FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended 12/31/95 Commission File Number 0-11172

FIRST CITIZENS BANCORPORATION OF SOUTH CAROLINA, INC.
(Exact name of registrant as specified in its charter)

State of South Carolina 57-0738665
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)

1230 Main Street
Columbia, South Carolina 29201
(Address of principal executive offices) (Zip Code)

Registrant's telephone number including area code (803) 733-3456

Securities Registered Pursuant to Section 12(b) of the Act:

None

Securities Registered Pursuant to Section 12 (g) of the Act:

Common Stock, $5.00 per value

(Title of Class)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES [ X ] NO [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
Regulation S-K is not contained herein, and will not be contained, to be the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.
YES [ X ] NO [ ]

The aggregate market value of the Registrant's Common Stock held by
non-affiliates as of February 29, 1996 was $49,167,019. The Registrant's voting
Preferred Stock is not regularly traded and has no quoted prices and therefore
has no readily ascertainable market value.

As of February 29, 1996, there were 892,813 outstanding shares of the
Registrant's Common Stock, $5.00 par value per share and 47,720 outstanding
shares of its Non-Voting Common Stock, $5.00 par value per share.

DOCUMENTS INCORPORATED BY REFERENCE

(1) Portions of Registrant's Annual Report to Shareholders for the fiscal
year ended December 31, 1995 are incorporated by reference into Parts I and II.

(2) Portions of Registrant's definitive Proxy Statement dated March 22,
1996 for the Annual Meeting of Shareholders to be held April 24, 1996 are
incorporated by reference into Part III.

PART I.

Item 1. BUSINESS
First Citizens Bancorporation of South Carolina, Inc. ("Bancorporation"),
a South Carolina corporation, is a one bank holding company organized in 1982
which owns all the outstanding stock of First-Citizens Bank and Trust Company of
South Carolina ("Bank"). The Bank, which is the principal asset and source of
income of Bancorporation, is engaged in the general banking business throughout
South Carolina and offers complete retail, commercial banking and trust
services. The net income of the Bank constituted approximately 103% of the
consolidated net income of Bancorporation for the year ended December 31, 1995,
and the assets of the Bank constituted approximately 99% of the consolidated
assets of Bancorporation at December 31, 1995. Wateree Enterprises, Inc., a
wholly-owned subsidiary of the Bank, which through its wholly-owned subsidiary,
Wateree Life Insurance Company, a South Carolina corporation, issues credit
life, accident and health insurance on borrowers from the Bank. Another
wholly-owned subsidiary of Wateree Enterprises, Inc. is Wateree Agency, Inc., a
South Carolina corporation, which acts as agent for the sale of insurance to the
Bank's customers.

Supervision and Regulation
As a bank holding company, Bancorporation is subject to regulation by the
Federal Reserve Board under the Bank Holding Company Act of 1956, as amended
(BHC Act), and its examination and reporting requirements. Bancorporation is
likewise subject to the requirements of the BHC Act which imposes certain
limitations and restrictions on the degree to which Bancorporation may conduct
non-banking related activities and the extent to which Bancorporation may engage
in merger and acquisition activities. In addition to the provisions of the BHC
Act, state banking commissions serve in a supervisory and regulatory capacity
with respect to bank holding company activities.
Federal law regulates transactions among Bancorporation and its
affiliates, including the amount of banking affiliate's loans to, or investment
in, non-banking affiliates. In addition, various requirements and restrictions
under federal and state laws regulate the operations of Bancorporation's banking
affiliates, requiring the maintenance of reserves against deposits, limiting the
nature of loans and interest that may be charged thereon, restricting
investments and other activities, and subjecting the banking affiliates to
regulation and examination by the state banking authorities and the FDIC.
There are various legal and regulatory limits on the extent to which
Bancorporation's subsidiary bank may pay dividends or otherwise supply funds to
Bancorporation. In addition, federal and state regulatory agencies also have the
authority to prevent a bank or bank holding company from paying a dividend or
engaging in any activity that, in the opinion of the agency, would constitute an
unsafe or unsound practice.
Under FRB policy, Bancorporation is expected to act as a source of
financial strength to, and commit resources to support, its subsidiary bank. In
addition, Financial Institutions Reform, Recovery and Enforcement Act (FIRREA)
provides that a depository institution insured by the FDIC can be held liable
for any loss incurred by, or reasonably expected to be incurred by, the FDIC in
connection with the default of a commonly controlled FDIC insured depository
institution. Under the Federal Deposit Insurance Corporation Improvement Act of
1991 (FDICIA) federal banking regulators are required to take prompt corrective
action in respect of depository institutions that do not meet minimum capital
requirements. FDICIA generally prohibits a depository institution from making
any capital distribution or paying management fees to its holding company if the
depository institution would thereafter be undercapitalized. In addition,
undercapitalized institutions will be subject to restrictions on borrowing from
the Federal Reserve System, to growth limitations and to obligations to submit
capital restoration plans. In order for a capital restoration to be acceptable,
the depository institution's parent holding company must guarantee the
institution's compliance with the capital restoration plan up to an amount not
exceeding 5% of the depository institution's total assets. Significantly
undercapitalized institutions are subject to greater restrictions, and
critically undercapitalized institutions are subject to appointment of a
receiver.
FDICIA also substantially revises the bank regulatory insurance coverage
and funding provisions of the Federal Deposit Insurance Act and makes revisions
to several other federal banking statues. FDICIA imposes substantial new
examination, audit and reporting requirements on insured depository
institutions. Under FDICIA, each federal banking agency must prescribe standards
for depository institutions and depository institution holding companies
relating to internal controls, information systems, internal audit systems, loan
documentation, credit underwriting, interest rate exposure, asset growth,
compensation, a maximum ratio of classified assets to capital, minimum earnings
sufficient to absorb losses, a minimum ratio of market value to book value for
publicly traded shares, and other standards as the agency deems appropriate.

