First Citizens Bank Commits $2 Million to Support Relief Efforts for Southern California Wildfires

Rhea-AI Summary

First Citizens Bank (FCNCA) has announced a $2 million commitment in donations and financial support to assist those affected by the Southern California wildfires. The funds will be directed towards humanitarian and small business relief efforts, focusing on resource mobilization and long-term regional stabilization.

The bank, which operates 30 branches and offices in Southern California and employs over 1,000 associates in the region, will allocate part of the funds to support its employees directly impacted by the disaster. The bank is also working with customers to develop flexible solutions supporting their recovery efforts.

Positive

• Demonstrates strong corporate social responsibility and community support
• Strategic investment in maintaining customer relationships in affected areas
• Proactive approach to supporting existing business infrastructure in Southern California

Negative

• $2 million commitment represents an unplanned expense
• Potential impact on business operations in 30 regional branches due to wildfire disruption

RALEIGH, N.C., Jan. 23, 2025 /PRNewswire/ -- First Citizens Bank announced today that it has committed $2 million in donations and financial support to aid in critical humanitarian and small business relief efforts for those impacted by the Southern California wildfires. 

This commitment is intended to bolster the mobilization of resources to impacted areas through a variety of organizations and support the longer-term revitalization and stabilization of the region. In addition, a portion will directly benefit the immediate and ongoing needs of First Citizens associates who have been impacted by the wildfire devastation.

"Southern California is home to more than 1,000 of our associates, and we have 30 branches and offices in the region serving clients across our company," said Frank B. Holding, Jr., chairman and CEO at First Citizens Bank. "The impact of the wildfires has been devastating for many of our customers, colleagues and community members, and we assure them that they have our support now and in the days, months and years to come."

Bank associates continue to work with customers to understand their needs and develop flexible solutions to support their recovery.

For more information on First Citizens' commitment to supporting communities affected by the wildfires, visit Southern California Wildfires Relief on firstcitizens.com.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Name: Angela English
Phone: 803-931-1854
Email: angela.english@firstcitizens.com 

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SOURCE First Citizens BancShares, Inc.

FAQ

How much has First Citizens Bank (FCNCA) committed to Southern California wildfire relief?

First Citizens Bank has committed $2 million in donations and financial support for Southern California wildfire relief efforts.

How many First Citizens Bank (FCNCA) branches are affected by the Southern California wildfires?

First Citizens Bank has 30 branches and offices in the Southern California region affected by the wildfires.

How many First Citizens Bank (FCNCA) employees are in the Southern California region?

First Citizens Bank has more than 1,000 associates in the Southern California region.

What support is FCNCA offering to customers affected by the Southern California wildfires?

First Citizens Bank is working with affected customers to develop flexible solutions to support their recovery from the wildfire impact.