First Citizens Bank to Purchase First Virginia Branch

February 3, 2003

RALEIGH, N.C. - First Citizens Bank has reached an agreement with First Virginia Bank-Hampton Roads to acquire its office in Emporia, Va.

Under the agreement, First Citizens will purchase the loans and assume the deposits of First Virginia’s branch located at 524 North Main St. in Emporia. The transaction is subject to regulatory approval.

The acquisition will give First Citizens two offices serving the people and businesses in Emporia. The bank already has a branch at 214 W. Atlantic St. At this time, First Citizens plans to operate both offices.

"The purchase of this office will complement First Citizens' presence in the Emporia community," said James B. Hyler Jr., vice chairman of First Citizens Bank. "We are committed to the communities we serve and look forward to offering our financial expertise and amazing service to a new group of customers."

First Citizens will offer employees at the acquired branch opportunities to remain with the bank.

Hyler said customers will be notified of the acquisition by letter. Following regulatory approval, the transition of the accounts to First Citizens will take place in the second quarter of 2003.

First Citizens operates 342 branches in more than 202 cities and towns in Virginia, West Virginia and North Carolina. Headquartered in Raleigh, N.C., with Virginia region headquarters in Roanoke, First Citizens is a major subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), which has $12.23 billion in assets.

Founded in 1898, 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 and its services, call toll-free 1-888-FC-DIRECT (1-888-323-4732) or visit the bank's Internet site, firstcitizens.com.

Barbara Thompson
(919) 716-2716
First Citizens Bank