First Citizens in N.C. to Spend $100M on Improved IT

First Citizens BancShares (FCNCA) in Raleigh, N.C., is preparing to spend millions of dollars to improve its information technology platform.

The $21.2 billion-asset company said it will spend roughly $100 million over the next three years to modernize software and systems.

"The financial services industry continues to experience an increase in technological complexity required to provide a competitive array of products and services to customers," the company stated in its latest annual report filed with the Securities and Exchange Commission.

"During the past two years, we have closely examined the state of our core technology systems and related business processes and determined that significant investments are required," the filing added. "Our future success requires that we maintain technology that will support our ability to provide products and services that satisfactorily meet the banking and other financial needs of our customers."

A First Citizens spokeswoman did not respond immediately to a request for comment on the company's plans, which were first reported in the online edition of the Triangle Business Journal.

First Citizens has 414 branches in 17 states.