PART 1 (CONTINUED)

Item 1. BUSINESS (CONTINUED)

The FDIC has adopted or currently proposes to adopt rules pursuant to
FDICIA that include: (a) real estate lending standards for banks, (b) revision
to the risk-based capital rules; (c) rules requiring depository institutions to
develop and implement internal procedures to evaluate and control credit and
settlement exposure to their correspondent banks; (d) a rule restricting the
ability of depository institutions that are not well capitalized from accepting
brokered deposits; (e) rules addressing various "safety and soundness" issues,
including operations and managerial standards for asset quality, earnings and
stock valuations, and compensation standards for the officers, directors,
employees and principal shareholders of the depository institution; and (f)
rules mandating enhanced financial reporting and audit requirements.
Uncertainties surrounding the health and solvency of the banking and
thrift industries, as well as continued concerns relating to the viability of
the FDIC, will likely result in additional legislation aimed at banking industry
reform.

First-Citizens Bank and Trust Company of South Carolina
The Bank was organized as a state bank in 1964. Its predecessor, Anderson
Brothers Bank, was organized in 1936. As measured by deposits, the Bank is the
fifth largest commercial bank in South Carolina and has 115 offices throughout
South Carolina.
The Bank is an insured bank, and is supervised, examined and regulated by
the Federal Deposit Insurance Corporation and the South Carolina State Board of
Financial Institutions.
For the year ended December 31, 1995, approximately 66% of the revenues of
the Bank were derived from interest and fees on loans, 19% from income on
investment securities, .4% from income on temporary investments, .6% from trust
fees, 8% from service charges on deposit accounts and 6% from other sources.
During 1995, the Bank acquired Summerville National Bank, Summerville,
South Carolina and branch locations in Liberty and Central South Carolina, from
another financial institution. Further information concerning these transactions
is contained in the section entitled "Management's Discussion and Analysis" of
the Registrant's 1994 Annual Report to Shareholders which is incorporated herein
by reference.
Commercial Banking Services. The Bank provides a wide range of traditional
commercial banking and related financial services to customers engaged in
manufacturing, wholesaling, retailing, providing services, buying and selling
real estate, and agriculture; and to institutions and agencies of state
government. It makes commercial loans for various purposes, including working
capital, real estate financing, equipment financing and floor plan loans for
automobile dealers. As of December 31, 1995, commercial and real estate loans
accounted for approximately 70% of the Bank's total loans. Interest and fees on
commercial and real estate loans constituted 46% of the Bank's operating
revenues for the year ended December 31, 1995.
Consumer Services. The Bank provides a full range of consumer banking
services, including checking accounts, savings programs, installment lending
services, real estate loans, trust accounts, travelers' cheques and safe deposit
facilities through its branch offices in South Carolina. The Bank provides
automated teller machines in over 97 locations and participates in an electronic
transfer network which presently gives customers access to their accounts
through over 52,000 automated teller machines worldwide. The Bank issues
MasterCard and VISA cards. As of December 31, 1995, consumer loans accounted for
approximately 30% of the Bank's total loan portfolio. Interest and fees for
consumer loans and services contributed 20% of the Bank's operating revenues for
the year ended December 31, 1995.
Trust Services. Through its trust department, the Bank offers a full range
of trust services. To individuals, the services offered include acting as
executor and administrator of decedents' estates, trustee of various types of
trusts, guardian of estates of minors and incompetents, portfolio management
service, investment counseling and assistance in estate planning. For
corporations, offered services include acting as registrar, transfer agent,
dividend paying agent for stock issues, and as trustee for bond and debenture
issues and pension and profit sharing plans. Fees for trust services contributed
.6% of the Bank's operating revenues for the year ended December 31, 1995.

