First Citizens BancShares Increases Dividend

January 27, 2003

RALEIGH, N.C. — The board of directors of First Citizens BancShares Inc. today declared an increased quarterly dividend of 27.5 cents per share on the Class A and Class B common stock. The dividend had been 25 cents. The dividend is payable April 7, 2003, to shareholders of record March 17, 2003.

First Citizens' stock is traded over-the-counter, and Class A is quoted on the Nasdaq National Market System under the symbol FCNCA.

Barbara Thompson
(919) 716-2716
First Citizens Bank