IronStone Bank New Franchise Name For Atlantic States Bank's Western Division

June 17, 2002

RALEIGH, N.C. - Jim Pope, president of Atlantic States Bank, announced today that the name for its new western division is IronStone Bank.

IronStone Bank already has received regulatory approval for branches and a six-lane motor bank in Austin, Texas.

IronStone Bank is also seeking regulatory approval for an office in Scottsdale, Ariz.

Pope said the IronStone name was chosen because it symbolizes strength and soundness.

"Our new name reflects the strength, integrity and durability of our company," Pope said. "We believe people want a bank that exemplifies these traits, and that's what IronStone Bank is all about."

While IronStone Bank is a new division, its parent company, First Citizens BancShares, has operated a banking franchise for more than a century. "IronStone Bank will exemplify the same long-standing principles of strength and tradition that have fueled the success of our franchise in the Southeastern United States," said Lewis R. Holding, chairman of First Citizens BancShares, which is headquartered in Raleigh, N.C.

IronStone Bank's Austin branch sites are located at 710 Congress Ave. in the historic Tips Building near the state capitol and 11149 Research Blvd. in Balcones Centre. The Austin main office will be housed in the Tips Building. The motor bank site is at 814 San Jacinto Blvd.

In Arizona, the proposed main office site is located at 7001 N. Scottsdale Road in the Scottsdale Seville Shopping Center.

Management teams are currently being assembled in both cities.

"Our Austin and Scottsdale offices will focus on serving individual customers, professionals and small to mid-sized businesses," said Jay Parker, president of IronStone Bank. "We are putting a team of experienced bankers in place who knows these markets and how to deliver our brand of exemplary customer service."

IronStone Bank plans to open all offices later this year.

IronStone Bank is a division of Atlantic States Bank, a federal savings bank with 42 offices in Metro Atlanta, Southwest Florida, Southeast Florida and North Florida. For more information about Atlantic States Bank, call toll free 1-800-AS DIRECT (1-800-273-4732) or visit the Internet site at atlanticstatesbank.com.

First Citizens BancShares (Nasdaq: FCNCA) is an $11.75 billion financial holding company based in Raleigh, N.C. BancShares' two major subsidiaries are Atlantic States Bank and 104-year-old First Citizens Bank with 345 branches in North Carolina, Virginia and West Virginia.

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