First Citizens Bank's Systems Fully Functional in Y2K

January 1, 2000 (1:00 p.m.)

RALEIGH, N.C. - First Citizens Bank has completed an analysis of its major mainframe computer applications, deposit systems and delivery systems, finding that the bank is fully operational and ready to serve customers following the Year 2000 date change.

The ATMs, telephone banking and internet banking systems have served customers since midnight without interruption, and the bank has processed its daily transactions on schedule. First Citizens associates have successfully tested the bank's computer applications throughout the night and will continue testing individual applications throughout the weekend and into the business week.

Reports from the bank's 361 branches show that all are ready to open for business as usual on Monday. In-store branches with regular Sunday hours will open on Sunday.

"First Citizens Bank worked hard to make sure that this major event of entering the Year 2000 was actually a non-event for our customers in terms of their banking services," said Jim Hyler, vice chairman of First Citizens. "We've known that we were ready to handle the date change, but it’s a great feeling to have it behind us and know that we are operating right on schedule and ready to serve our customers."

The bank spent more than three years identifying, fixing and testing computer code to make it Y2K compliant. First Citizens partnered with Keane Inc., a $1 billion Boston-based, information systems consulting firm, to implement its Year 2000 readiness strategy. First Citizens used Keane's Year 2000 readiness methodology, Resolve 2000, to prepare for the millennium. Keane's Resolve 2000 methodology has been certified by the Information Technology Association of America.

First Citizens operates 361 branches in more than 200 cities and towns in North Carolina, Virginia and West Virginia. Headquartered in Raleigh, the bank has $9.58 billion in assets. First Citizens Bank is committed to providing superior financial services to individual customers and small to mid-sized businesses.

For more information, contact:
Barbara Thompson
First Citizens BancShares
(919) 716-2716

THIS IS A YEAR 2000 READINESS DISCLOSURE