Is First Citizens Bank and Citizens Bank the Same?
In the United States, there are numerous banks that offer financial services to individuals and businesses. Two of the most well-known are First Citizens Bank and Citizens Bank. Many people often wonder if these two banks are the same or if they are distinct entities. In this article, we will explore the similarities and differences between First Citizens Bank and Citizens Bank to provide a clearer understanding of their relationship.
First Citizens Bank is a financial institution that was founded in 1898 and is headquartered in Raleigh, North Carolina. The bank has grown over the years and now operates in 15 states, providing a wide range of services, including personal and commercial banking, wealth management, and private banking. First Citizens Bank is a member of the Federal Reserve System and is regulated by the Office of the Comptroller of the Currency (OCC).
On the other hand, Citizens Bank is a financial institution that was founded in 1828 and is headquartered in Providence, Rhode Island. It is one of the largest retail banks in the United States, with a presence in 11 states and Washington, D.C. Citizens Bank offers a variety of financial products and services, including personal, business, and commercial banking, mortgages, and credit cards. It is also a member of the Federal Reserve System and is regulated by the OCC.
Although both banks are members of the Federal Reserve System and are regulated by the OCC, there are significant differences between them. First Citizens Bank is a commercial bank that operates primarily in the southeastern United States, while Citizens Bank has a broader geographical presence. Additionally, the ownership structure of the two banks is different. First Citizens Bank is a publicly traded company, while Citizens Bank is a subsidiary of the Royal Bank of Scotland (RBS).
Another key difference is the size of the two banks. First Citizens Bank has a total asset base of approximately $180 billion, while Citizens Bank has a total asset base of over $200 billion. This difference in size is reflected in the range of services offered by each bank. For example, Citizens Bank has a larger footprint in the mortgage market, while First Citizens Bank has a stronger presence in the commercial banking sector.
In conclusion, while First Citizens Bank and Citizens Bank may share some similarities, such as their membership in the Federal Reserve System and their regulation by the OCC, they are not the same institution. They have different ownership structures, geographical footprints, and sizes, which result in different service offerings and market positions. Understanding these differences can help individuals and businesses make informed decisions when choosing a bank to meet their financial needs.
