First Citizens Completes Issuance of $100 Million in Trust-Preferred Securities

October 10, 2001

RALEIGH, N.C. - First Citizens BancShares Inc. (Nasdaq: FCNCA) today announced it has completed the public offering of 4,000,000 trust-preferred securities to raise $100 million. The securities were issued at a coupon rate of 8.40 percent. Keefe, Bruyette & Woods Inc., A.G. Edwards & Sons Inc., First Union Securities Inc. and Legg Mason Wood Walker Incorporated were the underwriters for the sale.

The securities were issued by First Citizens BancShares' subsidiary, FCB/NC Capital Trust II. The proceeds from the issuance will allow First Citizens BancShares to strengthen its well-capitalized position and will support future growth of its two banking subsidiaries, First Citizens Bank and Atlantic States Bank. The balance of the proceeds will be used for general corporate purposes.

As of June 30, 2001, First Citizens BancShares had total assets of $11.29 billion. Raleigh-based First Citizens Bank has 359 branches in North Carolina, Virginia and West Virginia. Atlantic States Bank, with corporate offices in Alpharetta and Fort Myers, has 44 branches in Georgia and Florida.

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