Exhibit 99

For Immediate Release	Contact:	Barbara Thompson
Oct. 25, 2004		First Citizens Bank
		(919) 716-2716

FIRST CITIZENS REPORTS EARNINGS FOR THIRD QUARTER 2004

RALEIGH, N.C. – First Citizens BancShares Inc. (Nasdaq: FCNCA) reports earnings for the quarter ending Sept. 30, 2004, of $16.9 million compared to $19.5 million for the corresponding period of 2003, a reduction of 13.7 percent, according to Lewis R. Holding, chairman of the board.

Per share income for the third quarter 2004 totaled $1.62 compared to $1.87 for the same period a year ago. First Citizens’ results generated an annualized return on average assets of 0.52 percent for the third quarter of 2004, compared to 0.63 percent for the same period of 2003. The annualized return on average equity was 6.34 percent during the current quarter, compared to 7.74 percent for the same period of 2003.

During the third quarter of 2004, healthy growth in net interest income contributed to a $5.2 million or 18.3 percent increase in pre-tax income when compared to the same period of 2003. Net interest income increased as a result of the favorable impact of higher interest-earning assets and an improved net yield. For the third quarter, interest-earning assets increased $567.0 million or 5.2 percent. The net yield on interest-earning assets increased 10 basis points from 3.28 percent in the third quarter of 2003 to 3.38 percent in the third quarter of 2004. However, income tax expense increased $7.8 million, due primarily to findings identified during a routine tax audit.

The provision for loan losses increased $1.6 million or 25.5 percent from the third quarter of 2003 compared to the same period of 2004. The increase in provision for loan losses was attributed to higher net charge-offs during 2004 and new reserves established for loan growth. Net charge-offs were $5.5 million during the third quarter of 2004, compared to $4.0 million during the same period of 2003, a 37.2 percent increase. The ratio of net charge-offs to average loans for the current quarter equaled 0.24 percent compared to 0.20 percent in the third quarter of 2003.

Noninterest expense increased $1.9 million or 1.6 percent during the third quarter of 2004. Expansion of the IronStone Bank franchise contributed to increased salary expense of $1.8 million or 3.5 percent during 2004. Employee benefit expense increased $434,000 or 3.8 percent due to higher pension and health insurance costs. Occupancy expense increased $357,000 or 3.3 percent, the result of higher depreciation cost for new branches.

Noninterest income increased $898,000 or 1.4 percent during the third quarter, the result of improvements in cardholder and merchant services income and higher service charges on deposit accounts, offset by substantially reduced mortgage income. Cardholder and merchant services income increased $2.1 million or 14.3 percent from the third quarter of 2003 due to higher merchant and interchange income. Mortgage income declined $2.9 million or 59.9 percent compared to the third quarter of 2003.

For the nine-month period ending Sept. 30, 2004, net income was $50.1 million, or $4.80 per share, compared to $58.6 million, or $5.60 per share earned during the same period of 2003. Annualized net income for 2004 represents 0.53 percent of average assets compared to 0.64 percent for 2003. The annualized return on average equity was 6.39 percent for the first nine months of 2004, compared to 7.92 percent for the same period of 2003.

Year-to-date net interest income for 2004 increased $15.2 million or 5.7 percent from the same period of 2003. The increase in net interest income was due to the favorable impact of higher interest-earning assets and a slightly improved net yield. For the first nine months of 2004, interest-earning assets increased $483.5 million or 4.4 percent while the net yield on interest-earning assets improved 3 basis points to 3.35 percent.

Noninterest income increased $2.7 million or 1.5 percent during the first nine months of 2004, the result of improved cardholder and merchant services income, service-charge income and higher fees from processing services. These favorable variances were partially offset by significantly lower mortgage income. Noninterest expense increased $15.6 million or 4.5 percent during the first nine months of 2004, the result of higher personnel expenses and occupancy costs.

For the nine-month period ending Sept. 30, the provision for loan losses was $25.7 million and $19.1 million for 2004 and 2003, respectively. The increase in the provision for loan losses resulted from higher levels of net charge-offs. Net charge-offs were $17.2 million and $13.9 million during the respective nine-month periods, an increase of $3.3 million or 24.1 percent during 2004. Year-to-date net charge-offs represent 0.26 percent of average loans outstanding during 2004, compared to 0.24 percent for the same period of 2003.

