First Citizens Bank Plans to Open Office in Knoxville

Knoxville banker Allan Beall hired to launch First Citizens’ second market in Tennessee

October 24, 2006

RALEIGH, N.C.—First Citizens Bank, the principal subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), today announced plans to expand into Knoxville, a second Tennessee market for the company. First Citizens has hired local banker Allan Beall to lead the new market.

First Citizens has received regulatory approval from the Federal Deposit Insurance Corporation (FDIC) and the North Carolina Banking Commission to open a Knoxville office.

The bank plans to renovate a leased space at 10118 Parkside Drive in the Parkside Business Center as a full-service branch, which is expected to open in the late first quarter of 2007.

“First Citizens Bank’s focus on small to mid-size businesses and professional clients is a great match for Knoxville,” said Bob Roberts, regional executive for First Citizens in Tennessee and Western North Carolina. “We’re looking forward to becoming a part of this outstanding community and are excited about the experienced local leadership we have in place to establish and grow our company here.”

First Citizens also has an office in downtown Nashville at 1534 Demonbreun St. The office opened in October 2005.

Allan Beall has been named area executive for the Knoxville area market and will oversee the bank's operations and business development efforts in the community. Beall and his team are currently working out of interim loan offices in Knoxville at 200 Prosperity Drive.

Beall served as city president in Anderson, Roane and Rhea counties at AmSouth Bank, where he started as a business banker and later served as the Knoxville business banking team leader. He also has prior experience as a financial advisor. Beall received his bachelor’s degree in computer science from the University of Maryland and has an associate’s degree in psychology from Hagerstown Junior College in Maryland. He is a retired U.S. Army officer with 25 years of service and a recipient of the Legion of Merit.

Founded in 1898, First Citizens operates 339 branches in more than 200 cities and towns in Tennessee, North Carolina, Virginia, West Virginia and Maryland. First Citizens BancShares has $15.6 billion in assets. 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 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