First Citizens Bank (NC) is headquartered in Raleigh and is the 3rd largest bank in the state of North Carolina. It is also the 34th largest bank in the nation. It was established in 1898 and as of March of 2022, it had grown to 10,370 employees at 606 locations. First Citizens Bank (NC) has an A health rating.
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1/2/08 - 5.30% Money Market Promotion at a Florida Bank (Sun American)
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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.
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.
Stay Away, Really Bad
Really terrible bank with shady operations. They do not share important information with prospective applicants. Stay Away. Wish I had read reviews beforehand.
Data as of Q1 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 11063 |
| Year Established | 1898 |
| Employees | 10370 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.31% |
| Return on Equity - YTD | 13.83% |
| Annual Interest Income | $710.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $108.5B$53.82B |
| Loans | Q1 2022vs Q1 2021 | $64.80B$33.15B |
| Deposits | Q1 2022vs Q1 2021 | $91.73B$47.40B |
| Equity Capital | Q1 2022vs Q1 2021 | $10.82B$4.70B |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $848.2MM$210.7MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $557.9MM$193.9MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $43.1MM$48.5MM |
