First Citizens Bank of South Carolina
Encyclopedia
First Citizens Bank of South Carolina is a subsidiary of First Citizens Bancorporation, Inc. , a bank holding company based in Columbia, South Carolina
with over $8 billion in assets. First Citizens has branches in South Carolina
and Georgia
. It is the largest commercial bank headquartered in South Carolina.
- acquired a controlling interest in Anderson Bank of Dillon, South Carolina
, which had one location and sixteen employees. Over the years, Anderson Bank grew, changing its name to Citizens Bank of South Carolina in 1968. Commercial Bank and Trust merged with Citizens Bank, becoming First Citizens Bank and Trust Company of South Carolina, headquartered in Columbia.
In 1995, First Citizens acquired Summerville
National Bank. In 2002, First Citizens entered Georgia by buying Citizens Bank, and added other Georgia operations with First Bank and Trust and The Bank of Toccoa
in 2003. In 2005, First Citizens bought Greenville
-based Summit Financial Corporation and People's Community Bank in Aiken
.
On July 23, 2010, First Citizens took over the operations and five branches of Kingstree, South Carolina
-based Williamsburg First National Bank from the Federal Deposit Insurance Corporation
.
On June 3, 2011, Charleston, South Carolina
-based Atlantic Bank & Trust became the first bank to fail
in that area since 1992. The three offices reopened June 6 as First Citizens branches. Atlantic Bank had $208 million in assets, $191 million in retail deposits, and three locations--Charleston, Myrtle Beach, and Savannah, Georgia
.
On July 22, 2011, branches of Exchange Bank of South Carolina, another subsidiary of First Citizens Bancorporation, began converting to First Citizens branches. The change involved four branches in Kingstree and Andrews
.
Columbia, South Carolina
Columbia is the state capital and largest city in the U.S. state of South Carolina. The population was 129,272 according to the 2010 census. Columbia is the county seat of Richland County, but a portion of the city extends into neighboring Lexington County. The city is the center of a metropolitan...
with over $8 billion in assets. First Citizens has branches in South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
and Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
. It is the largest commercial bank headquartered in South Carolina.
History
In 1913, the Homestead Bank was founded in Columbia, South Carolina, and later became Commercial Bank and Trust Company of South Carolina. In 1964, the Holding brothers — Frank, Lewis and Robert, who were part owners of First Citizens Bank and Trust of North CarolinaFirst Citizens BancShares
First Citizens Bancshares, Incorporated is a bank holding company based in Raleigh, North Carolina. that operates two subisidiaries, First Citizens Bank and IronStone Bank...
- acquired a controlling interest in Anderson Bank of Dillon, South Carolina
Dillon, South Carolina
Dillon, South Carolina, the county seat of Dillon County, was established on December 22, 1888. The name of the city came from James W. Dillon, who was a key component in bringing a railroad through this area of the state, which led to development and formation of the County. Dillon’s population...
, which had one location and sixteen employees. Over the years, Anderson Bank grew, changing its name to Citizens Bank of South Carolina in 1968. Commercial Bank and Trust merged with Citizens Bank, becoming First Citizens Bank and Trust Company of South Carolina, headquartered in Columbia.
In 1995, First Citizens acquired Summerville
Summerville, South Carolina
Summerville is a town in the U.S. state of South Carolina situated mostly in Dorchester County with small portions in Berkeley, and Charleston counties. It is part of the Charleston-North Charleston-Summerville Metropolitan Statistical Area as designated for statistical purposes by the U.S. Office...
National Bank. In 2002, First Citizens entered Georgia by buying Citizens Bank, and added other Georgia operations with First Bank and Trust and The Bank of Toccoa
Toccoa, Georgia
Toccoa is a city in Stephens County, Georgia, United States located approximately from Athens and approximately northeast of Atlanta. The population was 9,323 at the 2000 census...
in 2003. In 2005, First Citizens bought Greenville
Greenville, South Carolina
-Law and government:The city of Greenville adopted the Council-Manager form of municipal government in 1976.-History:The area was part of the Cherokee Nation's protected grounds after the Treaty of 1763, which ended the French and Indian War. No White man was allowed to enter, though some families...
-based Summit Financial Corporation and People's Community Bank in Aiken
Aiken, South Carolina
Aiken is a city in and the county seat of Aiken County, South Carolina, United States. With Augusta, Georgia, it is one of the two largest cities of the Central Savannah River Area. It is part of the Augusta-Richmond County Metropolitan Statistical Area. Aiken is home to the University of South...
.
On July 23, 2010, First Citizens took over the operations and five branches of Kingstree, South Carolina
Kingstree, South Carolina
Kingstree is a town in and the county seat of Williamsburg County, South Carolina, United States. The population was 3,328 at the 2010 census.-History:...
-based Williamsburg First National Bank from the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
.
On June 3, 2011, Charleston, South Carolina
Charleston, South Carolina
Charleston is the second largest city in the U.S. state of South Carolina. It was made the county seat of Charleston County in 1901 when Charleston County was founded. The city's original name was Charles Towne in 1670, and it moved to its present location from a location on the west bank of the...
-based Atlantic Bank & Trust became the first bank to fail
Bank failure
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. More specifically, a bank usually fails economically when the market value of its assets declines to a value that is...
in that area since 1992. The three offices reopened June 6 as First Citizens branches. Atlantic Bank had $208 million in assets, $191 million in retail deposits, and three locations--Charleston, Myrtle Beach, and Savannah, Georgia
Savannah, Georgia
Savannah is the largest city and the county seat of Chatham County, in the U.S. state of Georgia. Established in 1733, the city of Savannah was the colonial capital of the Province of Georgia and later the first state capital of Georgia. Today Savannah is an industrial center and an important...
.
On July 22, 2011, branches of Exchange Bank of South Carolina, another subsidiary of First Citizens Bancorporation, began converting to First Citizens branches. The change involved four branches in Kingstree and Andrews
Andrews, South Carolina
Andrews is a town in Georgetown and Williamsburg counties in the U.S. state of South Carolina. The population was 3,068 at the 2000 census, and center of a slightly larger urban cluster of 4,204. Musician Chubby Checker and comedian Chris Rock were born in Andrews. Outside of Andrews is the Robert F...
.