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Here are 1-2 brief analogies for First Citizens BancShares (FCNCA):

• A large regional bank similar to **PNC Financial** or **U.S. Bancorp**.

• A substantial, full-service bank, operating a tier below the global mega-banks like **JPMorgan Chase** or **Bank of America**.

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• Retail Banking Services: Provides personal checking and savings accounts, credit cards, mortgages, home equity loans, auto loans, and other consumer lending products.
• Commercial Banking Services: Offers business checking and savings accounts, commercial loans (including lines of credit, term loans, and real estate loans), and treasury management solutions for businesses.
• Wealth Management and Trust Services: Delivers financial planning, investment management, private banking, and trust administration for individuals, families, and businesses.
• Specialty Finance: Includes specialized lending solutions such as equipment finance and commercial real estate finance.

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First Citizens BancShares (FCNCA) is a bank holding company, and like most financial institutions, it does not typically have "major customers" in the traditional sense where a single external company or individual accounts for a significant portion of its revenue. Instead, it serves diverse categories of customers across its various banking and financial services segments.

The company primarily sells its services to a broad base of individuals and businesses. Here are up to three categories of customers it serves:

1. Individuals/Consumers: This category includes everyday people who utilize services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), home equity loans, mortgages, personal loans, and credit cards.
2. Businesses/Commercial Clients: First Citizens BancShares provides a wide range of services to small, mid-sized, and larger businesses. These services include commercial loans, lines of credit, treasury management services, business checking and savings accounts, merchant services, and other specialized financial solutions tailored for corporate clients.
3. Wealth Management Clients: This segment includes individuals and families, often high-net-worth clients, who require specialized services such as investment management, financial planning, trust services, private banking, and retirement planning.

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• Fiserv, Inc. (FISV)

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Frank B. Holding, Jr. Chairman and CEO

Frank Holding, Jr. serves as Chairman and CEO of First Citizens BancShares, Inc., and First-Citizens Bank & Trust Company. He was elected Chairman in February 2009 and has held the CEO position since January 2008. Mr. Holding's career at First Citizens BancShares began in 1983, and he previously served as President from 1994 to 2009. He is part of the third generation of his family to lead the institution, which has been influential in the bank's history since the 1920s. Under his leadership, the bank has grown into a top 20 U.S. financial institution with over $200 billion in assets and joined the Fortune 500 list in 2024. Mr. Holding earned a bachelor's degree from the University of North Carolina at Chapel Hill and an MBA from The Wharton School of Finance, University of Pennsylvania. He also serves on the Board of Trustees for Wake Forest University and as Chairman of the Board of Trustees for BlueCross BlueShield of North Carolina. There is no information indicating he founded or managed other companies (beyond board memberships), sold companies, or has a pattern of managing private equity-backed companies, as his professional career has been dedicated to First Citizens.

Craig L. Nix Chief Financial Officer

Craig L. Nix is the Chief Financial Officer of First Citizens BancShares, a role he has held since 2014. In this position, Mr. Nix is responsible for all corporate finance functions, including accounting, financial planning and analysis, reporting, investor relations, and treasury. Prior to this, he served as executive vice president and chief financial officer of First Citizens Bancorporation of South Carolina from 2001 until its merger into BancShares. Mr. Nix joined First Citizens of South Carolina in 1999 as senior vice president and controller. He holds a bachelor's degree from the University of South Carolina and is a Certified Public Accountant. No information suggests he founded or managed other companies, sold companies he was involved with, or has a pattern of managing private equity-backed companies.

Peter M. Bristow President

Peter M. Bristow is the President of First Citizens BancShares, Inc., and First-Citizens Bank & Trust Company, and has served on the companies' boards since his appointment in 2014. He is responsible for overseeing the company's Rail business, Commercial Bank (including commercial finance and real estate, middle market lending, and various industry verticals), and SVB Commercial, which serves the innovation economy and private equity and venture capital firms. Mr. Bristow has more than 32 years of experience in the banking industry, with expertise in retail, wealth management, commercial, and small business banking. He joined First Citizens in 1991, having previously spent three years in the reinsurance industry. He also holds positions as President, Director & Corporate Sales Executive at First Citizens BancShares, Inc. (North Carolina) and President & Director at First-Citizens Bank & Trust Co. (Raleigh, North Carolina).

Hope Holding Bryant Vice Chairwoman

Hope Holding Bryant is the Vice Chairwoman of First Citizens BancShares, Inc., and First-Citizens Bank & Trust Company. She is the sister of Chairman and CEO Frank B. Holding, Jr. Ms. Bryant has over 35 years of experience with First-Citizens Bank & Trust Company, including managing expansion into new markets and serving as President of the former subsidiary, IronStone Bank. She is recognized as a strong leader with extensive management and financial experience, and is also an active community leader, with past service on the board of directors of the North Carolina Bankers Association.

Lorie K. Rupp Chief Risk Officer

Lorie K. Rupp serves as the Chief Risk Officer for First Citizens BancShares, a role she has held since 2017. In this capacity, Mrs. Rupp oversees all aspects of the company's corporate risk oversight activities, including enterprise and operational risk, credit risk, legal, and compliance. Prior to being appointed Chief Risk Officer, she held the position of Chief Accounting Officer for the company. Mrs. Rupp earned a bachelor's degree from St. Ambrose University in Davenport, Iowa.

