Raleigh's First Citizens lands spot on Fortune 500 list
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An exterior view of a First Citizens Bank branch in Raleigh. Photo: Melissa Sue Gerrits/Getty Images
First Citizens Bank, founded 125 years ago in Johnston County, is the Triangle's newest Fortune 500 company, entering the annual list of the country's largest companies by revenue at No. 182.
State of play: Still run by the Holding family, First Citizens has grown rapidly through a series of acquisitions in the past few years — most notably that of the failed Silicon Valley Bank in March 2023.
- That purchase made First Citizens the 15th largest bank in the country, with more than $217 billion in assets, according to the Federal Reserve.
- It also put CEO Frank Holding Jr., 62, and his sister Carson Brice, 56, among North Carolina's billionaires.
Between the lines: When it acquired Silicon Valley Bank, a longtime favorite among startups, there were concerns about whether First Citizens would be able to maintain the business relationships formed at SVB.
- But more than a year after the transaction, 81% of SVB's accounts before its government takeover remain active, according to the News & Observer.
- The bank told investors in April that 80% of SVB's bankers and relationship advisors have stayed with the company, and that SVB has acquired more than 1,000 new clients since it was acquired by First Citizens.
By the numbers: Three Triangle-region companies made the Fortune 500 list this year, up from two last year.
First Citizens is now the Triangle's largest public company by revenue, ranking No. 182. Last year it came in at No. 602.
- The bank's revenue grew to $22.5 billion over the past year, an increase of 305%, according to Fortune.
- Shares of the company have also skyrocketed since it bought Silicon Valley Bank last year.
IQVIA Holdings, the Durham-based clinical research company, came in at No. 275, up 11 spots from last year.
- The company's revenues were up 4% from last year to $15 billion.
Advance Auto Parts, the Raleigh car parts dealer, ranked No. 358, up 10 spots.
- The company's revenues were up 1.2% to 11.3 billion — though its profits were down 93.6%.
- Advance is currently trying to turn around the company's finances, replacing former CEO Tom Greco last year with Shane O'Kelly, a Home Depot executive. Supply chain issues have hurt the company's competitiveness with rivals like AutoZone in recent years.
Just missing the list this year was Raleigh-based Martin Marietta, a supplier of building materials like rocks and sand.
- Martin Marietta ranked No. 516, an improvement of 23 spots.
- The company's revenues grew 6.2% over the same time to $6.9 billion.