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Raleigh’s First Citizens Makes Fortune 500 List


First Citizens Bank, the newest Fortune 500 company in the Triangle, was established in Johnston County 125 years ago and debuted at No. 182 on the annual list of the largest companies in the nation by revenue.

The present state of affairs: First Citizens, which is still under the ownership of the Holding family, has rapidly grown in recent years as a consequence of several acquisitions, the most significant of which was the purchase of the bankrupt Silicon Valley in March 2023.

Based on assets of over $217 billion, the Federal Reserve ranked First Citizens as the 15th largest bank in the nation following the acquisition.

It also listed the 62-year-old CEO Frank Holding Jr. and his 56-year-old sister Carson Brice as billionaires in North Carolina.

Between the lines: First Citizens raised doubts about its ability to uphold the business ties it had established at Silicon Valley Bank, a well-liked startup for many years when it acquired the bank.

However, the News & Observer reports that 81% of SVB’s accounts from prior to its government takeover are still open more than a year after the transaction.

In April, the bank reported to investors that since First Citizens purchased SVB, over 1,000 new customers have joined the company, and 80% of the bankers and relationship advisors at SVB have remained with the business.
The Fortune 500 list included three Triangle-area businesses this year, compared to two the previous year.

First Citizens is currently ranked No. 182 and is the largest public company in the Triangle by revenue. Last year, it came in at No. 602.

Fortune reports that the bank’s revenue increased by 305% in the last year to $22.5 billion. Since the company acquired Silicon Valley Bank last year, its shares have also surged. The Durham, North Carolina-based clinical research company, IQVIA Holdings, ranked No. 275, up 11 positions from the previous year.

The company brought in $15 billion in revenue, 4% more than the previous year. Raleigh-based Advance Auto Parts, an auto parts retailer, rose ten places to No. 358.

Despite a 93.6% decline in profits, the company’s revenues increased by 1.2% to $11.3 billion. Shane O’Kelly, a Home Depot executive, took over as CEO of Advance last year in an attempt to improve the company’s financial situation. The company’s ability to compete with rivals like AutoZone has suffered recently due to supply chain issues.
This year, Raleigh-based Martin Marietta—a provider of construction supplies like rocks and sand—was just missing from the list.

Martin Marietta moved up 23 spots to No. 516 in the rankings.Over the same period, the company’s revenues increased 6.2% to $6.9 billion.

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