity - YTD | 11.41% |
| Annual Interest Income | $1.48B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $49.88B$39.79B |
| Loans | Q4 2020vs Q4 2019 | $32.74B$28.79B |
| Deposits | Q4 2020vs Q4 2019 | $43.50B$34.46B |
| Equity Capital | Q4 2020vs Q4 2019 | $4.62B$3.76B |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $224.3MM$225.1MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $188.8MM$141.0MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $50.9MM$46.5MM |
