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A large shareholder recently sold most of her holdings in First Citizens, giving her uncle's family a majority stake in the family owned company.
December 21 - North Carolina
First Citizens Bancshares Inc. is one of the more peculiar success stories — and for that reason, its small band of followers say, worthy of imitation by struggling peers in need of fresh ideas.
August 3
First Citizens BancShares (FCNCA) in Raleigh, N.C., said that another key member of its controlling family is stepping down.
The $21 billion-asset company said in a regulatory filing Friday that Frank Holding Sr. will retire from the board following its April 29 annual meeting. Holding, 85, will also retire down as executive vice chairman of the company and its First-Citizens Bank & Trust on Sept. 2.
Holding started working at the bank in 1957.
The Holding family's controlling stake
Frank Holding’s father, Robert, was president of First Citizens from 1918 until his death in 1957. His brother, Lewis, then ran the company for more than 50 years. In 2008, Frank Holding Jr. succeeded Lewis Holding, who died in August 2009.
Carmen Holding Ames, Lewis Holding's daughter, sold more than $225 million of stock in late 2012, nearly erasing her ownership of 30% of First Citizens' voting rights. Ames, who had been a director since 1996, also