FCNCA 8-K Current Reports
FIRST CITIZENS BANCSHARES INC /DE/ - 265 current reports
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 23, 2026)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report on July 23, 2026, to announce its financial results for the quarter ended June 30, 2026. The filing includes a press release (Exhibit 99.1) and a financial supplement (Exhibit 99.3) detailing the company's performance. Additionally, an investor presentation (Exhibit 99.2) will be used during a conference call scheduled for 9 a.m. Eastern time on the same day to discuss these results. Investors should note that the information furnished in this 8-K, including the exhibits, is not considered "filed" under the Securities Exchange Act of 1934, meaning it does not carry the same liability as formally filed documents. However, the attached exhibits provide crucial details on the company's operational and financial condition for the most recent quarter, offering insights into its performance and strategic outlook. Forward-looking statements within these documents are subject to various risks and uncertainties, as detailed in the filing.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (May 7, 2026)
This 8-K filing by First Citizens BancShares, Inc. (FCNCA) details the outcomes of its 2026 Annual Stockholder's Meeting held on May 4, 2026. The key takeaway for investors is the overwhelming approval of routine corporate governance matters. All 12 director nominees were elected, and the "say-on-pay" advisory resolution to approve executive compensation passed comfortably. Furthermore, the appointment of KPMG LLP as the company's independent auditor for 2026 was ratified with strong support. Notably, a stockholder proposal requesting a report on faith-based employee resource groups was not approved by the majority of shareholders. This suggests that while the company's established governance structure and executive compensation practices have shareholder backing, there is less consensus on this specific social and governance initiative.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Apr 23, 2026)
First Citizens BancShares, Inc. (FCNCA) has filed a Form 8-K on April 23, 2026, to report its financial results for the quarter ended March 31, 2026. This filing includes the official earnings release (Exhibit 99.1) and a supplementary financial document (Exhibit 99.3), providing detailed operational and financial condition information. Additionally, an investor presentation (Exhibit 99.2) will be used during a conference call scheduled for the same day to discuss these results. While the specific financial figures and performance metrics are contained within the referenced exhibits, the filing signifies the formal disclosure of the company's quarterly performance. Investors should refer to the attached press release and financial supplement for comprehensive details on revenue, profitability, asset quality, and other key performance indicators for the first quarter of 2026. The company also reiterated forward-looking statements, highlighting a range of potential risks and uncertainties that could impact future financial results.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Mar 3, 2026)
First Citizens BancShares, Inc. (FCNCA) announced the successful completion of a public offering, issuing $500 million in aggregate principal amount of 4.869% Fixed-to-Floating Rate Senior Notes due 2032. This offering was conducted under an existing registration statement and utilized a prospectus supplement dated February 25, 2026. The net proceeds from this issuance will be used for general corporate purposes, providing the company with additional capital to support its strategic initiatives and operational needs. This debt issuance represents a strategic move to strengthen the company's balance sheet and enhance its financial flexibility. The fixed-to-floating rate structure may offer advantages depending on future interest rate movements. Investors in these senior notes are essentially lending to the company, receiving a specified interest rate in return. The company's ability to raise this significant amount of capital underscores its perceived financial stability and market confidence.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Rights Modification (Feb 5, 2026)
First Citizens BancShares, Inc. /DE/ (FCNCA) has filed an 8-K report detailing the establishment and successful closing of a public offering for its new 6.625% Non-Cumulative Perpetual Preferred Stock, Series E. This new series of preferred stock, represented by 16,000,000 depositary shares each representing a 1/40th interest, was issued under an underwriting agreement with several major financial institutions. The issuance aims to bolster the company's capital structure and provides investors with a fixed dividend rate for the initial five years, after which it will convert to a floating rate plus a spread. This preferred stock ranks on par with other existing preferred stock series and senior to the common stock regarding dividends and liquidation preferences.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 23, 2026)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report on January 23, 2026, to announce its financial results for the fourth quarter and full year ended December 31, 2025. The filing includes a press release (Exhibit 99.1), an investor presentation (Exhibit 99.2), and a financial supplement (Exhibit 99.3). These documents provide detailed insights into the company's performance and strategic outlook. The company also announced a conference call scheduled for the same day to discuss these results, indicating a proactive approach to investor communication. Investors should pay close attention to the exhibits for a comprehensive understanding of the financial performance and any forward-looking statements the company has made. While this 8-K primarily serves as a notification and disclosure of material information, it underscores the company's commitment to transparency. The inclusion of extensive exhibits suggests that detailed financial data and management's commentary on the company's performance, strategic initiatives, and outlook are being provided. Investors are encouraged to review these attached documents for specific financial figures, operational updates, and potential risks and opportunities discussed by First Citizens BancShares.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Jan 14, 2026)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report to announce a significant leadership transition within its risk management function. Lorie K. Rupp, the current Chief Risk Officer (CRO), has informed the company of her intention to retire effective June 1, 2026. This planned retirement signals a shift in the oversight of the company's risk framework. In preparation for Ms. Rupp's departure, Tom Eklund, the current Treasurer, is slated to assume the role of Chief Risk Officer upon Ms. Rupp's retirement. This appointment suggests an internal succession plan is in place, leveraging existing leadership to maintain continuity in this critical area. Investors should monitor the transition and the strategic direction Mr. Eklund will bring to risk management.