First Citizens Bank to Purchase Wimbish Insurance Agency

October 25, 2000

RALEIGH, N.C. - First Citizens Bank announced today that it has signed a letter of intent to acquire Wimbish Insurance Agency of Greensboro.

Wimbish has been in operation in Guilford County since 1933, handling all forms of personal and commercial insurance with specialty lines in medical malpractice insurance and in surety bonds for the legal community. Agency owner Jim Ellington, long-time associate Virginia Franks and other key employees will continue to work with the agency after the acquisition is complete.

"Wimbish Insurance has a long history in Greensboro and puts a strong emphasis on serving its core constituency," said James B. Hyler Jr., vice chairman of First Citizens. "This agency complements First Citizens' growing insurance business, and we look forward to having them join our team."

In July, First Citizens completed its acquisition of Greensboro Insurance Services. Wimbish will join Greensboro Insurance Services as part of First Citizens' Insurance Services Division.

First Citizens Insurance Services, managed by Lee Hargrove, senior vice president, is comprised of insurance professionals representing a wide range of national and regional companies. The structure allows agents to comparison shop among various providers to offer customers the best coverage for the least cost. First Citizens offers a complete range of business and personal insurance products.

The acquisition is subject to execution of a final agreement and regulatory approval.

First Citizens Bank has 367 branches in more than 200 communities in North Carolina, Virginia and West Virginia. Headquartered in Raleigh, the bank has $10.36 billion in assets. First Citizens is committed to providing superior financial services to individual customers and small to mid-sized businesses. For more information, visit the First Citizens web site.

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