01—Abstract
Summary
Summary of the 10-K/A filed May 21, 1997. Cited figures are marked; the original filing is the authoritative source.
This excerpt of First Citizens BancShares, Inc.'s Form 10-K for the fiscal year ended December 31, 1996 contains only the cover page and exhibit index.
It does not include business descriptions, financial statements, or MD&A. The financial results are incorporated by reference from the 1996 Annual Report (Exhibit 13), and the Financial Data Schedule is listed as Exhibit 27, so the analysis of performance, asset quality, capital, and earnings cannot be completed from this text alone. The cover page identifies the registrant as a Delaware holding company headquartered at 239 Fayetteville Street Mall, Raleigh, North Carolina, whose principal operating subsidiary is First-Citizens Bank & Trust Company.
Its equity is split into two classes of common stock registered under Section 12(g): Class A (9,637,940 shares outstanding) and Class B (1,758,370 shares outstanding) as of March 12, 1997. The aggregate market value of voting stock held by nonaffiliates on that date was $427,758,000a.
The exhibit index shows a long history of executive employment and retirement agreements with insiders, along with merger agreements related to prior acquisitions of First Investors Savings Bank, State Bank, Allied Bank Capital, and Edgecombe Homestead. Investors seeking the bank's balance sheet, earnings, and credit metrics should review the full 1996 Annual Report and the Exhibit 27 financial data schedule.
02—Key points
Key Highlights
- Registrant is First Citizens BancShares, Inc. (Delaware), headquartered in Raleigh, North Carolina, with First-Citizens Bank & Trust Company as its principal subsidiary.
- Dual-class common equity: 9,637,940 Class A shares and 1,758,370 Class B shares outstanding as of March 12, 1997 (about 11.4 million shares in total).
- Aggregate market value of voting stock held by nonaffiliates was approximately $427.8 million as of March 12, 1997.
- Financial results are incorporated by reference from the 1996 Annual Report (Exhibit 13), so the excerpt contains no income statement, balance sheet, or capital data.
- Exhibit 27 (Financial Data Schedule) is referenced and would contain standardized bank financial figures, but its contents are not included in this excerpt.
- The exhibit index lists numerous executive death benefit, post-retirement, and employment agreements with senior officers, including the Holding family members, indicating extensive insider compensation arrangements.
- Merger and acquisition agreements tied to prior acquisitions (First Investors Savings Bank, State Bank, Allied Bank Capital, Edgecombe Homestead, and First Federal) are referenced as exhibits.
03—Questions
Frequently Asked Questions
What does First Citizens BancShares do?
The filing identifies First Citizens BancShares as a Delaware holding company based in Raleigh, North Carolina, with First-Citizens Bank & Trust Company as its principal subsidiary. This excerpt does not include the Item 1 business description, so details on lending, deposit franchise, geographic footprint, and segments are not available here.
How is the company's stock structured?
The company has two classes of common stock, both with $1 par value and registered under Section 12(g): Class A (9,637,940 shares) and Class B (1,758,370 shares) outstanding as of March 12, 1997. The excerpt does not describe the voting or economic differences between the classes.
What was the company's market value as of early 1997?
The aggregate market value of voting stock held by nonaffiliates was $427,758,000, based on last reported sales prices on March 12, 1997. This figure excludes shares held by affiliates and is not a measure of total market capitalization.
Where can I find the company's financial results for 1996?
Financial information is incorporated by reference from the Registrant's 1996 Annual Report, filed as Exhibit 13, and summarized in the Financial Data Schedule (Exhibit 27). Neither exhibit's contents are included in this excerpt, so the full filing package is needed for earnings, asset quality, and capital analysis.
Are there notable governance or compensation arrangements disclosed?
The exhibit index lists multiple employee death benefit and post-retirement non-competition and consultation agreements with senior officers and directors, along with employment and retirement payment agreements. Investors may want to review these in the full filing and the incorporated proxy statement dated March 14, 1997, which covers Part III matters.
04—Continue