Gregory Vousvounis
Value, growth at reasonable price, long-term horizon, long only

First Citizens: A First Class Bank With 60% Upside Potential

First Citizens BancShares, Inc (NASDAQ:FCNCA) is a bank holding company with one subsidiary, FCB (First-Citizens Bank & Trust Company). As of December 31, 2012 FCB had 414 operating branches in 17 states and the District of Columbia.

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First Citizens BankShares is a bank with a long history and a conservative customer-focused approach for doing business. The main reason for this is that First Citizens has been a family controlled bank for almost a century. The Holding family owns 58.01% of shareholder votes through their class B shares that have enhanced voting rights (class B shares have 16 votes each while class A shares have just one).

As a result the family has three of its...

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