First Citizens BancShares, Inc. Announces Chief Risk Officer Transition, Names Successor
First Citizens BancShares (NASDAQ: FCNCA) announced that Lorie K. Rupp will retire as Executive Vice President and Chief Risk Officer effective June 1, 2026, after 13 years at the bank and more than 30 years in financial services.
Sentiment and the balance of points
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Rhea-AI Summary
First Citizens BancShares (NASDAQ: FCNCA) announced that Lorie K. Rupp will retire as Executive Vice President and Chief Risk Officer effective June 1, 2026, after 13 years at the bank and more than 30 years in financial services. The company named Tom Eklund, current Treasurer and a 20-year First Citizens veteran, as successor, with responsibility for overseeing financial, credit, enterprise, operational and compliance risk.
The transition is intended to be orderly, providing time for knowledge transfer and continuity in the bank's risk governance and regulatory compliance programs.
Positive
- Internal succession: successor is a 20-year First Citizens veteran
- Continuity: transition effective June 1, 2026, for orderly handover
- Experience: successor has capital, liquidity and compliance expertise
- Established framework: outgoing CRO served since March 2017 strengthening risk management
Negative
- Departure of CRO with 13 years at the bank and 30+ years industry experience
Details
News Market Reaction – FCNCA
On Jan 15, the first trading day after this news, FCNCA closed 0.05% below the previous close.
Data tracked by StockTitan Argus for the Jan 15 session.
Key Figures
- Tenure at bank
- 13 years
- Lorie K. Rupp’s career at First Citizens Bank
- Industry experience
- more than 30 years
- Rupp’s experience in financial services industry
- Service as CRO
- since March 2017
- Rupp’s tenure as Chief Risk Officer
- Bank tenure (successor)
- 20 years
- Tom Eklund’s experience at First Citizens Bank
- Transition effective date
- June 1, 2026
- Effective date of Rupp’s retirement and Eklund’s appointment
Historical Context
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Healthcare investments and exits report from Silicon Valley Bank division.
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Announcement of Q4 2025 earnings release and conference call date.
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Pivot Energy secured $225M financing package including facilities with First Citizens.
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Soltage closed $80M revolver led by First Citizens Bank to fund solar projects.
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CIT Bank survey on 2026 resolutions and average planned spending of $4,700.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
RALEIGH, N.C., Jan. 14, 2026 /PRNewswire/ -- First Citizens BancShares, Inc. ("BancShares") (NASDAQ: FCNCA) today announced that Lorie K. Rupp intends to retire as Executive Vice President and Chief Risk Officer, following an exemplary 13-year career at the bank and more than 30 years in the financial services industry. BancShares plans for Tom Eklund, current Treasurer and 20-year First Citizens Bank veteran, to succeed Rupp as Chief Risk Officer. Rupp's retirement and Eklund's appointment will be effective June 1, 2026, providing time to ensure a smooth transition.
Rupp has served as the Chief Risk Officer since March 2017, playing a pivotal role in strengthening the company's risk management framework during a period of significant growth. Previously, she held the role of Chief Accounting Officer joining the bank in 2013.
"Lorie has been an outstanding leader, and her strategic insight and unwavering commitment have been instrumental to our success," said Frank Holding, Chairman and Chief Executive Officer. "Throughout her long and distinguished career in banking, she has exhibited high standards of excellence and professionalism. We wish her all the best in retirement."
Eklund will be responsible for leading the company's risk management organization, including oversight of financial, credit, enterprise and operational, and compliance risk. Eklund has gained substantial experience managing capital, market, liquidity and compliance risks, having held several positions in the bank's finance department, including head of Financial Strategy and Treasurer.
"Tom is a seasoned executive whose expertise managing capital and liquidity risk and commitment to risk governance and regulatory compliance align with our strategic priorities," said Holding. "We are confident he will build on our strong foundation and drive continued success as we remain committed to maintaining a robust risk governance framework in pursuit of our long-term objectives."
About First Citizens BancShares, Inc.
First Citizens BancShares, Inc. (NASDAQ: FCNCA), a top 20 U.S. financial institution with more than
Contact: | Deanna Hart | Angela English |
Investor Relations | Corporate Communications | |
919-716-2137 | 803-931-1854 |
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SOURCE First Citizens Bank
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