The six-person executive team that will lead Raleigh’s First Citizens Bank after it completes its purchase of a 176-branch South Carolina bank will include two executives of the acquired bank — one of whom married into the Holding family.
The Holding family owns a controlling interest in both the Raleigh bank and the South Carolina bank with a similar name that is being acquired, First Citizens Bank and Trust. The combination of the two banks, which was announced earlier this month and is technically a merger, will create the nation’s largest family-controlled bank with more than 575 branches in 18 states and the District of Columbia.
As previously announced, Frank Holding Jr., chairman and CEO of the Raleigh-based bank, will head the combined bank.
Other members of the six-person executive leadership team that will be installed when the deal is completed were unveiled Tuesday. Each of the executives will have identical titles with the combined bank and its corporate parent, publicly traded First Citizens BancShares.
• Peter Bristow, 48, currently executive vice president and chief operating officer of the South Carolina bank, will become president of the combined bank. Bristow is the brother-in-law of Frank Holding Jr. and his sister, Hope Holding Bryant, the vice chairman of the Raleigh bank. He also will take on the additional role of corporate sales executive focused on the Carolinas and mid-Atlantic markets.
Bristow’s annual base salary will be $625,000.
• Ed Willingham, 59, currently president of the Raleigh bank, will fill the newly created position of chief operating officer of the combined bank. Willingham has been president of the Raleigh bank since 2009. His annual compensation, which includes an annual base salary of $625,000, will not change.
• Craig Nix, 42, executive vice president and chief financial officer of the South Carolina bank, has been named chief financial officer. He will replace Glenn McCoy, 60, currently the chief financial officer of the Raleigh bank, who “will retire on a date to be determined following the merger.” Nix’s annual base salary will be $500,000.
• Jeffery Ward, 54, will be chief strategy officer — a new position — of the combined bank. He currently is regional executive vice president of the Raleigh bank’s central region.
• Hope Holding Bryant will be vice chairman of the combined bank and will take on the added role of corporate sales executive focused on wealth management services and newer markets that the bank has expanded into in recent years.