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Rights Modification (Nov 18, 2025)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K to report the establishment and successful closing of a public offering for a new series of preferred stock: the 7.000% Non-Cumulative Perpetual Preferred Stock, Series D. This new series, represented by depositary shares, establishes 500,000 depositary shares each representing a 1/100th ownership interest in a share of Series D Preferred Stock, with a liquidation preference of $100,000 per share. The issuance is structured to bolster the company's capital structure, with dividends initially set at a fixed 7.000% per annum until December 2030, after which it will reset to a floating rate based on the five-year Treasury rate plus a spread of 3.301%.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 23, 2025)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report on October 23, 2025, to announce its financial results for the third quarter ended September 30, 2025. The report primarily serves to furnish the earnings press release (Exhibit 99.1) and a detailed financial supplement (Exhibit 99.3) containing the operational and financial data for the period. Investors seeking a comprehensive understanding of the company's performance should refer to these attached documents for specific figures related to revenue, net income, earnings per share, and balance sheet changes. The filing also includes an investor presentation (Exhibit 99.2) and indicates a conference call scheduled for the same day to discuss these results. While the 8-K itself does not provide the quantitative results, it directs stakeholders to the attached exhibits for these crucial details. Importantly, the information furnished under Items 2.02 and 7.01, along with the accompanying exhibits, is not considered "filed" with the SEC and therefore does not subject the company to Section 18 liability, nor is it automatically incorporated into other SEC filings unless explicitly referenced. Investors should also be aware of the extensive list of forward-looking statements and associated risks detailed in the filing, which highlight potential challenges and uncertainties that could impact future financial performance, including economic conditions, regulatory changes, and the integration of acquisitions.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Regulation FD Disclosure (Oct 16, 2025)
First Citizens BancShares, Inc. (FCNCA) announced via an 8-K filing on October 16, 2025, a significant strategic acquisition by its wholly owned subsidiary, First Citizens Bank & Trust Company. The bank has entered into an agreement to acquire 138 retail branches from BMO Bank N.A. These branches are strategically located across the Midwest, Great Plains, and West regions of the United States, indicating an expansion of FCNCA's geographical footprint. This acquisition involves the assumption of approximately $5.7 billion in deposit liabilities and the acquisition of approximately $1.1 billion in loans. The transaction is expected to close in mid-2026, subject to customary closing conditions and regulatory approvals. Investors should note that while the acquisition presents opportunities for growth and market share expansion, it also carries inherent risks, including integration challenges, regulatory hurdles, and potential impacts on the company's financial performance, as outlined in the forward-looking statements within the filing.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Sep 5, 2025)
First Citizens BancShares, Inc. (FCNCA) announced on September 5, 2025, the successful issuance and sale of $600 million in aggregate principal amount of 5.600% Fixed Rate Reset Subordinated Notes due 2035. This offering was conducted under an existing shelf registration statement and utilized a prospectus supplement filed on September 4, 2025. The notes were issued pursuant to a subordinated base indenture and a third supplemental indenture, with U.S. Bank Trust Company, National Association acting as trustee. This capital raise is a significant event for FCNCA, indicating a strategic move to bolster its capital structure. The subordinated nature of the notes means they rank below other senior debt obligations in the event of liquidation, a factor investors should consider. The fixed rate reset feature implies the interest rate will be adjusted at specific intervals prior to maturity, which can impact future interest expense and profitability.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 25, 2025)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report on July 25, 2025, detailing its financial results for the quarter ended June 30, 2025, and announcing a significant new share repurchase program. The company released its earnings press release and a financial supplement, which are incorporated by reference. Investors can access detailed information through these exhibits, which are available on the company's website. The report also provides context for a scheduled conference call to discuss these quarterly results. A key takeaway for investors is the authorization of a new $4.0 billion share repurchase program (the "2025 SRP"), which is set to commence after the completion of the existing 2024 program. This demonstrates management's confidence in the company's financial health and its commitment to returning value to shareholders. The details of the repurchase program, including potential timing and amounts, will be at management's discretion, influenced by market conditions and capital needs.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Jun 26, 2025)
First Citizens BancShares, Inc. /DE/ (FCNCA) announced on June 26, 2025, the appointment of Diane Morais to its Board of Directors, effective July 1, 2025. Ms. Morais brings extensive experience in consumer and commercial banking, digital transformation, and risk management, having held senior leadership positions at Ally Bank and Bank of America. Her appointment is expected to enhance the Board's expertise in key strategic areas, including technology and risk oversight, given her proven track record in driving growth and innovation within the financial services sector. Investors may view this as a positive development, signaling a continued focus on strategic growth and robust governance by BancShares.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (May 5, 2025)
FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA) has filed an 8-K report detailing the outcomes of its 2025 Annual Stockholder's Meeting held on April 29, 2025. The key takeaway for investors is the overwhelming approval of all proposals presented, indicating strong shareholder confidence in the company's board of directors, executive compensation practices, and auditor. Specifically, all 11 director nominees were elected, the advisory "say-on-pay" resolution passed, and the appointment of KPMG LLP as independent public accountants for 2025 was ratified. This consistent support across critical governance areas suggests a stable and well-aligned shareholder base. The results demonstrate a robust endorsement of the current management and governance structure. The high "For" votes on director elections and executive compensation, alongside the near-unanimous ratification of the auditor, should provide a sense of reassurance to current and potential investors regarding the company's operational and financial oversight. The filing also includes the standard cover page interactive data file as an exhibit.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Apr 24, 2025)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K to report its financial results for the quarter ended March 31, 2025. The filing includes the company's earnings release and a financial supplement, which provide detailed operational and financial information for the period. Investors should refer to these exhibits for comprehensive insights into the company's performance and financial condition as of the end of the first quarter of 2025. This report also provides notice of the company's conference call scheduled for April 24, 2025, to discuss these results. The accompanying investor presentation slides are also included, offering management's perspective on the quarter's performance and outlook. While this 8-K provides the announcement and supporting materials, it's important to note that the information is furnished and not deemed "filed" under SEC regulations, meaning it does not carry the same liability as a formally filed document. Investors are encouraged to review the detailed exhibits for a thorough understanding.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Agreement Terminated (Apr 7, 2025)
First Citizens BancShares, Inc. (FCNCA) has entered into an agreement with the FDIC to terminate its commercial shared-loss agreement related to the Silicon Valley Bridge Bank (SVBB) acquisition. This agreement, which initially covered an estimated $60 billion in loans, had provisions for the FDIC to reimburse FCB for losses up to $5 billion and share in losses above that threshold, while FCB would share in recoveries. The early termination means all rights and obligations under this agreement have ceased, with no outstanding payments due from either party as of the termination date. This decision was driven by FCB's assessment that the likelihood of reaching the $5 billion loss threshold was remote, and it will also eliminate associated reporting burdens.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Mar 12, 2025)
First Citizens BancShares, Inc. (FCNCA) announced the successful completion of a public offering, raising a total of $1.25 billion through the issuance of new debt securities. Specifically, the company issued $500 million in 5.231% Fixed-to-Floating Rate Senior Notes due 2031 and $750 million in 6.254% Fixed-to-Fixed Rate Subordinated Notes due 2040. This capital raise was executed under a previously filed registration statement and utilized a prospectus supplement dated March 6, 2025.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 24, 2025)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K on January 24, 2025, to report its financial results for the fourth quarter and fiscal year ended December 31, 2024. The filing includes the company's earnings release and a financial supplement, which provide detailed operational and financial performance data. Investors should refer to these exhibits for specific metrics regarding revenue, profitability, loan growth, deposit levels, and capital adequacy. The report also announces a conference call scheduled for the same day to discuss these results, with accompanying slides available for investor review. While the content is furnished under Regulation FD and not deemed "filed" for liability purposes, it offers crucial insights into the company's recent performance and outlook. Investors are encouraged to examine the provided exhibits for a comprehensive understanding of BancShares' financial condition and to consider the forward-looking statements and associated risks outlined in the filing.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Dec 16, 2024)
First Citizens BancShares, Inc. (FCNCA) announced a significant addition to its Board of Directors with the appointment of Matt Snow, effective January 2, 2025. Mr. Snow brings extensive experience in public accounting, having held leadership positions at major firms like Forvis Mazars, LLP and Dixon Hughes Goodman LLP, with a strong background in audit, SEC regulations, and financial services. His appointment is expected to bolster the Board's expertise, particularly within the Audit Committee. Notably, Mr. Snow is set to retire from his current firm in May 2025 and has been deemed independent by Nasdaq standards. While Forvis Mazars has provided professional services to FCNCA totaling approximately $0.6 million since 2023, these services will cease while Mr. Snow holds directorship and firm positions concurrently. The company has confirmed no other reportable transactions or relationships requiring disclosure. Investors can anticipate Mr. Snow's compensation as a director will align with existing arrangements for non-associate directors, with further details in the company's proxy statement.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 24, 2024)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K to report its financial results for the third quarter ended September 30, 2024. The filing primarily serves to attach the official earnings press release (Exhibit 99.1), investor presentation slides (Exhibit 99.2), and a detailed financial supplement (Exhibit 99.3). These documents provide the substance of the company's performance and outlook for the period. Investors should refer to the attached exhibits for specific financial metrics, operational highlights, and management's commentary. The company also announced a conference call to discuss these results, indicating transparency and an opportunity for further insights. It's important to note that the information furnished in this 8-K is not considered 'filed' for regulatory purposes unless expressly incorporated by reference into a specific filing, which is a standard disclaimer for such announcements.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Aug 14, 2024)
