IronStone Bank Announces Plans for Expansion into Oregon

January 20, 2004

IronStone Bank has announced plans to enter the Portland, Ore., market, continuing its Western United States expansion.

IronStone Bank, which focuses on serving small business and professional clients, is seeking regulatory approval from the Office of Thrift Supervision to open at 309 SW 6th Avenue in Portland City Center. The bank expects to open in the second quarter of 2004.

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 recently listed as one of the highest rated small business banks in the country by the Small Business Administration.

“IronStone Bank’s focus on small business and professional clients fits well with Portland’s commitment to a healthy and progressive business climate,” said Jay Parker, IronStone Bank president. “We’re looking forward to becoming a part of this outstanding community.”

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

Since opening its first office in Austin, Texas, in September 2002, IronStone Bank has expanded to 10 branches in Texas, Arizona and California. The bank recently received federal approval to open offices in New Mexico and Colorado.

In addition to the IronStone Bank division, Atlantic States Bank has 34 offices in Florida and Georgia. Jim Pope is president of Atlantic States. In March 2004, 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 332 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.

Barbara Thompson
(919) 716-2716
First Citizens Bank