First Citizens Launches Business Online Banking

January 2, 2001

RALEIGH ,N.C. — First Citizens Bank is introducing its Business Online Banking product today, offering business customers the opportunity to use secure Internet technology to more effectively manage their finances.

Business Online Banking (BOB) gives businesses a full range of cash management options including detailed account information with balances as well as pending transactions, wire and internal transfers, transfers for automatic payments or deposits, electronic tax payments and stop payment options. All account information can be downloaded to popular account management software.

"Business Online Banking is sophisticated technology at its best because it's easy to use and helps businesses accomplish a simple goal: to spend more time running their companies," said Jeff Ward, group vice president and manager of First Citizens Direct.

First Citizens Direct complements the bank's extensive network of traditional and in-store branches with a lineup of alternative delivery services that includes Business Online Banking, firstcitizens.com online banking, Telephone Banking and ATMs.

Business Online Banking customers will access the service through their standard Internet connection. Companies will not need any special software, so they can efficiently manage their finances from any computer with an Internet connection. A multi-level security system protects account and transaction information. Companies will select an administrator and also designate other users who can access features approved by the administrator.

"Business owners are going to be amazed at the time and money they save using this product," Ward said. "I encourage a business owner and anyone who manages a company's books to go to our web site and check out the BOB demo."

Customers can review the BOB demo at www.firstcitizens.com and can sign up for BOB by contacting their business bankers or stopping by a bank branch. First Citizens began piloting BOB in select markets in October. The bank launched its Internet product for retail customers, firstcitizens.com online banking, in August 1999.

First Citizens Bank has about 360 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, contact:
Barbara Thompson
First Citizens BancShares
(919) 716-2716