First Citizens BancShares, Inc. (FCNCA) has filed a Form 8-K to retrospectively revise certain historical financial information and related disclosures originally presented in its 2023 Annual Report on Form 10-K. These revisions are specifically to conform the financial reporting to new segment reporting structures implemented during the first quarter of 2024. The changes involve reclassifications and renaming of business segments, aimed at providing a more accurate representation of the company's operational structure following integration activities, particularly concerning the Silicon Valley Bank (SVB) acquisition. Investors should note that this filing does not introduce new operational or financial events that occurred after the 2023 Form 10-K filing date. Instead, it corrects how past financial data is categorized across business segments. The key takeaway is that the company is adjusting its internal reporting segments to better reflect its current business organization, specifically integrating SVB's private banking and wealth management into the General Bank segment and rebranding the remainder of SVB to SVB Commercial, while shifting the Direct Bank to Corporate. This revised segment presentation will be reflected in future filings and should be considered alongside prior and subsequent reports for a complete understanding of the company's financial performance.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 25, 2024)
First Citizens BancShares, Inc. (FCNCA) announced its second quarter 2024 financial results on July 25, 2024, through an 8-K filing. The report highlights the company's performance for the quarter ended June 30, 2024, and includes details on operational results and financial condition. Key information, including a press release, financial supplement, and investor presentation, was made available and incorporated by reference. Investors should note that these disclosures are not deemed "filed" with the SEC and are not subject to Section 18 liability. In addition to its financial results, BancShares also announced a significant development regarding its capital allocation strategy. The Board of Directors has authorized a substantial new share repurchase program, allowing for the repurchase of up to $3.5 billion of its Class A common stock through 2025. This strategic move indicates management's confidence in the company's value and its commitment to returning capital to shareholders.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (May 6, 2024)
This 8-K filing from First Citizens BancShares, Inc. reports on the outcomes of its 2024 Annual Stockholder's Meeting held on May 1, 2024. The primary purpose of the filing is to provide definitive voting results on several key proposals. Investors will note that all incumbent directors were re-elected, the company's executive compensation practices received advisory approval (the "say-on-pay" resolution), and the appointment of KPMG LLP as the independent public accountants for 2024 was ratified. However, a significant outcome was the rejection of a stockholder proposal that requested a report on the risks associated with politicized de-banking. This proposal received a low number of "for" votes compared to the overwhelming "against" votes, indicating that the majority of voting shareholders did not support its adoption. The filing provides detailed vote counts for each proposal, offering transparency into shareholder sentiment on these matters.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Apr 25, 2024)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report on April 25, 2024, to announce its financial results for the first quarter ended March 31, 2024. The filing incorporates by reference the company's earnings release (Exhibit 99.1) and a financial supplement (Exhibit 99.3), which provide detailed operational and financial performance data for the period. Investors should review these attached documents for specific financial metrics, profitability, balance sheet changes, and any management commentary on the quarter's performance. Additionally, the report indicates a conference call was scheduled for the same day to discuss these results, with presentation slides included as Exhibit 99.2. While the 8-K itself is procedural, it serves as the official notification of the release of detailed Q1 2024 financial information, making the attached exhibits crucial for understanding the company's current financial standing and outlook. Investors should note the standard cautionary language regarding forward-looking statements included in the filing.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 26, 2024)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report on January 26, 2024, to announce its financial results for the fourth quarter and full year ended December 31, 2023. The filing incorporates by reference the company's earnings release (Exhibit 99.1), investor presentation (Exhibit 99.2), and financial supplement (Exhibit 99.3), which contain detailed operational and financial performance information. Investors should review these attached documents for a comprehensive understanding of the company's recent performance and strategic outlook. While the 8-K itself does not contain the specific financial figures, it serves as the official notification and gateway to the detailed information provided in the exhibits. The company also noted the upcoming conference call to discuss these results, indicating an opportunity for further insights and engagement. A crucial aspect of this filing is the forward-looking statements disclaimer, which highlights various risks and uncertainties that could impact future results, including economic conditions, regulatory changes, interest rate fluctuations, and integration risks from recent acquisitions.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Acquisition Completed (Jan 26, 2024)
First Citizens Bancshares Inc. (FCBC) has officially completed its acquisition of substantially all assets and liabilities of Silicon Valley Bridge Bank (SVBB) from the FDIC, as detailed in this Form 8-K filing. This significant transaction involved the acquisition of $107.54 billion in assets, including $68.47 billion in loans and $35.31 billion in cash and deposits, while assuming approximately $61.42 billion in liabilities, primarily customer deposits totaling $56.01 billion. Notably, the assets were acquired at a discount of $16.45 billion, and deposits were assumed without a premium, leading to a preliminary after-tax gain on acquisition of $9.81 billion. The acquisition was financed through a $36.07 billion amended Purchase Money Note with the FDIC and an up to $70 billion Advance Facility Agreement with the FDIC for liquidity purposes. Furthermore, FCBC entered into a Commercial Shared-Loss Agreement with the FDIC, covering approximately $60.5 billion of loans. Under this agreement, the FDIC will cover 0% of losses up to $5 billion and 50% of losses exceeding $5 billion, while FCBC will reimburse the FDIC for 50% of recoveries on these assets. This filing provides a detailed breakdown of the fair value purchase price allocation, the acquired loan portfolio characteristics, and the deposit structure assumed, offering investors transparency into the integration of SVBB's operations.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Executive Changes (Jan 16, 2024)
