RALEIGH, N.C., Nov. 13, 2008 (GLOBE NEWSWIRE) -- First Citizens Bank, the principal subsidiary of First Citizens BancShares Inc. (Nasdaq:FCNCA), today announced plans to expand into Washington, D.C.
First Citizens is seeking regulatory approval to open a full-service office in a building located at 1717 Pennsylvania Avenue. Pending approval, First Citizens expects to open the office in the late second quarter of 2009.
"We look forward to bringing First Citizens' brand of relationship banking, exceptional service and reputation for safety and stability to the District of Columbia," said Frank Holding Jr., president and chief executive officer of First Citizens Bank. "Our bankers will focus on helping customers strengthen their financial position through our comprehensive retail, business and wealth management services."
First Citizens has filed applications to open the office with the Federal Deposit Insurance Corporation (FDIC), the North Carolina Banking Commission and the District of Columbia Department of Insurance, Securities and Banking.
First Citizens' move into the District of Columbia follows steady expansion of the bank's franchise into Northern Virginia and Maryland. Among its offices in the region, the bank has branches in Front Royal, Leesburg, Fredericksburg and Tysons Corner, Va., as well as Annapolis, Md. In early 2009, the bank also plans to open a new full-service branch in Arlington, Va., in leased office space at 950 N. Glebe Road.
Founded in 1898, First Citizens operates 343 branches in Virginia, West Virginia, North Carolina, Tennessee and Maryland. Headquartered in Raleigh, N.C., with Mid-Atlantic region headquarters in Roanoke, First Citizens is the lead subsidiary of First Citizens BancShares Inc., which has $16.7 billion in assets. The bank entered the Virginia market in 1995.
First Citizens Bank is committed to providing superior financial services to individual customers and small to mid-sized businesses. For more information about First Citizens and its services, call toll-free 1.888.FC DIRECT (1.888.323.4732) or visit the bank's Internet site, firstcitizens.com.