First Citizens Bank to Purchase Greensboro Insurance Services

April 27, 2000

RALEIGH, N.C. - First Citizens Bank announced today that it has entered into an agreement to acquire Greensboro Insurance Services, a general insurance agency headquartered in Greensboro.

Greensboro Insurance Services has been in operation for 55 years in Guilford County and offers property and casualty and group health insurance. Mark Schott is the president of the agency, which has 11 employees. Brian Sowers is vice president, and Sue Oakley is secretary/treasurer. Schott said the staff will stay intact after the acquisition, and the agency will maintain its location at 1301 Wendover Ave., becoming First Citizens' newest office for its growing Insurance Services Division.

"Greensboro Insurance has a well-earned reputation in the Triad as a company that puts its customers first," said James B. Hyler Jr., vice chairman of First Citizens. "We expect the company to complement First Citizens' commitment to providing quality service and the best products."

First Citizens Insurance Services, managed by H. 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 365 branches in 205 communities in North Carolina, Virginia and West Virginia. Headquartered in Raleigh, the bank has $9.88 billion in assets. First Citizens is committed to providing superior financial services to individual customers and small to mid-sized businesses. For more information on the bank, visit our web site.

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