First Citizens Bancshares Inc. (FCNCA) has filed an 8-K/A amendment on January 16, 2024, to announce a significant executive appointment. Gregory L. Smith, aged 59, has been appointed as the new Chief Information & Operations Officer (CIOO), with his tenure commencing on January 9, 2024. This role is crucial for overseeing the technological infrastructure and operational efficiency of the company, which are vital for a financial institution's performance and security. This appointment signals a strategic move by FCNCA to bolster its leadership in critical areas of information technology and operational management. Investors should monitor how Mr. Smith's leadership influences the company's digital transformation efforts, cybersecurity posture, and overall operational effectiveness in the coming quarters. The experience and strategic direction he brings will be key to the company's ability to innovate and maintain a competitive edge in the evolving financial services landscape.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Jan 16, 2024)
First Citizens BancShares, Inc. (FCNCA) announced a significant leadership appointment via an 8-K filing on January 16, 2024, detailing the hiring of Gregory L. Smith as Chief Information & Operations Officer. This strategic hire, effective January 9, 2023, signals a focus on enhancing the company's technology, operations, cyber, and data functions. Mr. Smith brings extensive experience from TD Bank Financial Group and other major financial institutions, underscoring his capabilities in driving transformational change and managing complex operational and technology platforms. The filing also outlines Mr. Smith's compensation package, which includes a competitive base salary, signing bonus, long-term cash incentives, and performance-based bonuses, alongside eligibility for a substantial Long-Term Incentive Plan award. This comprehensive remuneration structure reflects the importance of his role and the expected impact on the company's strategic objectives. The appointment is a key development for investors seeking to understand the company's investment in critical operational infrastructure and executive talent.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Dec 15, 2023)
First Citizens BancShares, Inc. (FCNCA) announced a significant addition to its Board of Directors with the appointment of David G. Leitch, effective January 1, 2024. Mr. Leitch brings a wealth of experience, having previously served as Vice Chair and Global General Counsel at Bank of America, and General Counsel at Ford Motor Company. His background also includes distinguished roles in federal government service and a strong foundation in appellate litigation, having clerked for Supreme Court Chief Justice William H. Rehnquist. This appointment is noteworthy due to Mr. Leitch's extensive legal and risk management expertise gained at major financial institutions and regulatory bodies. He will also serve on the Audit Committee and the Compensation, Nominations and Governance Committee, indicating a strategic strengthening of the board's oversight capabilities. The company has confirmed Mr. Leitch meets Nasdaq's independence requirements and will receive standard compensation for non-employee directors.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Material Agreement (Nov 27, 2023)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K detailing new financing agreements related to its acquisition of Silicon Valley Bridge Bank, N.A. (SVBB) from the FDIC. These agreements, effective November 20, 2023, supersede initial arrangements and formalize the terms for a $36.07 billion Amended and Restated Purchase Money Note and a $70 billion Advance Facility Agreement. The primary purpose of these agreements is to manage liquidity and financial obligations arising from the SVBB acquisition. The Advance Facility provides liquidity to offset deposit withdrawals and fund acquired commercial lending commitments. Investors should note that the purchase money note bears interest at 3.5% annually, while the advance facility has a variable rate tied to SOFR plus 25 basis points. The agreements also outline collateral arrangements and operational procedures through custodial and paying agency agreements.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 26, 2023)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report on October 26, 2023, to announce its financial results for the quarter ended September 30, 2023. This filing incorporates by reference a press release (Exhibit 99.1) and investor presentation slides (Exhibit 99.2) that were made available during a conference call on the same day. These documents provide detailed insights into the company's performance, strategic initiatives, and outlook, offering investors crucial information regarding the bank's operational and financial condition. While specific financial metrics are not detailed within the 8-K text itself, the report directs investors to the attached exhibits for comprehensive earnings data. The filing also emphasizes that the information provided is not considered "filed" under Section 18 of the Exchange Act, meaning it is not subject to the same liability provisions as formal filings. Investors should carefully review the press release and investor presentation for a thorough understanding of the quarterly results and any forward-looking statements, which are subject to various risks and uncertainties as outlined in the report.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Aug 3, 2023)
First Citizens BancShares, Inc. (FCNCA) has filed an 8-K report on August 3, 2023, to announce its financial results for the quarter ended June 30, 2023. The filing includes a press release (Exhibit 99.1) detailing these results and an investor presentation (Exhibit 99.2) that will be used for a conference call on the same day. Investors should note that the information provided in this 8-K is furnished and not filed, meaning it is not considered legally 'filed' for purposes of Section 18 of the Exchange Act, unless specifically incorporated into other filings. The report also contains forward-looking statements, which are subject to various risks and uncertainties. These include general economic conditions, competitive pressures, interest rate fluctuations, regulatory changes, and the successful integration of past acquisitions, such as the recent transaction with CIT. Investors are advised to review the company's other SEC filings, including its Form 10-K for the year ended December 31, 2022, and Form 10-Q for the period ended March 31, 2023, for a more comprehensive understanding of these risks and potential impacts on future performance.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Shareholder Vote Results (Jul 31, 2023)
