10-KPeriod: FY2009

FIRST CITIZENS BANCSHARES INC /DE/ Annual Report, Year Ended Dec 31, 2009

Filed March 1, 2010For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This Form 10-K for the fiscal year ended December 31, 2009, provides an overview of First Citizens Bancshares, Inc. (FCNCA) as it navigated the financial landscape of that year. As a large accelerated filer, the company is reporting on its business operations, financial condition, and risk factors. The filing indicates that FCNCA has been actively involved in purchase and assumption agreements with the Federal Deposit Insurance Corporation (FDIC) for its subsidiary, First-Citizens Bank & Trust Company, throughout 2009 and early 2010, suggesting strategic acquisitions or resolutions of distressed financial institutions. Investors should note the company's listing on NASDAQ, with both Class A and Class B common stock. The aggregate market value of non-affiliate equity was over $676 million as of the second fiscal quarter of 2009. The filing also incorporates by reference significant portions of its 2010 Proxy Statement, which will contain details on corporate governance, executive compensation, and security ownership. The extensive exhibit list includes various agreements related to acquisitions, capital trusts, and executive employment, underscoring the complexity of the company's financial and operational structure.

Financial Highlights

32 data points
Beta

Net Income

$116.33M

Total Assets

$18.47B

Cash & Equivalents

$480.24M

Free Cash Flow

$72.20M

Financial Statements
Beta
Interest Expense$227.64M
Net Income$116.33M
Shares Outstanding (Basic)10.43M

Key Highlights

  • 1First Citizens Bancshares, Inc. (FCNCA) filed its 2009 Form 10-K on March 1, 2010, reporting on its financial performance and operations.
  • 2The company is classified as a 'large accelerated filer,' indicating significant market capitalization and reporting history.
  • 3FCNCA's subsidiary, First-Citizens Bank & Trust Company, was involved in multiple purchase and assumption agreements with the FDIC during 2009 and early 2010, suggesting strategic asset acquisition or resolution activities.
  • 4The company has Class A and Class B common stock listed on NASDAQ.
  • 5The aggregate market value of FCNCA's non-affiliate common equity was approximately $676.9 million as of the last business day of its second fiscal quarter in 2009.
  • 6The filing incorporates by reference substantial information from the 2010 Proxy Statement, including details on corporate governance and executive compensation.
  • 7A broad range of exhibits are listed, including various agreements related to subsidiaries, capital trusts, and executive employment and separation.

Frequently Asked Questions

The most prominent activity highlighted is the involvement of its subsidiary, First-Citizens Bank & Trust Company, in several purchase and assumption agreements with the Federal Deposit Insurance Corporation (FDIC) throughout 2009 and extending into early 2010. These agreements likely pertain to the acquisition of assets or the resolution of other financial institutions.

First Citizens Bancshares, Inc. has two classes of common stock: Class A and Class B. Both are registered with the SEC and traded on NASDAQ. The filing specifies the number of outstanding shares for each class as of March 1, 2010.

The 2010 Proxy Statement, which is incorporated by reference into this 10-K, would typically contain detailed information regarding the company's board of directors, executive compensation, corporate governance practices, security ownership by significant shareholders and management, and any related party transactions. This information is crucial for understanding the company's leadership and potential conflicts of interest.

Being a 'large accelerated filer' means that First Citizens Bancshares meets specific SEC criteria related to its public float and reporting history. This designation generally indicates a larger, more established company with a significant market presence, and it subjects the company to more rigorous SEC reporting and disclosure requirements, which can provide investors with more detailed and timely information.