PART I (CONTINUED)

Item 1. BUSINESS (CONTINUED)

Statistical Data
Certain statistical disclosures for bank holding companies required by
Guide 3 are included in the section entitled "Management's Discussion and
Analysis" on pages 3 through 15 of the Registrant's 1995 Annual Report to
Shareholders which is incorporated herein by reference.

Non-Banking Subsidiary
Wateree Life Insurance Company issues credit life insurance on
borrowers from the Bank. All policies in excess of $30,000 and individual
accident and health policies are insured by another insurance company. The
company had earned premiums of $463,163 or .3% of Bancorporation's consolidated
operating revenues for the year ended December 31, 1995. For the year ended
December 31, 1995, Wateree had a loss of $20,824 . Total insurance in force
amounted to $33,188,000 at December 31, 1995.
Wateree Agency, Inc. acts as agent for the sale of insurance to the Bank's
customers. Net income for the year ended December 31, 1995 was not material.
During 1995, First Citizens Mortgage Corporation, a wholly-owned mortgage
banking company, was made a department of the Bank in order to offer more
effective customer services and broaden the Bank's mortgage activities.

Employees of Bancorporation
Bancorporation has no salaried employees. As of December 31, 1995, the
Bank and its subsidiaries had 946 full-time equivalent employees. Bancorporation
and its subsidiaries are not parties to any collective bargaining agreement and
relations with employees are considered to be good.

Competition
Because South Carolina allows statewide branch banking, the Bank must
compete in local markets throughout the state with other depository
institutions. The Bank is subject to intense competition from various financial
institutions and other companies or firms that engage in similar activities,
both for local business in individual communities and for business in the
national market. The Bank competes for deposits with other commercial banks,
savings and loan associations, credit unions and with the issuers of commercial
paper and other securities, such as shares in money market funds. In making
loans, the Bank competes with other commercial banks, savings and loan
associations, consumer finance companies, credit unions, leasing companies and
other lenders. In addition, competition for personal and corporate trust
services is offered by insurance companies, other businesses and individuals.
A factor which has also increased competition in the Bank's local markets
is reciprocal interstate banking legislation. South Carolina law allows bank
holding companies in 12 other Southeastern states and the District of Columbia
to acquire banks and bank holding companies in South Carolina, provided that
reciprocal legislation has been passed in such other state or district. As a
result, a number of large bank holding companies located in other states and
having consolidated resources greater than those of Bancorporation (among them
four of the largest in the Southeastern United States) have acquired banks
located in South Carolina with which the Bank competes in its local markets. The
Bank is the fifth largest bank in South Carolina in terms of assets, but is the
largest bank owned by a South Carolina based holding company.
During September 1994, Congress adopted new legislation which, one year
after enactment and subject to certain limitations, will permit adequately
capitalized and managed bank holding companies to acquire control of a bank in
any state (the "Interstate Banking Law"). Also, beginning June 1, 1997 and
subject to certain limitations, the Interstate Banking Law permits banks to
merge with one another across state lines. Each state can authorize mergers
earlier than that date and also can choose to permit out-of-state banks to open
branch offices within that state's borders. Alternatively, a state can opt out
of interstate branching by adopting legislation before June 1, 1997. As of March
1996, South Carolina has not adopted any such legislation in response to the
Interstate Banking Law.

