8-KOther EventsExhibits & Filings

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

Filed September 14, 2009For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This Form 8-K filing from First Citizens BancShares, Inc. (FCNCA) reports on a significant event: the acquisition of substantially all assets and the assumption of the majority of liabilities of Venture Bank by its wholly-owned subsidiary, First-Citizens Bank & Trust Company (FCB). This transaction was executed on September 11, 2009, with the FDIC acting as the Receiver for Venture Bank. The acquisition represents a strategic expansion for FCNCA, adding to its asset base and market presence. From an investor's perspective, this acquisition signals growth and market consolidation, particularly in the context of the prevailing economic conditions in 2009. The scale of the acquisition, with Venture Bank's assets representing 5.6% of FCNCA's consolidated assets as of June 30, 2009, indicates a material addition to the company's balance sheet. Investors should note that further details regarding the transaction's financial implications and strategic rationale are available in the attached news release.

Key Highlights

  • 1First Citizens BancShares' subsidiary, First-Citizens Bank & Trust Company (FCB), entered into an agreement with the FDIC.
  • 2The agreement is to purchase substantially all assets and assume the majority of liabilities of Venture Bank.
  • 3The FDIC is acting as the Receiver for Venture Bank.
  • 4The transaction date was September 11, 2009.
  • 5As of June 30, 2009, Venture Bank had total assets of $968.4 million.
  • 6Venture Bank's assets represent approximately 5.6% of First Citizens BancShares' consolidated assets as of June 30, 2009.
  • 7A news release dated September 11, 2009, provides further information about the transaction.

Frequently Asked Questions

This Form 8-K filing announces a material event: the agreement by First Citizens BancShares' subsidiary, First-Citizens Bank & Trust Company, to acquire substantially all the assets and assume the majority of liabilities of Venture Bank from the FDIC, which is acting as Venture Bank's Receiver.

Venture Bank's total assets were $968.4 million as of June 30, 2009. This amount represents approximately 5.6% of First Citizens BancShares' consolidated assets at that time, indicating a material expansion of First Citizens' balance sheet.

Further information regarding the transaction is available in the news release issued by First-Citizens Bank & Trust Company on September 11, 2009, which is attached as Exhibit 99 to this Form 8-K filing.

The FDIC is acting as the Receiver for Venture Bank. First Citizens BancShares' subsidiary entered into the agreement with the FDIC to acquire Venture Bank's assets and liabilities.