IronStone Bank Announces Plans For Expansion Into Washington

March 11, 2004

IronStone Bank has announced plans to enter the Seattle, Wash., market, continuing its strategic expansion on the West Coast.

IronStone Bank, which focuses on serving small business, medical and professional clients, is seeking regulatory approval from the Office of Thrift Supervision to open at 100 Fourth Ave. North, Suite 135, in Fisher Plaza, a premier location neighboring Seattle's Space Needle. The bank expects to open in the fourth quarter of 2004.

IronStone's straightforward, rock-solid approach to banking is a perfect match for the people and businesses of Seattle, according to Jay Parker, president of IronStone Bank's western franchise.

"Our focus on meeting the financial needs of professionals and small to mid-sized companies complements Seattle's strong entrepreneurial spirit and progressive business environment," Parker said. "We're eager to start building new relationships and delivering our brand of exceptional service."

Parker said he would put together a team of locally experienced bankers to manage operations in Washington.

IronStone is a division of Atlantic States Bank, a federal savings bank that is a subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA). First Citizens BancShares is a $12 billion financial holding company based in Raleigh, N.C. First Citizens BancShares was listed as one of the highest rated small business banks in the country by the Small Business Administration.

Since opening its first office in Austin, Texas, in September 2002, IronStone Bank has expanded to 11 branches in Texas, Arizona and California. The bank has received federal approval to open offices in Colorado, New Mexico and Oregon.

In addition to the IronStone Bank division, Atlantic States Bank has 34 offices in Florida and Georgia. Jim Pope is president of Atlantic States. On March 15, all Atlantic States offices will convert to the IronStone Bank name to reflect the company's steady growth across the United States.

First Citizens BancShares' lead subsidiary is First Citizens Bank, which opened its first branch in 1898 and has 337 offices in North Carolina, Virginia and West Virginia.

IronStone Bank works to build longstanding relationships with individual customers, small to mid-sized businesses, professionals and the medical community. In addition to its branch offices, customers can access financial services through the bank's Customer Contact Center at 1-866-IB DIRECT (1-866-423-4732) and through the Internet at ironstonebank.com.

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