First Citizens CEO Pursued More Bank Acquisitions
CEO Frank Holding Jr. continues to leverage his family's ownership stake to hunt for new bank deals.
Updated on Sept. 21, 2026 in Business Strategy
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First Citizens BancShares Inc. Chief Executive Officer Frank Holding Jr. has indicated plans to acquire another bank. He is known for using a direct approach of cold-calling rival executives to initiate potential mergers.
Why it matters
The company's acquisition strategy relies heavily on the significant 23% stake held by the Holding family, allowing for aggressive growth in the banking sector. This approach marks a continued push for consolidation following the firm's major expansion efforts.
The Holding family maintains a 23% stake in First Citizens BancShares Inc. This concentration of ownership has been a foundational tool for the company's aggressive acquisition strategy.
The players
Frank Holding Jr.
He serves as the Chief Executive Officer of First Citizens BancShares Inc. and leads the firm's acquisition strategy.
Ellen Alemany
She is a banking executive who was previously contacted via cold call by Frank Holding Jr. regarding a potential acquisition.
First Citizens BancShares Inc.
This is a United States-based financial institution that significantly expanded its market presence through the acquisition of Silicon Valley Bank.
The details
Frank Holding Jr. has previously successfully utilized cold calls to reach out to executive peers, including Ellen Alemany, to launch merger negotiations. This tactic was instrumental in past deals and remains a key component of the firm's growth plans.
Timeline
2023: First Citizens BancShares acquired Silicon Valley Bank.
Market Landscape
This strategy follows the precedent set by the 2023 acquisition of Silicon Valley Bank. The move signals that First Citizens remains focused on rapid growth through industry consolidation in a competitive banking environment.
Customers of the institution may see changes in regional service availability as the bank pursues further consolidation. These moves could lead to shifts in product offerings or operational scale for existing account holders.
The takeaway
The leadership at First Citizens demonstrates that traditional direct outreach and significant family control remain potent tools in modern banking. Investors and customers should expect further shifts as the company seeks to maintain its momentum in the national financial market.
Further reading
Learn more about corporate expansion trends in the Business Strategy section.
Source note: This article includes information reported by Bloomberglaw.
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