Exhibit 99

For Immediate Release	Contact:	Barbara Thompson
July 25, 2005		First Citizens Bank
		(919) 716-2716

FIRST CITIZENS REPORTS EARNINGS FOR SECOND QUARTER 2005

RALEIGH, N.C. – First Citizens BancShares Inc. (Nasdaq: FCNCA) reports earnings for the quarter ending June 30, 2005, of $30.1 million compared to $15.9 million for the corresponding period of 2004, an increase of 89.5 percent, according to Lewis R. Holding, chairman of the board.

Per share income for the second quarter 2005 totaled $2.88 compared to $1.52 for the same period a year ago. First Citizens’ results generated an annualized return on average assets of 0.89 percent for the second quarter of 2005, compared to 0.50 percent for the same period of 2004. The annualized return on average equity was 10.79 percent during the current quarter, compared to 6.11 percent for the same period of 2004.

First Citizens’ earnings benefited from significantly higher net interest income, lower net charge-offs and improved noninterest income. Net interest income for the current quarter increased by $17.1 million or 18.3 percent compared to the same period of 2004. The improvement resulted from loan growth and higher interest rates. Average loans increased $505.8 million or 5.7 percent during the second quarter of 2005 when compared to the same period in 2004. The taxable-equivalent yield on interest-earning assets increased 83 basis points to 5.25 percent, while the rate on interest-bearing liabilities increased 65 basis points to 2.01 percent. As a result, the taxable-equivalent net yield on interest-earning assets increased 31 basis points to 3.63 percent during the second quarter of 2005 as compared to the second quarter of 2004.

Noninterest income increased $5.7 million or 9.0 percent during the second quarter of 2005, when compared to the same period of 2004. During 2005, noninterest income included a $2.9 million gain on the securitization and sale of $256.2 million in home equity loans. BancShares also recorded an improvement of $1.9 million or 11.4 percent in cardholder and merchant services income during 2005. Trust income and fees from processing services increased over the same period of 2004, while service charge income and mortgage income declined.

The provision for credit losses decreased $2.9 million or 29.5 percent from the second quarter of 2004 to the same period of 2005 primarily due to lower net charge-offs. Net charge-offs were $4.9 million during the second quarter of 2005, compared to $6.5 million during the same period of 2004. The ratio of net charge-offs to average total loans for the current quarter equaled 0.21 percent compared to 0.30 percent in the second quarter of 2004.

Noninterest expense increased $2.6 million during the second quarter of 2005. The 2.1 percent increase primarily resulted from IronStone Bank’s continued expansion of its branch network into new markets. Salary expense increased $1.1 million or 2.2 percent during 2005 due largely to new positions at IronStone Bank. Cardholder and merchant processing costs increased $1.0 million or 14.2 percent during 2005 due to increased transaction volume.

For the six-month period ending June 30, 2005, net income was $55.1 million or $5.28 per share, compared to $33.2 million or $3.18 per share earned during the same period of 2004. Annualized net income for 2005 represents 0.82 percent of average assets compared to 0.53 percent for 2004. The annualized return on average equity was 10.04 percent for the first six months of 2005, compared to 6.42 percent for the same period of 2004. The 65.9 percent increase in 2005 net income resulted from gains in net interest income, noninterest income and lower provision for credit losses.

Year-to-date net interest income for 2005 increased $30.3 million or 16.3 percent over the same period of 2004. During 2005, net interest income benefited from the growth of interest-earning assets and an improved net yield. Interest-earning assets increased $835.5 million or 7.4 percent during the first half of 2005. The taxable-equivalent net yield on interest-earning assets increased 27 basis points to 3.62 percent during 2005 versus the comparable period of 2004.

Noninterest income increased $5.3 million or 4.3 percent during the first six months of 2005. This increase includes the impact of the gain on sale of home equity loans and improved cardholder and merchant services income. Cardholder and merchant services income increased $4.0 million or 13.1 percent from the first half of 2004 to the first half of 2005 due to continued transaction volume growth. Partially offsetting the growth in noninterest income were service charge income and mortgage income, both of which were lower during the first six months of 2005, as well as an unfavorable variance in securities transactions of $1.9 million.

Noninterest expense increased $5.1 million or 2.1 percent during the first six months of 2005, the result of higher personnel expenses as well as higher costs related to cardholder and merchant processing. Total personnel costs increased $2.1 million or 2.0 percent during 2005, while cardholder and merchant processing costs increased $1.7 million or 12.5 percent over the same period of 2004.

For the six-month period ending June 30, the provision for credit losses was $12.3 million and $17.8 million for 2005 and 2004, respectively. The lower provision for credit losses resulted principally from decreased levels of net charge-offs. Net charge-offs were $8.4 million and $11.8 million during the respective six-month periods, a decrease of $3.4 million or 28.6 percent during 2005.

