8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jul 20, 2009)

Filed July 20, 2009For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This Form 8-K filing by First Citizens BancShares, Inc. (FCNCA) on July 20, 2009, announces a significant strategic move: the acquisition of substantially all assets and the assumption of a majority of liabilities of Temecula Valley Bank (TVB) through its wholly-owned subsidiary, First-Citizens Bank & Trust Company (FCB). This acquisition was facilitated by an agreement with the Federal Deposit Insurance Corporation (FDIC), which is acting as the receiver for TVB. The transaction represents a notable expansion for FCNCA, as TVB had approximately $1.5 billion in total assets as of March 31, 2009, which constituted 8.7% of FCNCA's consolidated assets at that time.

Key Highlights

  • 1First Citizens BancShares, Inc. (FCNCA) subsidiary, First-Citizens Bank & Trust Company (FCB), acquired substantially all assets and majority of liabilities of Temecula Valley Bank (TVB).
  • 2The transaction was executed via an agreement with the Federal Deposit Insurance Corporation (FDIC), which is the receiver for TVB.
  • 3Temecula Valley Bank had total assets of $1.5 billion as of March 31, 2009.
  • 4The acquired assets of TVB represented 8.7% of FCNCA's consolidated assets as of March 31, 2009.
  • 5The press release regarding this acquisition was issued on July 17, 2009.
  • 6The filing includes forward-looking statements regarding risks and uncertainties that could impact actual results.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce that First Citizens BancShares, Inc.'s subsidiary, First-Citizens Bank & Trust Company, has entered into an agreement with the FDIC to purchase the assets and assume liabilities of Temecula Valley Bank.

The acquisition is moderately significant. Temecula Valley Bank's $1.5 billion in assets as of March 31, 2009, represented 8.7% of First Citizens BancShares' consolidated assets at that date, indicating a notable expansion.

This acquisition was facilitated by the Federal Deposit Insurance Corporation (FDIC), which is acting as the receiver for Temecula Valley Bank. First Citizens Bank & Trust Company entered into an agreement with the FDIC to acquire the bank's assets and liabilities.

Further information regarding the transaction is available in the press release issued by First-Citizens Bank & Trust Company on July 17, 2009, which is attached as Exhibit 99 to this Form 8-K filing.