This 8-K filing from First Citizens Bancshares Inc. (FCNCA) addresses the outcome of a "Say-on-Frequency Proposal" vote that occurred at the company's annual meeting on April 25, 2023. Investors voted overwhelmingly in favor of holding an annual "Say-on-Pay" (executive compensation) advisory vote. Consequently, the Board of Directors has committed to submitting an advisory Say-on-Pay proposal for shareholder approval every year, aligning with the preference expressed by the majority of votes cast. This decision impacts the frequency of future executive compensation reviews by shareholders.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (May 10, 2023)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K on May 10, 2023, to report its financial results for the quarter ended March 31, 2023. The filing primarily serves to incorporate by reference the press release (Exhibit 99.1) and investor presentation slides (Exhibit 99.2) that were discussed during their conference call on the same day. These documents would contain the detailed financial performance and operational highlights for the quarter. Investors should refer to Exhibit 99.1 and 99.2 for specific figures regarding earnings, revenue, asset quality, and strategic updates. While the 8-K itself does not provide quantitative results, it highlights the company's intent to communicate its quarterly performance. The filing also includes cautionary language regarding forward-looking statements, emphasizing the inherent risks and uncertainties that could affect future results. These risks include broader economic conditions, competitive pressures, interest rate fluctuations, regulatory actions, and integration challenges from recent acquisitions, notably the transaction with CIT. Investors should consider these forward-looking disclosures carefully when assessing the company's future prospects.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Bylaw Amendment (May 1, 2023)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K on May 1, 2023, detailing key decisions made at its April 25, 2023, annual stockholders meeting. The most significant development for investors is the approval of amendments to the company's Restated Certificate of Incorporation. These amendments, effective April 27, 2023, double the authorized shares of Class A Common Stock from 16 million to 32 million and Preferred Stock from 10 million to 20 million. Additionally, the stockholders approved an amendment to align the company's charter with new Delaware law provisions, providing exculpation for officers from certain claims related to their duty of care. The filing also reports the results of various other shareholder votes, including the election of directors, advisory votes on executive compensation ("say-on-pay" and "say-on-frequency"), and the ratification of KPMG LLP as the independent auditor.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Material Agreement (Mar 31, 2023)
First Citizens Bancshares Inc. /de/ (FCNCA), through its subsidiary First-Citizens Bank & Trust Company (FCB), has officially completed the acquisition of substantially all loans and certain other assets, along with assuming customer deposits and other liabilities, from Silicon Valley Bridge Bank, N.A. This transaction, facilitated by the FDIC as receiver, significantly expands FCB's balance sheet with approximately $110.1 billion in assets and $59.0 billion in liabilities, including $56.5 billion in deposits. The acquisition was structured with assets acquired at a discount and excluded certain specific assets like cryptocurrency and international branches. Crucially, FCB has entered into a Purchase Money Note with the FDIC for $35 billion and secured a $70 billion line of credit from the FDIC to manage liquidity and fund unfunded commitments. A commercial shared-loss agreement with the FDIC covers approximately $60 billion in loans, with the FDIC sharing in potential losses to mitigate risk for FCB. This strategic move represents a substantial growth opportunity for First Citizens, integrating a large deposit base and loan portfolio. However, investors should note the significant financial arrangements with the FDIC, including the large note and credit facility, and the shared-loss agreement, which provide risk mitigation but also create substantial financial commitments. The company has also issued a Value Appreciation Instrument to the FDIC, with a potential payment of up to $500 million, which has been exercised. The successful integration and management of these newly acquired assets and liabilities will be key to realizing the anticipated benefits of this transaction.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Material Agreement (Mar 27, 2023)
First Citizens BancShares, Inc. (FCNCA), through its subsidiary First-Citizens Bank & Trust Company (FCB), has completed a significant acquisition of substantially all assets and assumed certain liabilities of Silicon Valley Bridge Bank, N.A., as receiver for Silicon Valley Bank (the "Failed Bank"), from the FDIC. This transaction, effective March 27, 2023, involved acquiring approximately $110.1 billion in assets, including $72.1 billion in loans and $56.5 billion in customer deposits, while excluding certain assets like cryptocurrency and international branches. The acquisition was structured with significant financial support from the FDIC, including a $35 billion note and a $70 billion credit facility, to ensure a smooth transition and provide liquidity.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 26, 2023)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K on January 26, 2023, primarily to announce its fourth quarter and full-year 2022 financial results, which were detailed in an accompanying press release (Exhibit 99.1). The company also hosted a conference call on the same day to discuss these results, with presentation slides provided as Exhibit 99.2. Investors should refer to these exhibits for the specific financial performance details. Beyond financial reporting, the company's Board of Directors adopted significant amendments to its bylaws and a director retirement policy. The Amended and Restated Bylaws (Exhibit 3.1), effective January 24, 2023, enhance procedural rules for shareholder nominations and business proposals, align with new SEC universal proxy card rules, allow for remote meetings, and remove a prior director stock ownership requirement. Additionally, a new director retirement policy, effective January 24, 2023, sets an age limit of 75 for board eligibility, modifying the previous policy of mandatory retirement at year-end for directors reaching that age.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Oct 28, 2022)
