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Holdings keep grips on bankling company. (Money Matters).(First Citizens BancShares Inc.)(Brief Article)(Statistical Data Included)
Business North Carolina, September, 2002 by Breznick, Alan
On paper, Raleigh-based First Citizens BancShares Inc. (Nasdaq: FCNCA) is a publicly held company. But the bank holding company has long been the preserve of a very private family -- the Holdings of Raleigh and Smithfield.
R.P. Holding went to work as a cashier for what was then the Bank of Smithfield in 1918. Within two decades, he was boss. His sons succeeded him as the bank's top executives. Today, the Holdings directly control about 65% of the voting shares. Three of them -- Lewis, Frank and Frank Jr. -- are officers of the company, which has $11.8 billion in assets.
Since First Citizens doesn't need to preen for the market by pumping up quarterly profits, it doesn't skimp on bricks and mortar, as many banks do. Its main banking subsidiaries --...
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