First Citizens Bank Completes Wimbish Insurance Purchase

February 1, 2001

RALEIGH ,N.C.— First Citizens Bank announced today that it has completed its acquisition of Wimbish Insurance Agency of Greensboro.

Agency owner Jim Ellington, long-time associate Virginia Franks and other key employees will continue to work with the business as it becomes part of First Citizens' Insurance Services Division. 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.

"We're pleased to have Wimbish Insurance and its associates become a part of our growing insurance business," said James B. Hyler Jr., vice chairman of First Citizens. "First Citizens can offer exceptional value and a wide product range to their clients, and in return we expect to benefit quickly from their expertise, particularly in specialized insurance lines."

In July, First Citizens completed its acquisition of Greensboro Insurance Services. 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.

First Citizens Bank has more than 360 branches in North Carolina, Virginia and West Virginia. Headquartered in Raleigh, the bank has $10.69 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 its website at firstcitizens.com.

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