Atlantic States Bank to Change Name
to Ironstone Bank

New name signifies company's strength, growth, potential and values

May 6, 2003

RALEIGH, N.C. - Atlantic States Bank will change its name to IronStone Bank to reflect the company’s presence in markets across the country, according to Lewis R. Holding, chairman of the board for First Citizens BancShares Inc., the parent company. Atlantic States customers and bank associates will not be affected in any way by the change. All banking products and services provided to customers will remain the same.

The name change, which will take place over the course of 2003, acknowledges the bank's steady growth in cities across the United States. While the bank is known as Atlantic States in Georgia and Florida, the IronStone name is already being used successfully in new western markets.

“The name IronStone Bank symbolizes our strength, growth, potential and values,” Holding said. “It is unique and can serve as one more differentiator between our bank and others in the markets we serve.”

Holding noted that the consistent use of the IronStone Bank name eliminates geographic limitations as the company continues to expand.

In 2002, Atlantic States created a division, using the name IronStone Bank, in the high-growth western markets of Austin, Texas; Scottsdale, Ariz.; and the California communities of Sacramento, San Diego, La Jolla, Newport Beach, Rancho Santa Margarita, Mission Viejo and Solana Beach.

Prior to the launch of the division, the IronStone name was positively tested by focus groups. It has been well received in IronStone’s western markets since then.

“There will be a seamless transition of the IronStone Bank logo and name on our branches and banking materials,” Holding said. “We want our customers to know that our name change will not have any impact on the superior service we deliver or our customer focus.”

IronStone Bank’s logo resembles an iron cinch, an architectural feature that helps make buildings flexible yet strong.

First Citizens BancShares’ Corporate Board of Directors unanimously approved the name change during its April 28 meeting. The Office of Thrift Supervision (OTS) in Atlanta has been notified.

Atlantic States Bank is a federal thrift institution chartered in 1997. It provides superior financial services to individuals, families, professionals and small to mid-sized businesses. Atlantic States has more than $1 billion in assets. The bank operates 21 offices in the Atlanta metro area of Georgia and 18 offices in Jacksonville, Fort Myers, Naples and Fort Lauderdale areas of Florida. After the name change, the bank's headquarters will continue to operate out of Alpharetta, Ga., and the western division headquarters will continue to operate out of Austin, Texas.

First Citizens BancShares (Nasdaq: FCNCA) has assets of $12.39 billion. Two of BancShares’ major subsidiaries are 105-year-old First Citizens Bank, with 342 branches in North Carolina, Virginia and West Virginia, and Atlantic States Bank. For more information, visit the First Citizens Web site at firstcitizens.com.

Barbara Thompson
(919) 716-2716
First Citizens Bank