First Citizens Bank Contributes $50,000 to Create Endowment for Eastern Band of Cherokee Indians

August 20, 2004

RALEIGH — First Citizens Bank has announced the establishment of a $50,000 endowment to assist children and young adults of the Eastern Band of Cherokee Indians.

The endowment will be used to improve financial literacy among middle and high school students and to advance children’s health.

“At First Citizens Bank, we believe it’s part of our corporate responsibility to give back to the communities we serve,” said Bob Roberts, First Citizens’ Western Region executive, who presented the check to the Eastern Band of Cherokee Indians today. “We’re extremely pleased that we can do something important that supports our neighbors and lays the groundwork for an even brighter future.”

The endowment will be administered by the nonprofit North Carolina Community Foundation (NCCF) through its local affiliate, the Eastern Band of Cherokee Indians (EBCI) Community Foundation. An advisory committee of five to seven people will be named at a later date. The committee will advise the NCCF with respect to grant criteria, application materials and grant recipient selection.

A distribution of the endowment will be made annually. Generally, the principal will not be distributed in order to build and grow the endowment.

“The creation of this endowment is an extension of First Citizens’ ongoing commitment to Western North Carolina and to our friends with the Eastern Band of Cherokee Indians,” said Kevin Wells, First Citizens’ executive in the Jackson area, which includes Cherokee. “We hope it will help young people for many years to come.”

As a company, First Citizens targets four key areas of community involvement: economic and community development, health and human services, the arts and culture, and education with a focus on financial literacy. In addition to monetary support, First Citizens associates donate thousands of hours annually to local initiatives.

In 2003, First Citizens helped launch a financial literacy program to help seventh- and eight-grade members of the Eastern Band of Cherokee Indians prepare and plan for the future. In partnership with the Junior Achievement of Western North Carolina, the program will continue this fall, when First Citizens associates visit classes at Cherokee Middle School to teach personal finance and basic economic concepts.

First Citizens’ Cherokee main office, U.S. 441 North, has been open since 1986. A second office, Cherokee Crossings, U.S. 441 South, opened in February 2000. The bank has 39 branches in Western North Carolina.

The endowment announced today joins 10 other charitable funds in the EBCI Community Foundation. The EBCI Foundation, chaired by Allan Oocumma, is one of 58 affiliates of the statewide NCCF. The purpose of the NCCF, which has $75 million in assets, is to help local residents and organizations build permanently invested funds to benefit a wide variety of charitable causes.

Founded in 1898, First Citizens operates 335 branches in nearly 200 cities and towns in North Carolina, Virginia and West Virginia. Headquartered in Raleigh, First Citizens has $12.8 billion in assets. The bank is committed to providing superior financial services to individuals 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