As of Sept. 30, 2004, First Citizens had total assets of $13.0 billion. First Citizens Bank has 336 branches in North Carolina, Virginia and West Virginia. IronStone Bank has 45 branches in Georgia, Florida, Texas, Arizona, New Mexico, Colorado, California, Oregon and Washington. For more information, visit the First Citizens Web site at firstcitizens.com.

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This news release may contain forward-looking statements. A discussion of factors that could cause First Citizens’ actual results to differ materially from those expressed in such forward-looking statements is included in First Citizens’ filings with the SEC.

CONDENSED STATEMENTS OF INCOME

	Three Months Ended September 30						Nine Months Ended September 30
(thousands, except share data; unaudited)	2004			2003			2004			2003
Interest income	$	131,411		$	124,887		$	379,765		$	385,134
Interest expense		33,320			34,573			95,667			116,236
Net interest income		98,091			90,314			284,098			268,898
Provision for loan losses		7,972			6,353			25,736			19,108
Net interest income after provision for loan losses		90,119			83,961			258,362			249,790
Noninterest income		63,634			62,736			188,078			185,335
Noninterest expense		120,381			118,478			360,625			344,999
Income before income taxes		33,372			28,219			85,815			90,126
Income taxes		16,504			8,672			35,744			31,513
Net income	$	16,868		$	19,547		$	50,071		$	58,613
Taxable-equivalent net interest income	$	98,372		$	90,568		$	284,946		$	269,694
Net income per share	$	1.62		$	1.87		$	4.80		$	5.60
Cash dividends per share		0.275			0.275			0.825			0.825
Profitability Information (annualized)
Return on average assets		0.52	%		0.63	%		0.53	%		0.64	%
Return on average equity		6.34			7.74			6.39			7.92
Taxable-equivalent net yield on interest-earning assets		3.38			3.28			3.35			3.32

CONDENSED BALANCE SHEETS

(thousands, except share data; unaudited)	September 30 2004			December 31 2003			September 30 2003
Cash and due from banks	$	666,482		$	790,168		$	790,166
Investment securities		2,027,837			2,469,447			2,646,829
Loans		9,150,859			8,326,598			8,026,502
Reserve for loan losses		(127,857	)		(119,357	)		(117,747	)
Other assets		1,301,778			1,093,052			1,041,886
Total assets	$	13,019,099		$	12,559,908		$	12,387,636
Deposits	$	11,124,996		$	10,711,332		$	10,563,135
Other liabilities		826,089			819,271			808,823
Shareholders’ equity		1,068,014			1,029,305			1,015,678
Total liabilities and shareholders’ equity	$	13,019,099		$	12,559,908		$	12,387,636
Book value per share	$	102.35		$	98.63		$	97.32
Tangible book value per share		91.31			87.56			86.95

SELECTED AVERAGE BALANCES

	Three Months Ended September 30				Nine Months Ended September 30
(thousands, except shares outstanding; unaudited)	2004		2003		2004		2003
Total assets	$	12,935,674	$	12,287,273	$	12,723,224	$	12,177,404
Investment securities		2,022,450		2,665,203		2,171,462		2,579,562
Loans		9,058,562		7,946,501		8,778,200		7,801,418
Interest-earning assets		11,561,331		10,994,308		11,359,728		10,876,224
Deposits		11,039,247		10,441,989		10,839,790		10,373,902
Interest-bearing liabilities		9,330,244		9,126,076		9,258,712		9,159,017
Shareholders’ equity	$	1,057,749	$	1,002,524	$	1,046,592	$	989,046
Shares outstanding		10,434,453		10,436,345		10,435,514		10,457,976

ASSET QUALITY

(dollars in thousands; unaudited)	September 30 2004			December 31 2003			September 30 2003
Nonaccrual loans	$	16,062		$	18,190		$	13,494
Other real estate		7,749			5,949			6,827
Total nonperforming assets	$	23,811		$	24,139		$	20,321
Accruing loans 90 days or more past due	$	10,473		$	11,492		$	11,840
Net charge-offs (year-to-date)	$	17,236			17,772		$	13,894
Nonperforming assets to gross loans plus other real estate		0.26	%		0.29	%		0.25	%
Reserve for loan losses to gross loans		1.40			1.43			1.47