FIRST CITIZENS BANCSHARES Business Summary

First Citizens BancShares, Inc. operates as a diversified financial holding company that generates revenue primarily through net interest income from a robust portfolio of commercial and consumer loans, supplemented by non-interest income from wealth management, deposit service charges, and specialized fee-based activities. Following its strategic acquisition of Silicon Valley Bank assets, the company’s business model is organized into four distinct segments: General Banking, providing traditional retail and business services; Commercial Finance, focusing on asset-based lending and equipment leasing; the SVB segment, which serves the global innovation economy through venture capital and private equity fund banking; and the Rail segment, which manages a large fleet of leased railcars. Positioned as one of the largest family-controlled financial institutions in the United States, First Citizens competes directly with super-regional peers such as Regions Financial, Huntington Bancshares, and Fifth Third Bancorp. It occupies a unique market position by combining the conservative risk profile of a traditional regional bank with the specialized, high-growth lending capabilities required by the technology and life sciences sectors. The company’s leadership is defined by the multi-generational tenure of the Holding family, which has maintained a controlling interest and a focus on long-term stability. Frank B. Holding, Jr. serves as Chairman and Chief Executive Officer, having steered the firm through its massive post-2023 expansion, supported by President Peter M. Bristow and Vice Chairman Hope Holding Bryant. The executive management team is rounded out by Chief Financial Officer Craig L. Nix, who oversees the firm’s complex capital and liquidity strategies. The board of directors includes notable figures such as Victor E. Bell III and Robert R. Hoppe, ensuring a blend of familial oversight and institutional expertise. While the Holding family remains the most significant stakeholder, the company’s institutional stability is reinforced by major investors including The Vanguard Group and BlackRock, reflecting its evolution into a top-tier U.S. commercial banking powerhouse.