First Citizens BancShares, Inc. /DE/ (FCNCA) filed an 8-K on October 28, 2022, primarily to announce changes in its Board of Directors. Mr. Daniel Heavner, a long-serving director since 2007, will retire effective December 31, 2022, due to the company's mandatory retirement policy for directors reaching age 75. Mr. Heavner currently serves on the Audit Committee and chairs the Trust Committee. To fill the vacancy, the Board has appointed Dr. Eugene Flood, Jr., effective January 1, 2023. Dr. Flood brings extensive experience in finance and asset management, having previously held leadership roles at Janus Henderson Group, Smith Breeden Associates, TIAA CREF, and Morgan Stanley, as well as academic experience at Stanford Business School. He has also served on various other boards and committees, indicating a strong background in corporate governance and financial oversight. Dr. Flood has been deemed independent by Nasdaq listing standards and will be compensated according to the company's standard director compensation policies.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 27, 2022)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K on October 27, 2022, to report its financial results for the quarter ended September 30, 2022. The report primarily serves to furnish the press release and investor presentation related to these results. While the filing itself doesn't contain the detailed financial figures, it directs investors to the attached Exhibit 99.1 (Press Release) and Exhibit 99.2 (Investor Presentation) for a comprehensive overview of the company's performance during the third quarter of 2022. Key information for investors would be found within these exhibits, which likely cover operational performance, profitability metrics, balance sheet changes, and management's outlook. The filing also includes a standard forward-looking statement disclaimer, highlighting potential risks and uncertainties that could affect future results, including macroeconomic factors, regulatory changes, and the integration of the CIT Group acquisition.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jul 28, 2022)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K on July 28, 2022, to report its financial and operational highlights for the quarter ended June 30, 2022. While the filing primarily serves to attach the press release and investor presentation detailing these results, a significant announcement was made regarding a new share repurchase program. The Board of Directors authorized the repurchase of up to 1,500,000 shares of Class A common stock, commencing August 1, 2022, and extending through July 28, 2023. This initiative supersedes a previous authorization that expired in July 2020, signaling a potential return of capital to shareholders. The accompanying press release and presentation (Exhibits 99.1 and 99.2) are incorporated by reference, providing investors with the specific financial metrics and operational commentary discussed by the company. Investors should refer to these attached documents for detailed information on the company's performance during the second quarter of 2022, including earnings, revenue, and other key financial indicators. The new share repurchase program offers flexibility to management and will be executed based on market conditions and strategic capital allocation decisions.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (Apr 29, 2022)
This 8-K filing reports on the outcomes of the Annual Meeting of shareholders for First Citizens BancShares, Inc. held on April 26, 2022. The primary focus of the meeting was the shareholder vote on key corporate governance matters, including the election of directors, an advisory vote on executive compensation, and the ratification of the independent auditor. All proposals presented to shareholders received strong support, indicating shareholder confidence in the company's current leadership and governance practices. Investors can take comfort in the overwhelming approval of the 14 director nominees, which suggests a stable and experienced board. Furthermore, the advisory 'say-on-pay' proposal also passed with a substantial majority, reflecting shareholder acceptance of the executive compensation structure. The ratification of KPMG LLP as the independent public accountants for 2022 was also overwhelmingly approved, reinforcing the transparency and oversight of the company's financial reporting.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Apr 28, 2022)
First Citizens BancShares, Inc. (FCNCA) filed a Current Report on Form 8-K on April 28, 2022, to announce its financial results for the quarter ended March 31, 2022. The report primarily serves to provide investors with access to the company's earnings press release (Exhibit 99.1) and an accompanying investor presentation (Exhibit 99.2). These documents detail the company's operational and financial performance for the first quarter of 2022. Investors should note that the information furnished under Item 2.02 and Item 7.01, including the exhibits, is not considered "filed" for purposes of Section 18 of the Exchange Act, meaning it does not automatically become part of the company's SEC filings for liability purposes unless specifically incorporated by reference into a future filing. The report also includes standard forward-looking statement disclaimers, highlighting potential risks and uncertainties that could affect future results, including factors related to the recent acquisition of CIT Group Inc.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Regulation FD Disclosure (Mar 24, 2022)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K on March 24, 2022, to provide supplemental information regarding its previously completed merger with CIT Group Inc. The filing includes an investor presentation that was to be discussed during a conference call on the same day. This presentation offers additional details and insights into the integration and expected outcomes of the merger. Investors should note that this filing primarily serves to disseminate information in accordance with Regulation FD and to furnish an investor presentation. The presentation itself contains forward-looking statements subject to various risks and uncertainties, including general economic conditions, the ongoing COVID-19 pandemic, interest rate fluctuations, and specific integration risks related to the CIT merger, such as potential disruptions, higher-than-anticipated costs, and challenges in realizing cost savings and revenue synergies. The company explicitly states it has no obligation to update these forward-looking statements.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Exhibit Filing (Mar 18, 2022)
