The Ironstone Bank is a community bank founded in 1997, and operating in most of the Southern United States

Southern United States

The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive area in the southeastern and south-central United States...

. By 2008, it owned and operated approximately fifty-six branches.

The bank offers both personal and business financial services and is a wholly owned subsidiary of First Citizens BancShares

First 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...

, Inc.

History

The bank opened in Atlanta under the name Atlantic States Bank and expanded very quickly throughout 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...

, Florida

Florida

Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...

 and Texas

Texas

Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...

. Five years after its opening it changed its name to Ironstone Bank to more accurately reflect their existing culture and demographics

Demographics

Demographics are the most recent statistical characteristics of a population. These types of data are used widely in sociology , public policy, and marketing. Commonly examined demographics include gender, race, age, disabilities, mobility, home ownership, employment status, and even location...

.

Ironstone continues to offer increasingly diversified financial services such as insurance

Insurance

In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

, leasing

Leasing

Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments....

 and wealth management

Wealth management

Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...

.

First Citizens BancShares' subsidiary First Citizens Bank, a North Carolina-chartered commercial bank, has filed an application with federal and state regulators to merge with IronStone Bank, with IronStone becoming a division of First Citizens Bank. IronStone Bank is a federal thrift institution and also a subsidiary of BancShares.

The existing branches of IronStone Bank will continue to operate under the IronStone name for the foreseeable future. The unaffiliated First Citizens Bank of South Carolina

First Citizens Bank of South Carolina

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...

, currently operates in Georgia, which would prevent a switch to the First Citizens name. The merger is subject to federal and state regulatory approvals.