8-K/AExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Exhibit Filing (Jun 9, 2010)

Filed June 9, 2010For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This filing is an amendment (Amendment No. 2) to a previous Form 8-K filed by First Citizens Bancshares, Inc. (FCNCA) concerning a transaction originally reported on January 29, 2010. The amendment addresses a minor inaccuracy in an exhibit related to a Purchase and Assumption Agreement (P+A) between FCNCA's subsidiary, First-Citizens Bank & Trust Company (FCB), and the Federal Deposit Insurance Corporation (FDIC). Specifically, an exhibit incorrectly listed a subsidiary of First Regional Bank's parent company as acquired by FCB, when in fact it was not. This amendment corrects Schedule 3.1a within the P+A to accurately reflect the subsidiaries that were actually acquired by FCB. From an investor's perspective, this amendment clarifies details about a past acquisition but does not introduce new financial performance information or significant strategic changes. The core transaction involved FCB acquiring substantially all assets and assuming a majority of liabilities of First Regional Bank. Investors should focus on the original filings and subsequent reports for the financial impact and integration of this acquisition, as this amendment is primarily for record correction. The filing reaffirms the details of the P+A with the FDIC, reinforcing the company's engagement in asset and liability acquisition.

Key Highlights

  • 1Amendment No. 2 to a Form 8-K filing by First Citizens Bancshares, Inc. (FCNCA).
  • 2The amendment corrects an exhibit related to a Purchase and Assumption Agreement (P+A) dated January 29, 2010.
  • 3The P+A was between FCNCA's subsidiary, First-Citizens Bank & Trust Company (FCB), and the FDIC, as Receiver for First Regional Bank.
  • 4The correction involves an inaccurate listing of a subsidiary of First Regional Bank's parent company in Schedule 3.1a of the P+A.
  • 5The amendment clarifies that FCB did not acquire the incorrectly listed subsidiary.
  • 6The filing re-exhibits the corrected Purchase and Assumption Agreement (Exhibit 2.1).
  • 7This filing does not represent a new transaction but a correction to previously filed documentation.

Frequently Asked Questions

This filing is an amendment (Amendment No. 2) to correct a minor error in previously filed documentation regarding a Purchase and Assumption Agreement dated January 29, 2010. The error involved the incorrect listing of one subsidiary in the acquired assets.

The filing refers to the transaction where First-Citizens Bank & Trust Company (FCB), a subsidiary of First Citizens Bancshares, Inc., acquired substantially all of the assets and assumed a majority of the liabilities of First Regional Bank, with the FDIC acting as Receiver.

This amendment is primarily a technical correction of an exhibit and does not introduce new financial information or change the terms of the original acquisition. Investors should refer to the original Form 8-K filing and subsequent financial reports for the actual financial impact of the First Regional Bank acquisition.

The amendment corrects Schedule 3.1a within the Purchase and Assumption Agreement exhibit. This schedule inadvertently listed a subsidiary of First Regional Bank's parent company that FCB did not actually acquire. The corrected exhibit now accurately reflects only the subsidiaries that were acquired by FCB.