First Citizens Completes Avery County Bank Acquisition

October 20, 2003

RALEIGH, N.C. - First Citizens Bank has completed the acquisition of Avery County Bank in Newland, N.C.

First Citizens has assumed Avery County Bank’s $54.4 million in deposits, and the office at 125 Montezuma St. re-opened as First Citizens Bank’s Newland main office today (Oct. 20).

“We want to welcome our Avery County customers to First Citizens,” said Area Executive Howard Wiseman. “We’re dedicated to providing excellent one-on-one service along with comprehensive products that allow people to do amazing things with their lives and businesses.”

Martha Guy, former president of Avery County Bank, has been named as a consultant with First Citizens and will serve, along with her bank’s other directors, on a new First Citizens local board of directors for Avery County.

“First Citizens, with its stability, long-term perspective and many convenient financial service channels, makes a great match for the people and businesses of Avery County,” Guy said. “I appreciate the trust and loyalty our customers have shown us for 90 years and know First Citizens will continue to deliver exceptional service.”

The acquisition gives First Citizens two offices serving the people and businesses of Avery County and strengthens its presence in Western North Carolina. The bank already has a branch at the Banner Elk Lowes Foods store at 4000 Highway 105. For almost 20 years, the bank has had a significant market presence in neighboring Watauga County with offices in Boone and Blowing Rock.

The bank has added several new convenient features in Newland. A walk-up ATM has been installed in front of the building for 24-hour banking. In addition, the office will remain open in the early afternoon: hours of operation for the lobby and two drive-through lanes are Monday through Thursday, 9 a.m. to 5 p.m., and Friday, 9 a.m. to 6 p.m.

Terri Lusk was recently named financial services manager of the Newland office. She most recently served as First Citizens’ manager in Banner Elk. Joining her at the office will be former Avery County Bank associates who have agreed to remain with First Citizens.

Founded in 1898, First Citizens operates 338 branches in 200 cities and towns in North Carolina, Virginia and West Virginia. Headquartered in Raleigh, First Citizens has $12.39 billion in assets. First Citizens Bank is committed to providing superior financial services to individual customers and small to mid-sized businesses. For more information about First Citizens Bank and its services, visit firstcitizens.com or call toll-free 1-888-FC DIRECT (1-888-323-4732).

Barbara Thompson
(919) 716-2716
First Citizens Bank