FCNCA · CIK 798941
What First Citizens BancShares, Inc. told the SEC could break it.
First Citizens' funding is concentrated in two ways. Its Commercial Bank segment holds large-dollar deposits from private-equity and venture-capital clients in technology, life science and healthcare — accounts over $50 million totaled about $7.09 billion at year-end 2025 — a volatile, largely uninsured base. Its deposits are also geographically concentrated by branch, with North Carolina alone about 25.7% of the total (South Carolina 7.7%, California 6.9%), so adverse conditions in its core markets would matter disproportionately. On the asset side, it flags trade-policy risk: 2025 IEEPA tariffs (struck down by the Supreme Court in February 2026, with refund uncertainty) and potential replacements could raise borrowers' costs and impair their ability to service debt.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- tech/VC large-dollar depositors (SVB legacy Commercial Bank)medium
Commercial Bank deposits include large-dollar PE/VC accounts in technology, life-science and healthcare; deposit accounts over $50 million totaled ~$7.09 billion, concentrating funding in a volatile, largely-uninsured client base.
“Deposits in the Commercial Bank segment include large dollar accounts with private equity and venture capital clients, primarily in the technology, life science and healthcare industries. Deposit accounts with balances in excess of $50 million totaled approximately $7.09 billion as of December 31, 2025, compared to approximately $8.01 billion as of December 31, 2024.”
SEC filing →As of 2026
Geographic concentration
- North Carolina deposit concentrationmedium
Deposits are geographically concentrated by branch location, with North Carolina at ~25.7% of total deposits (South Carolina 7.7%, California 6.9%); adverse conditions in core markets could materially affect results.
“Based on branch location, our top state deposit concentrations as of December 31, 2025 were in North Carolina, South Carolina, and California, which represented approximately 25.7%, 7.7%, and 6.9%, respectively, of total deposits.”
SEC filing →As of 2026
Regulatory & policy
- IEEPA tariffs / trade policy (borrower credit channel)medium
2025 IEEPA tariffs (struck down by the Supreme Court in Feb 2026, with refund uncertainty) and potential replacement trade measures could raise borrowers' input costs and impair their ability to service debt, feeding credit risk.
“Increased tariffs and trade restrictions may cause the prices of our customers' products to increase, which could reduce demand for such products, or reduce our customers' margins, and adversely impact their revenues, financial results, and ability to service debt, which in turn, could adversely impact our business, financial condition and results of operations.”
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