8-KCorporate ChangesExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Code of Ethics Amendment (Jul 27, 2007)

Filed July 27, 2007For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This Form 8-K filing from First Citizens BancShares, Inc. (FCNCA) on July 27, 2007, primarily reports on an amendment to the company's governance policies. The Board of Directors adopted a new, distinct "Financial Officers Code of Ethics" effective July 23, 2007. This separate code specifically applies to the company's financial officers, including the CEO, CFO, and other senior financial personnel responsible for financial reporting and accounting. The primary purpose of this change is to clarify and establish specific standards of conduct for these key financial roles. While the new code is separate, the filing notes that the expected standards of conduct for financial officers have not been materially altered from the previous combined code that also covered directors. Investors can find the full text of this new code as an exhibit to this filing and on the company's subsidiary website.

Key Highlights

  • 1First Citizens BancShares, Inc. adopted a new Financial Officers Code of Ethics on July 23, 2007.
  • 2The new code specifically targets financial officers, including the CEO, CFO, and other senior financial executives.
  • 3This code aims to clarify and set distinct standards of conduct for individuals responsible for financial reporting and accounting.
  • 4The adoption of a separate code was a board decision.
  • 5The core standards of conduct for financial officers remain materially unchanged.
  • 6The full Financial Officers Code of Ethics is available as Exhibit 14.1 to this Form 8-K filing.

Frequently Asked Questions

The main purpose of this 8-K filing is to report the adoption of a new, separate Financial Officers Code of Ethics by First Citizens BancShares, Inc.'s Board of Directors. This clarifies governance for key financial personnel.

The new code applies to the company's financial officers, which includes the Chief Executive Officer (CEO), Chief Financial Officer (CFO), and other senior financial officers with primary responsibility for the company's financial reporting and accounting functions.

According to the filing, the standards of conduct expected of the financial officers were not materially altered by this change. The primary goal was to establish a separate, dedicated code for clarity.

A copy of the Financial Officers Code of Ethics is attached as Exhibit 14.1 to this Form 8-K filing. It can also be found on the website of the registrant's wholly-owned subsidiary, First-Citizens Bank & Trust Company, at www.firstcitizens.com.