As of June 30, 2005, First Citizens had total assets of $14.02 billion. First Citizens Bank has 339 branches in North Carolina, Virginia and West Virginia. IronStone Bank has 50 branches in Georgia, Florida, Texas, New Mexico, Arizona, California, Colorado, 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 June 30						Six Months Ended June 30
(thousands, except share data; unaudited)	2005			2004			2005			2004
Interest income	$	160,206		$	124,660		$	308,451		$	248,354
Interest expense		49,536			31,120			92,114			62,347
Net interest income		110,670			93,540			216,337			186,007
Provision for credit losses		6,994			9,917			12,320			17,764
Net interest income after provision for credit losses		103,676			83,623			204,017			168,243
Noninterest income		68,566			62,901			129,789			124,444
Noninterest expense		123,951			121,348			245,296			240,244
Income before income taxes		48,291			25,176			88,510			52,443
Income taxes		18,215			9,304			33,437			19,240
Net income	$	30,076		$	15,872		$	55,073		$	33,203
Taxable-equivalent net interest income	$	111,038		$	93,850		$	217,052		$	186,642
Net income per share	$	2.88		$	1.52		$	5.28		$	3.18
Cash dividends per share		0.275			0.275			0.55			0.55
Profitability Information (annualized)								0
Return on average assets		0.89	%		0.50	%		0.82	%		0.53	%
Return on average equity		10.79			6.11			10.04			6.42
Taxable-equivalent net yield on interest-earning assets		3.63			3.32			3.62			3.33
CONDENSED BALANCE SHEETS
(thousands, except share data; unaudited)				June 30 2005			December 31 2004			June 30 2004
Cash and due from banks				$	680,415		$	679,683		$	707,336
Investment securities					2,644,335			2,125,524			2,038,227
Loans and leases					9,300,984			9,354,387			8,988,095
Allowance for loan and lease losses					(126,247	)		(130,832	)		(125,357	)
Other assets					1,523,579			1,229,978			1,221,728
Total assets				$	14,023,066		$	13,258,740		$	12,830,029
Deposits				$	11,758,089		$	11,350,798		$	10,962,062
Other liabilities					1,130,735			821,632			821,484
Shareholders’ equity					1,134,242			1,086,310			1,046,483
Total liabilities and shareholders’ equity				$	14,023,066		$	13,258,740		$	12,830,029
Book value per share				$	108.70		$	104.11		$	100.29
Tangible book value per share					97.75			93.12			89.27
SELECTED AVERAGE BALANCES
	Three Months Ended June 30						Six Months Ended June 30
(thousands, except shares outstanding; unaudited)	2005			2004			2005			2004
Total assets	$	13,618,161		$	12,723,435		$	13,464,834		$	12,615,831
Investment securities		2,345,056			2,152,615			2,209,439			2,246,786
Loans and leases		9,324,200			8,818,359			9,340,748			8,636,479
Interest-earning assets		12,255,663			11,376,825			12,093,276			11,257,819
Deposits		11,562,349			10,843,065			11,471,238			10,738,965
Interest-bearing liabilities		9,867,227			9,234,863			9,755,118			9,222,553
Shareholders’ equity	$	1,118,122		$	1,044,864		$	1,106,682		$	1,040,202
Shares outstanding		10,434,453			10,435,756			10,434,453			10,436,051
ASSET QUALITY
(thousands; unaudited)				June 30 2005			December 31 2004			June 30 2004
Nonaccrual loans				$	13,362		$	14,266		$	17,282
Other real estate					5,049			9,020			6,633
Total nonperforming assets				$	18,411		$	23,286		$	23,915
Accruing loans 90 days or more past due				$	10,056		$	12,192		$	11,389
Net charge-offs (year-to-date)					8,397			22,998			11,764
Nonperforming assets to gross loans plus foreclosed real estate		0.20	%		0.25	%		0.27	%
Allowance for credit losses to total loans and leases					1.36			1.40			1.39
Net charge-offs to average total loans (annualized, year-to-date)		0.18			0.26			0.27
CAPITAL INFORMATION
(dollars in thousands; unaudited)				June 30 2005			December 31 2004			June 30 2004
Tier 1 capital				$	1,266,909		$	1,217,149		$	1,180,900
Total capital					1,528,175			1,351,535			1,310,135
Risk-weighted assets					10,178,563			10,023,469			9,640,164
Tier 1 capital ratio					12.45	%		12.14	%		12.25	%
Total capital ratio					15.01			13.48			13.59
Leverage capital ratio					9.38			9.26			9.37