RALEIGH, N.C., Oct. 11, 2011 (GLOBE NEWSWIRE) -- First Citizens Bank Chairman and Chief Executive Officer Frank B. Holding, Jr. announced that its IronStone Bank division has completed its conversion to the First Citizens Bank name. Effective today (Tuesday, Oct. 11), all 58 former IronStone Bank branches in 12 states now operate under the First Citizens Bank name.
"Unifying our IronStone franchise under the First Citizens banner enhances our national brand," Holding said. "The ability to take advantage of First Citizens' strength and reputation positions us for the future. The combined bank provides a larger branch network for our clients and gives us greater opportunities for improved efficiencies and growth."
In January, IronStone Bank merged with and became a division of First Citizens Bank, a North Carolina-chartered commercial bank. Prior to that merger, IronStone operated under a federal savings association charter and was a subsidiary of First Citizens Bank's holding company, First Citizens BancShares, Inc.
The name transition from IronStone to First Citizens follows completion of a technical conversion that puts both banks on the same system, resulting in increased efficiencies and elimination of duplicative operations.
IronStone clients will experience a smooth transition to First Citizens, according to Vice Chairman Hope Holding Connell.
"Our IronStone clients will value First Citizens' rich history, our nationally recognized strength and stability and award-winning service — while continuing to enjoy the many banking advantages they already have now," said Connell, who also served as president of IronStone and will continue to oversee the bank's operations in those markets.
Information detailing the transition to the First Citizens brand was mailed to IronStone clients in September. Most account packages and service by local associates are remaining the same. In three areas where First Citizens and IronStone had branches in the same markets (Southern California, Southeast Florida and Washington state), clients will have access to more First Citizens branches as a result of the transition.
Signs at the former IronStone offices, which are located in Arizona, California, Colorado, Florida, Georgia, Kansas, Missouri, New Mexico, Oklahoma, Oregon, Texas and Washington, will be changed to First Citizens Bank by early 2012.
"The First Citizens Bank name will now be displayed on various materials, such as debit and credit cards and account statements, as well as on bank buildings, but our personal approach to banking will not change," Connell said.
Founded in 1898, First Citizens Bank serves clients at 435 offices in 17 states (Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, Tennessee, Texas, Virginia, Washington, West Virginia) and the District of Columbia.
Raleigh, N.C.-headquartered First Citizens BancShares (Nasdaq:FCNCA) has $21 billion in assets. Forbes named BancShares the fourth-best bank in the nation in its 2011 Best Banks in America list.
First Citizens has received multiple national awards for customer satisfaction and overall stability and security, including a five-star superior ranking by independent banking rating firm BauerFinancial Inc. of Coral Gables, Fla. (Bauerfinancial.com), and Greenwich Excellence awards for business banking services. For more information about First Citizens Bank and its services, visit firstcitizens.com or call toll-free 1-888-FC DIRECT (1-888-323-4732).