Moody's drops First-Citizens

Moody's Investors Service said it downgraded the long-term ratings of First-Citizens Bank and Trust Co. (long-term bank deposits to A2 from A1 and bank financial strength rating to C+ from B-).

The bank's short-term ratings were affirmed at Prime-1, the agency said.

The outlook is negative.

First-Citizens Bank and Trust Co. is the lead bank subsidiary of First Citizens BancShares, Inc., the agency added, noting that these rating actions follow First Citizens' announcement that the company will acquire certain assets and liabilities of Temecula Valley Bank in a transaction facilitated by the Federal Deposit Insurance Corp.

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