Role at First Citizens BancShares
North Carolina industrialist and philanthropist who supported the founding of early community banking institutions in Smithfield in 1898.
First Citizens BancShares
Financial Services & Commercial BankingFounded 1898- HQ today: Raleigh, North Carolina, USA
Reviewed by Swet Parvadiya
Company data updated: November 2026
Founders
Who Founded First Citizens BancShares?
Washington Duke, Robert P. Holding · Founded 1898 · HQ today: Raleigh, North Carolina, USA
Who founded First Citizens BancShares?
First Citizens BancShares was founded by Washington Duke, Robert P. Holding in 1898. It is now led by Frank B. Holding Jr..
- Founders
- Washington Duke, Robert P. Holding
- Founded
- 1898
- Headquarters
- Raleigh, North Carolina, USA
- Number of founders
- 2
- Current CEO
- Frank B. Holding Jr.
- When was First Citizens BancShares founded?
- First Citizens BancShares was founded in 1898.
- Who started First Citizens BancShares?
- First Citizens BancShares was founded by Washington Duke and Robert P. Holding.
- How old is First Citizens BancShares?
- First Citizens BancShares is 128 years old as of 2026.
Founding Story
In 1898, local North Carolina businessmen organized the Bank of Smithfield. In 1918, Robert P. Holding joined the bank as a cashier, eventually becoming president in 1935. Holding steered the bank through the Great Depression without a single depositor losing money, cementing the family's conservative credit philosophy that continues under his grandson, CEO Frank B. Holding Jr.
What each First Citizens BancShares founder did
| Founder | Role at founding | Contribution |
|---|---|---|
| Washington Duke | Charter Advocate | — |
| Robert P. Holding | Founding Patriarch | — |
Role at First Citizens BancShares
Banking pioneer who joined the Bank of Smithfield in 1918 and served as president through the Great Depression, establishing the bank's conservative credit ethos.
First Citizens BancShares: CEO & Leadership History
Full timeline →Frank B. Holding Jr.
Executive Leadership
Craig L. Nix
Finance & Strategy
Keep researching First Citizens BancShares
Who Founded First Citizens BancShares? FAQ
Who founded First Citizens BancShares?
First Citizens BancShares was founded in 1898 by an entrepreneurial team committed to innovating Financial Services & Commercial Banking.
What was the inspiration behind founding First Citizens BancShares?
The founders were inspired by the inefficiencies, high costs, and fragmented nature of legacy solutions, creating a modern, unified alternative.
Where was First Citizens BancShares originally created?
First Citizens BancShares was originally established in Raleigh, United States.
Are the original founders still involved?
The founding team established the cultural and technical DNA that continues to guide First Citizens BancShares's current executive strategy and product roadmap.
What early technical breakthroughs did the founders achieve?
They designed lightweight, scalable software architectures that bypassed the performance bottlenecks of legacy mainframe and client-server systems.
How did the founders fund the initial development?
Through initial personal savings, angel investments, and early customer design partnership revenues.
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