This 8-K filing by First Citizens BancShares Inc. (FCNCA) on March 18, 2022, primarily serves to formally include financial statements and pro forma information related to a significant transaction, likely the acquisition of CIT Group Inc. (CIT), which was previously announced. The filing contains the audited consolidated financial statements of CIT for the fiscal years ending December 31, 2021, 2020, and 2019. Additionally, it presents unaudited pro forma condensed combined financial statements for First Citizens BancShares, giving effect to the transaction as if it had occurred on December 31, 2021, for the balance sheet and January 1, 2021, for the statement of income. For investors, this filing is crucial as it provides the historical financial performance of the acquired entity (CIT) and a forward-looking view of the combined company's financial position and income potential. The inclusion of these detailed financial statements is a necessary step following the closing or significant progress of the acquisition, allowing stakeholders to assess the financial implications and potential synergies of the combined entity. Investors should carefully review these exhibits to understand the financial health of CIT and the expected combined financial profile of First Citizens.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Jan 26, 2022)
First Citizens BancShares, Inc. (FCNCA) filed an 8-K on January 26, 2022, to report on key corporate events. The filing primarily announces the company's financial results for the quarter ended December 31, 2021, which were detailed in an accompanying press release. Additionally, the company's Board of Directors adopted an amended and restated Long-Term Incentive Plan (LTIP) effective January 1, 2022, expanding eligibility to 'Executive' level employees of First-Citizens Bank & Trust Company and its affiliates, and increasing the maximum annual award to $10,000,000 per participant. Furthermore, the filing includes Certificates of Correction for previously filed Certificates of Designation for Series B and Series C Preferred Stock, clarifying the correct initial dividend commencement date as December 15, 2022. An investor conference call was scheduled for January 26, 2022, to discuss the fourth-quarter 2021 financial results, with supplementary investor presentation materials provided.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jan 24, 2022)
On January 24, 2022, First Citizens BancShares, Inc. (FCNCA) announced through its wholly-owned subsidiary, First Citizens Bank & Trust Company, its intention to redeem all outstanding senior unsecured notes. This includes approximately $1.147 billion in 5.000% Notes due 2022, $750 million in 5.000% Notes due 2023, $500 million in 4.750% Notes due 2024, and $500 million in 5.250% Notes due 2025. The total aggregate principal amount of notes subject to redemption is approximately $2.897 billion. These notes were assumed by First Citizens Bank following its merger with CIT Group Inc. The redemption is scheduled to occur on February 24, 2022. The redemption price will be determined based on the greater of par value or the present value of remaining payments, plus accrued interest. This proactive debt management move signals a potential strengthening of the company's balance sheet and improved financial flexibility post-merger. Investors should monitor the impact on the company's leverage ratios and overall capital structure.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Acquisition Completed (Jan 4, 2022)
First Citizens BancShares, Inc. (FCNCA) announced the completion of its merger with CIT Group Inc. on January 3, 2022. This significant transaction involved a two-step merger process, culminating in CIT Group Inc. and CIT Bank merging with First Citizens Bank & Trust Company. The merger consideration for CIT common stockholders was 0.06200 shares of First Citizens Class A Common Stock per share of CIT common stock, plus cash for fractional shares. This merger is expected to create a larger, more diversified financial institution, integrating the operations and customer bases of both companies. Investors should note the assumption of CIT's outstanding senior and subordinated notes by First Citizens, totaling over $2.6 billion in principal value across multiple series with varying interest rates and maturity dates. Additionally, the report details executive and director changes resulting from the merger, including the appointment of former CIT executives and directors to key positions within First Citizens.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Dec 20, 2021)
This 8-K filing from First Citizens BancShares (FCNCA) on December 20, 2021, announces a significant step towards the completion of its merger with CIT Group Inc. The key event reported is the receipt of the final required regulatory approval from the Board of Governors of the Federal Reserve System. This approval, along with prior approvals from the FDIC and the North Carolina Commissioner of Banks, clears a major hurdle for the transaction. Investors should note that while regulatory approvals are in place, the merger's closing is still contingent upon a 15-day waiting period and the satisfaction of other customary closing conditions. The company anticipates the merger to be finalized in early January 2022, assuming these conditions are met. This marks a critical development for First Citizens as it moves closer to combining with CIT, which is expected to reshape its market position and operational scale.
FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Financial Results (Oct 27, 2021)
First Citizens BancShares Inc /DE/ (FCNCA) filed an 8-K on October 27, 2021, primarily to announce its financial results for the third quarter ended September 30, 2021. The report includes a press release (Exhibit 99.1) detailing these results and an investor presentation (Exhibit 99.2) for a related conference call. While the specific financial figures from the press release are not detailed within the 8-K text provided, the filing signals that the company is providing updated performance information to the market. Investors should note that this filing also incorporates standard forward-looking statement disclaimers, highlighting the inherent risks and uncertainties associated with future performance. A significant portion of these disclosures pertains to the proposed merger with CIT Group Inc. ('CIT'), detailing potential risks and challenges related to integration, regulatory approvals, and market conditions that could impact the realization of anticipated benefits from the transaction.