PART I (CONTINUED)

Item 2. PROPERTIES
Bancorporation owns in fee simple 1 piece of property having a book value
at December 31, 1995 of $80,441. To the limited extent necessary, it occupies
space owned by the Bank. Bancorporation's and the Bank's principal office is
located at 1230 Main Street in Columbia, South Carolina.
The Bank owns in fee simple 172 properties having a book value at December
31, 1995 of $33,134,404 which are used for its main office, branch office
locations, associated parking lots for customers and employees, or housing other
operational units of the Bank. In addition, the Bank leases 31 properties,
substantially all of which are used for branch office locations and associated
parking lots for customers and employees. All these leases are for relatively
long terms or include renewal options considered by management of the Bank to be
adequate. Rental expense paid for these properties in 1995 was approximately
$353,000, which was offset by $700,000 in rental income.
The properties leased and owned are all generally considered adequate for
the Bank's purposes; however, there is a continuing program of modernization,
expansion, and the occasional replacement of facilities. Maintenance and repairs
are not significant items of expense in the Bank's operations. Items of a
capital nature are added to the property accounts, and, at such time as they are
retired or otherwise disposed of, the cost and accumulated depreciation are
removed from the related accounts and the resulting gains or losses are
reflected in income.
For information concerning Bancorporation's commitments under current
leasing arrangements, see Note 12 to Bancorporation's Consolidated Financial
Statements.

Item 3. LEGAL PROCEEDINGS
Neither Bancorporation nor its subsidiary, the Bank, nor its subsidiaries,
are a party to, nor is any of their property the subject of, any material or
other pending legal proceeding, other than ordinary routine proceedings
incidental to their business.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None

PART II

Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS.
The information required by this item is incorporated herein by reference
to the section entitled "Market and Dividend Information Regarding Common and
Preferred Stock" on the inside cover of the Registrant's 1995 Annual Report to
Shareholders.

Item 6. SELECTED FINANCIAL DATA
The information required by this item is incorporated herein by reference
to the section entitled "Financial Highlights" on Page 1 of the Registrant's
1995 Annual Report to Shareholders.

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
The information required by this item is incorporated herein by reference
to the section entitled "Management's Discussion and Analysis" on pages 3
through 17 of the Registrant's 1995 Annual Report to Shareholders. The
statistical disclosures for bank holding companies required by Guide 3 are
included therein.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information required by this item is incorporated herein by reference
to the financial statements and supplementary data set forth on pages 18 through
31 of the Registrant's 1995 Annual Report to Shareholders.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

None

PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The information under the captions "PROPOSAL 2: ELECTION OF DIRECTORS" and
"Executive Officers" on Pages 6 through 10 and Page 11 of Bancorporation's
definitive Proxy Statement dated March 22, 1996, is incorporated herein by
reference.

Item 11. EXECUTIVE COMPENSATION
The information under the captions "Directors' Fees", "Compensation
Committee Interlocks and Insider Participation", "Executive Compensation" and
"Pension Plan" on Pages 9 through 12 of Bancorporation's definitive Proxy
Statement dated March 22, 1996, is incorporated herein by reference.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information under the captions "PRINCIPAL HOLDERS OF VOTING
SECURITIES" and "OWNERSHIP OF SECURITIES BY MANAGEMENT" on Pages 2 through 6 of
Bancorporation's definitive Proxy Statement dated March 22, 1996, is
incorporated herein by reference.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information in Footnote (4) on Page 9 and under the captions
"Compensation Committee Interlocks and Insider Participation" and "Transactions
with Management" on Pages 10 and 13 of Bancorporation's definitive Proxy
Statement dated March 22, 1996, is incorporated herein by reference.

PART IV

Item 14. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) (1) Financial Statements:
The following consolidated financial statements of First Citizens
Bancorporation of South Carolina, Inc. and subsidiary included in the
Registrant's 1995 Annual Report to Shareholders are incorporated by
reference in Item 8 from pages 17 through 31 of the Annual Report:

Report of Independent Accountants
Consolidated Balance Sheet
Consolidated Statement of Income
Consolidated Statement of Changes in Stockholder's Equity
Consolidated Statement of Cash Flows
Notes to Consolidated Financial Statements

(2) Financial Statement Schedules:
All schedules are omitted as the required information is either
inapplicable or is presented in the consolidated financial statements
of the Registrant and its subsidiary or Notes thereto incorporated
herein by reference.

(3) The following exhibits are either attached hereto or incorporated
by reference:

3.1 Articles of Incorporation of Registrant as amended

3.3 Bylaws of Registrant as amended

10.1 Term Loan Agreement (incorporated herein by reference to
Exhibit 10. in the Registrant's 1987 Annual Report on Form 10-K).

