First Citizens BancShares Debuts on Fortune 500

Rhea-AI Summary

First Citizens BancShares (Nasdaq: FCNCA) has been named to the Fortune 500 list for the first time, ranking #182 in the U.S. based on revenue. The company also secured the #24 spot on Fortune's 2024 list of fastest-growing companies. CEO Frank B. Holding, Jr. credits the company's 16,000 employees for this achievement. Recent growth is attributed to the acquisition of Silicon Valley Bridge Bank N.A. in 2023. Other accolades include top 20 on Forbes' America's Best Banks, among the top five in the Greenwich Excellence Awards, and a top 50 spot in the Nacha Payment Systems Organization.

Positive

• First Citizens BancShares ranked #182 on the Fortune 500 list for the first time.
• Company also ranked #24 on Fortune’s list of fastest-growing companies.
• Recent growth bolstered by the acquisition of Silicon Valley Bridge Bank N.A.
• Named in the top 20 on Forbes' America’s Best Banks list.
• Ranked among the top five banks in the Greenwich Excellence and Best Brand Awards.
• Listed as one of the top 50 financial institutions in ACH payments by Nacha Payment Systems Organization.

Negative

• No concrete financial figures released in the press release.
• Details on revenue, profit margins, or specific financial metrics are missing.
• Potential integration challenges from the acquisition of Silicon Valley Bridge Bank N.A. not covered.

RALEIGH, N.C., June 4, 2024 /PRNewswire/ -- First Citizens BancShares Inc. (Nasdaq: FCNCA), parent company of First Citizens Bank, today was named for the first time to the Fortune 500™ list of the largest companies in the United States by revenue.

First Citizens ranked #182 overall on the 2024 list, underscoring its status as one of the nation's premier banking and financial services institutions. In addition, the bank was listed at #24 on Fortune's 2024 list of fastest-growing companies.

"At First Citizens, we are deeply committed to supporting clients with high-quality, reliable products and services, strong relationships and long-term thinking," said Frank B. Holding, Jr., chairman and CEO of First Citizens. "We are proud to join the Fortune 500."

"I thank and congratulate our more than 16,000 associates, whose accomplishments and dedication have made this possible," he said. "We look forward to building on this momentum with continued strong results and sustainable growth for the benefit of all of our stakeholders."

First Citizens' inclusion in the Fortune 500 list follows a period of accelerated business growth, most recently through the acquisition and integration of Silicon Valley Bridge Bank N.A. in 2023. In the process, the bank has steadily expanded its geographic footprint and its community support activities nationwide.

Over the past year, First Citizens has received other notable recognitions, including being named in the top 20 on Forbes magazine's 2024 list of America's Best Banks, ranking among the top five banks nationally in the Greenwich Excellence and Best Brand Awards, and being named one of the top 50 financial institution originators and/or receivers of ACH payments in the nation by the Nacha Payment Systems Organization.

About First Citizens BancShares
First Citizens BancShares, Inc. (NASDAQ: FCNCA), a top 20 U.S. financial institution with more than $200 billion in assets, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). Headquartered in Raleigh, N.C., First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; personalized service and resources to help grow and manage wealth; and a nationwide direct bank. Discover more at firstcitizens.com.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

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SOURCE First Citizens BancShares, Inc.

FAQ

What is First Citizens BancShares' (FCNCA) 2024 Fortune 500 ranking?

First Citizens BancShares ranked #182 on the 2024 Fortune 500 list.

How did First Citizens BancShares perform in terms of growth in 2024?

First Citizens BancShares ranked #24 on Fortune's 2024 list of fastest-growing companies.

What recent acquisition did First Citizens BancShares make?

First Citizens BancShares acquired Silicon Valley Bridge Bank N.A. in 2023.

What accolades has First Citizens BancShares received recently?

First Citizens BancShares is ranked in the top 20 on Forbes' 2024 list of America's Best Banks, among the top five in the Greenwich Excellence and Best Brand Awards, and one of the top 50 financial institutions in ACH payments by Nacha Payment Systems Organization.