8-KOther Events

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (May 14, 2009)

Filed May 14, 2009For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. announced on May 12, 2009, the adoption of a stock trading plan authorized by its Board of Directors. This plan allows for the repurchase of up to 100,000 shares of Class A common stock and up to 25,000 shares of Class B common stock. The repurchases will be executed by Keefe, Bruyette & Woods, Inc. (KBW) in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. This initiative signals management's confidence in the company's stock and aims to return value to shareholders. The plan is effective until December 31, 2009, with the flexibility for the company to suspend or terminate purchases at any time, and any repurchased shares will be cancelled. Investors should note that the company has also included standard forward-looking statement disclosures, highlighting potential risks and uncertainties that could affect future results.

Key Highlights

  • 1Adoption of a stock trading plan by First Citizens BancShares, Inc. on May 12, 2009.
  • 2The plan authorizes the repurchase of up to 100,000 shares of Class A common stock.
  • 3The plan also authorizes the repurchase of up to 25,000 shares of Class B common stock.
  • 4Repurchases will be conducted by Keefe, Bruyette & Woods, Inc. (KBW).
  • 5The stock trading plan operates under the guidelines of Rule 10b5-1 of the Securities Exchange Act of 1934.
  • 6The plan is in effect until December 31, 2009, but repurchases can be suspended or discontinued at any time.
  • 7Repurchased shares will be cancelled, potentially reducing outstanding share count.

Frequently Asked Questions

This Form 8-K filing reports that First Citizens BancShares, Inc. has entered into a stock trading plan to repurchase its own shares, signaling potential value return to shareholders and management's view on the stock's attractiveness.

The company's Board of Directors has authorized the repurchase of up to 100,000 shares of Class A common stock and up to 25,000 shares of Class B common stock.

Yes, the plan is in effect until December 31, 2009, and the company is not obligated to repurchase any specific number of shares. Purchases may be suspended or discontinued at any time by the company. The repurchased shares will be cancelled.

Rule 10b5-1 provides an affirmative defense against allegations of insider trading. Adhering to this rule means the trading plan was established at a time when the company was not in possession of material nonpublic information, providing a structured and compliant way to conduct share repurchases.