First Citizens Bancshares, one of North Carolina’s largest banks, has spent $46.5 million to purchase 100,000 shares of stock from Ella Ann Holding, mother of current CEO Frank B. Holding Jr. and widow of former company executive Frank Holding Sr.

First Citizens purchased the shares on Aug. 29 for $465 per share. Her purpose for selling the shares was to generate funds for the payment of taxes on the estate of her late husband, former First Citizens CEO Frank B. Holding Sr., who died on May 26.

The transaction reduced First Citizens’ outstanding Class A common stock by 0.9 percent to 10,905,220 shares. The repurchased shares were retired and restored to an authorized and unissued status.

The Holding family controls over 70 percent of the voting power in the company.

Holding Jr. took over as CEO in early 2008 and has served as also served as chairman since 2009. Holding Sr. retired from First Citizens’ board in 2014. Holding Sr.’s daughter Hope Holding currently serves as vice chairman.

The share price for First Citizens closed at $471.40 on Aug. 29, down 0.5 percent from $474 on the previous day’s close. It closed Tuesday at $471, down 73 cents.

The filing can be found here.