10.2* Retirement Agreement between T. E. Brogdon and the Bank
(incorporated herein by reference to Exhibit 10.2 in the
Registrant's 1988 Annual Report on Form 10-K).

10.3* Employment Contract between E. Hite Miller, Sr. and the
Bank (incorporated herein by reference to Exhibit 10.3 in the
Registrant's 1988 Annual Report on Form 10-K)

13. Registrant's 1995 Annual Report to Shareholders

21. Subsidiaries of Registrant (incorporated herein by reference
to Exhibit 22 in the Registrant's 1990 Annual Report on Form
10-K)

99.** Registrant's Definitive Proxy Statement for the Annual
Meeting dated March 22, 1996.*

*Denotes a management contract or compensatory plan or
arrangement in which an executive officer or director of
Registrant participates.

**Pursuant to Rule 12b-23(a)(3), this exhibit is not being
refiled.

(b)Reports on Form 8-K:
No reports on Form 8-K were filed during the three month period ended
December 31, 1995.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

Dated: 03/25/96 FIRST CITIZENS BANCORPORATION
OF SOUTH CAROLINA, INC.
(Registrant)

By: /s/ Jay C. Case
Jay C. Case, Treasurer and
Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the date indicated.

Signatures Title Date

/s/ E. Hite Miller, Sr. Chairman and Director 03/22/96
E. Hite Miller, Sr.

/s/ Frank B. Holding Vice Chairman and 03/22/96
Frank B. Holding Director

/s/ Jim B. Apple President and Director 03/22/96
Jim B. Apple

/s/ Jay C. Case Treasurer and Chief 03/22/96
Jay C. Case Financial Officer

/s/ Richard W. Blackmon Director 03/22/96
Richard W. Blackmon

Director
George H. Broadrick

/s/ T. E. Brogdon Director 03/22/96
T. E. Brogdon

Director
Laurens W. Floyd

/s/ Charles S. Haltiwanger Director 03/22/96
Charles S. Haltiwanger

Director
William E. Hancock, III

/s/ T. J. Harrelson Director 03/22/96
T. J. Harrelson

/s/ Robert B. Haynes Director 03/22/96
Robert B. Haynes

Signatures Title Date

/s/ Wycliffe E. Haynes Director 03/22/96
Wycliffe E. Haynes

Director
Albert R. Heyward, II

Director
Carmen P. Holding

Director
Dan H. Jordan

Director
Thomas W. Lane

/s/ Russell A. McCoy, Jr. Director 03/22/96
Russell A. McCoy, Jr.

/s/ N. Welch Morrisette, Jr. Director 03/22/96
N. Welch Morrisette, Jr.

/s/ E. Perry Palmer Director 03/22/96
E. Perry Palmer

/s/ Dr. J. William Pitts, Sr.. Director 03/22/96
Dr. J. William Pitts, Sr.

/s/ Bruce L. Plyler Director 03/22/96
Bruce L. Plyler

/s/ Lloyd H. Rowell Director 03/22/96
Lloyd H. Rowell

/s/ William E. Sellers Director 03/22/96
William E. Sellers

/s/ Henry F. Sherrill Director 03/22/96
Henry F. Sherrill

Director
Jack S. Stanley

FORM 10-K

EXHIBIT INDEX

Page Number
in Sequential
Exhibit Number Exhibit Numbering System

3.1 Articles of Incorporation of Registrant
as amended 11 through 17

3.3 Bylaws of Registrant as amended 18 through 26

10.1 Term Loan Agreement between
(incorporated herein by reference to
Exhibit 10. of the Registrant's 1987
Annual Report on Form 10-K)

10.2 Retirement Agreement between T. E. Brogdon
and the Bank (incorporated herein by reference
to Exhibit 10.2 of the Registrant's 1988 Annual
Report on Form 10-K)

10.3 Employment Contract between E. Hite Miller, Sr.
and the Bank (incorporated herein by reference
to Exhibit 10.3 of the Registrant's 1988 Annual
Report on Form 10-K)

13. Registrant's 1994 Annual Report to Shareholders 27 through 66

22. Subsidiaries of Registrant (incorporated herein by
reference to Exhibit 22 of the Registrant's
1990 Annual Report on Form 10-K)

28. Registrant's Definitive Proxy Statement for
the Annual Meeting dated March 22, 1996*
*Pursuant to Rule 12b-23(a) (3), this exhibit is
not being filed.