10-KPeriod: FY2010

FIRST CITIZENS BANCSHARES INC /DE/ Annual Report, Year Ended Dec 31, 2010

Filed March 1, 2011For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

FIRST CITIZENS BANCSHARES, INC. /DE/ (FCNCA) filed its 2010 Form 10-K on March 1, 2011, reporting on its operations for the fiscal year ended December 31, 2010. As a large accelerated filer, the company provided comprehensive financial disclosures. The filing indicates that FCNCA has been actively involved in acquisitions, as evidenced by the numerous Purchase and Assumption Agreements with the FDIC for subsidiary First-Citizens Bank & Trust Company. These agreements, dating from 2009 through early 2011, suggest a strategy of inorganic growth and potentially the integration of distressed assets during a period of economic challenge. Investors should note the company's solid market capitalization as of February 28, 2011, exceeding $1 billion, and the dual share structure with Class A and Class B common stock outstanding. The filing also lists a range of executive compensation and consultation agreements, as well as detailed information about subsidiaries, underscoring the complexity of its corporate structure. The extensive exhibit list highlights the company's proactive engagement with regulatory filings and a commitment to providing transparency to its shareholders.

Financial Highlights

33 data points
Beta

Net Income

$193.04M

Total Assets

$20.81B

Cash & Equivalents

$460.18M

Free Cash Flow

$23.48M

Financial Statements
Beta
Interest Expense$195.13M
Net Income$193.04M
Shares Outstanding (Basic)10.43M

Key Highlights

  • 1First Citizens BancShares, Inc. is a large accelerated filer, indicating substantial market presence and reporting compliance.
  • 2The company has been actively engaged in acquisitions, with multiple Purchase and Assumption Agreements with the FDIC for its subsidiary, First-Citizens Bank & Trust Company, from 2009 through January 2011.
  • 3The aggregate market value of non-affiliate equity as of the last business day of the second fiscal quarter of 2010 was over $1 billion ($1,051,192,401).
  • 4The company has a dual-class stock structure, with both Class A and Class B common stock outstanding.
  • 5The filing includes a comprehensive list of exhibits, detailing corporate governance documents, subsidiary information, and various agreements, including executive consultation and separation agreements.
  • 6The company's principal executive offices are located in Raleigh, North Carolina.

Frequently Asked Questions

Based on the filing, First Citizens BancShares, Inc. operates as a financial institution. Its subsidiary, First-Citizens Bank & Trust Company, is involved in various banking activities, including participating in purchase and assumption agreements with the FDIC, suggesting a role in acquiring or managing assets and liabilities from failed institutions.

The multiple Purchase and Assumption Agreements with the FDIC indicate that First Citizens BancShares, Inc., through its subsidiary, has been actively involved in acquiring assets and assuming liabilities of other financial institutions, likely in situations where those institutions were placed under FDIC receivership. This suggests a growth strategy that leverages opportunities arising from the distressed financial landscape.

The company has both Class A and Class B common stock outstanding. This structure can sometimes imply different voting rights or other characteristics associated with each class of stock, which is a detail investors may want to investigate further in the company's corporate governance documents for a full understanding of shareholder rights.

Yes, the filing lists several executive consultation, separation from service, and death benefit agreements between the company's subsidiary and key executives, including Frank B. Holding, Jr., Frank B. Holding, Hope Holding Connell, Edward L. Willingham, IV, Carol B. Yochem, Kenneth A. Black, and James M. Parker. These are important for understanding executive compensation and potential change-of-control arrangements.