<PAGE>1 
                                 SECURITIES AND EXCHANGE COMMISSION 
                                       Washington, D.C.  20549 
           
           
                                              FORM 10-K 
           
                          ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF 
                                 THE SECURITIES EXCHANGE ACT OF 1934 
           
           
          For the Fiscal  Year ended  December 31, 1994  Commission File  Number
          0-11709 
           
                                   FIRST CITIZENS BANCSHARES, INC. 
                       (Exact name of registrant as specified in its charter) 
           
           
                    TENNESSEE 
          (State or other jurisdiction of             62-1180360 
          incorporation or organization)    (I.R.S. Employer Identification No.)

           
           
          P. O. Box 370 
          First Citizens Place, Dyersburg, Tennessee          38025-0370 
          (Address of Principal Executive Offices)            (Zip Code) 
           
           
           Registrant's telephone number, including area code (901) 285-4410 
           
           
                  Securities registered pursuant to Section 12(b) of the Act: 
           
           
                                                        Name of each exchange 
          Title of each class                            on which registered 
                NONE                                           NONE 
           
           
                     Securities registered pursuant to Section 12(g) of the Act:

           
                                            COMMON STOCK 
                                          (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  
           
               The aggregate  market value of voting stock held by nonaffiliates
          of the registrant at December 31, 1994 was $27,163,198. 
           
               Of  the registrant's only class of common stock ($1.00 par value)
          there were 714,821 shares outstanding as of December 31, 1994. 
           
                                 DOCUMENTS INCORPORATED BY REFERENCE 
           
                                         Portions of the                   
                           Proxy Statement dated March 18, 1995 (Part III) 
                                   Filed by Electronic Submission  
           



<TABLE> <S> <C>

<ARTICLE>                      9
<CIK>                 0000719264
<NAME> FIRST CITIZENS BANCSHARES
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                       9,784,155
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                             2,900,000
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                 47,294,807
<INVESTMENTS-CARRYING>                      16,873,500
<INVESTMENTS-MARKET>                                 0
<LOANS>                                    168,781,491
<ALLOWANCE>                                  2,053,843
<TOTAL-ASSETS>                             256,686,534
<DEPOSITS>                                 209,480,251
<SHORT-TERM>                                16,950,086
<LIABILITIES-OTHER>                          2,252,719
<LONG-TERM>                                  4,124,730
<COMMON>                                       714,824
                                0
                                          0
<OTHER-SE>                                  23,163,924
<TOTAL-LIABILITIES-AND-EQUITY>             256,686,534
<INTEREST-LOAN>                             15,423,227
<INTEREST-INVEST>                            3,709,141
<INTEREST-OTHER>                               113,435
<INTEREST-TOTAL>                            19,136,639
<INTEREST-DEPOSIT>                           7,106,421
<INTEREST-EXPENSE>                           7,971,086
<INTEREST-INCOME-NET>                       11,165,553
<LOAN-LOSSES>                                  402,000
<SECURITIES-GAINS>                            (69,534)
<EXPENSE-OTHER>                              8,810,146
<INCOME-PRETAX>                              4,134,109
<INCOME-PRE-EXTRAORDINARY>                   4,134,109
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 2,946,249
<EPS-PRIMARY>                                     4.15
<EPS-DILUTED>                                     4.15
<YIELD-ACTUAL>                                    4.72
<LOANS-NON>                                    814,000
<LOANS-PAST>                                   158,000
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                              3,274,000
<ALLOWANCE-OPEN>                             1,676,133
<CHARGE-OFFS>                                  186,000
<RECOVERIES>                                   162,000
<ALLOWANCE-CLOSE>                            2,053,843
<ALLOWANCE-DOMESTIC>                         2,053,843
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>



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