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1. Economic Volatility and Interest Rate Fluctuations: First Citizens BancShares operates in an environment where economic volatility and changes in interest rates can significantly impact its operations. As a commercially-oriented bank, FCNCA is particularly susceptible to macroeconomic uncertainties, which can affect customer behavior, loan demand, and the overall quality of its loan portfolio. A significant economic downturn could lead to substantially lower earnings expectations. Fluctuations in interest rates also influence the bank's net interest income and require careful management of its loan portfolios to mitigate insolvency risks.
2. Credit Risk and Rising Provision for Credit Losses: The potential for increased credit losses represents a significant risk to FCNCA. A rise in the provision for credit losses indicates a potential increase in risk exposure, suggesting a higher likelihood of loan defaults. This can directly impact the company's financial stability and profitability, especially if economic conditions deteriorate or if there is a downturn in the credit cycle. The acquisition of Silicon Valley Bank (SVB) also introduced specific credit loss-related risks that could undermine the bank's financial outlook.
3. Intense Competition in the Banking Industry: The banking sector is highly competitive, with numerous traditional banks and emerging fintech companies vying for market share. This intense competition can challenge customer retention, pressure pricing, and necessitate continuous innovation and improvement in service offerings to remain competitive. The growth of private credit markets also poses a competitive threat, as corporate borrowers may opt for private lenders due to simpler processes and more relaxed risk requirements compared to traditional banks.

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First Citizens BancShares, Inc. (FCNCA) operates primarily within the United States, offering a comprehensive suite of financial products and services through its main subsidiary, First-Citizens Bank & Trust Company. The addressable markets for their core offerings in the U.S. are substantial:

• Retail Banking: The U.S. retail banking market was valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, demonstrating a compound annual growth rate (CAGR) of 4.22% during this period. This market encompasses services such as deposit accounts, personal loans, and credit cards.
• Commercial Banking: The U.S. commercial banking market is estimated at USD 732.5 billion in 2025 and is forecasted to grow to USD 915.45 billion by 2030, with a CAGR of 4.56%. This segment includes commercial lending, equipment leasing, and treasury management services for businesses.
• Mortgage Banking/Home Loans: The U.S. home loan market stood at USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030, advancing at a 5.63% CAGR. Specifically, the U.S. purchase-mortgage market is valued at USD 1,145.4 billion and has a projected CAGR of 6.3%.
• Wealth Management: The U.S. wealth management market, measured by Assets Under Management (AUM), was approximately USD 64.4 trillion in 2024 and is expected to reach USD 87.35 trillion by 2028. The United States holds 54.2% of the total global AUM in 2025. This market includes investment advisory services and private banking.

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Expected Drivers of Future Revenue Growth for First Citizens BancShares (FCNCA)

• Continued Loan and Deposit Growth: First Citizens BancShares anticipates future revenue growth through sustained expansion in both its loan and deposit portfolios. The company has demonstrated consistent loan growth across its General Bank, Commercial Bank, and SVB Commercial segments. Management has also focused on increasing deposits, observing growth in its Branch Network, Direct Bank, and SVB Commercial segments, which provides crucial funding for lending activities. For 2025, First Citizens BancShares projects growth in loans and deposits to be between $144 billion and $147 billion and $162 billion and $167 billion, respectively.
• Strategic Acquisitions and Market Expansion: A significant driver of future revenue is the announced acquisition of 138 BMO Bank branches, expected to close in mid-2026. This acquisition is poised to expand First Citizens BancShares' geographic footprint across the Midwest, Great Plains, and West regions of the U.S., enhancing its liquidity position and supporting strategic initiatives. This expansion is expected to contribute approximately $5.7 billion in deposit liabilities and $1.1 billion in loans.
• Performance and Expansion of the SVB Commercial Segment: The SVB Commercial segment is a key area for growth, with notable increases in Global Fund Banking loans and continued strong performance in industry verticals such as technology, media and telecom, and healthcare. This segment has been highlighted for contributing to overall loan and deposit growth, demonstrating a competitive advantage in the innovation economy.
• Net Interest Income (NII) Optimization: First Citizens BancShares continues to focus on optimizing its Net Interest Income (NII) through effective management of its Net Interest Margin (NIM) and growth in interest income on loans. Despite some fluctuations due to accretion income and deposit costs, the company aims to sustain or grow NII by leveraging its earning assets and managing funding expenses.

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Share Repurchases

• First Citizens BancShares announced a $3.5 billion share repurchase plan in July 2024.
• As of June 30, 2025, the company had repurchased 1,456,283 shares of Class A common stock for approximately $2.89 billion under the 2024 plan.
• In Q3 2025, an additional $900 million was used for share repurchases, completing the 2024 plan and beginning repurchases under a new $4.0 billion plan authorized in July 2025, which runs through 2026.

Share Issuance

• First Citizens BancShares completed an all-stock merger of equals with CIT Group Inc. in January 2022, which resulted in CIT stockholders owning approximately 39% of the combined company.

Outbound Investments

• On March 27, 2023, First Citizens BancShares acquired all deposits and loans of Silicon Valley Bridge Bank, N.A. from the FDIC, which included approximately $119 billion in deposits and $72 billion of SVB's loans, discounted by $16.5 billion.
• The company completed its all-stock merger with CIT Group Inc., announced in October 2020, to create the 19th largest bank in the United States.
• On October 16, 2025, First Citizens BancShares agreed to acquire 138 branches from BMO Bank N.A., assuming approximately $5.7 billion in deposit liabilities and acquiring about $1.1 billion in loans, with the transaction expected to close in mid-2026.