8-KOther Events

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jun 23, 2010)

Filed June 23, 2010For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. announced on June 22, 2010, the adoption of a stock trading plan designed to repurchase its own shares. This plan, executed in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, 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. These repurchases are authorized to occur from the plan's inception through April 30, 2011. The company emphasizes that the board's approval does not obligate them to purchase a specific number of shares, and the program can be suspended or terminated at any time. Repurchased shares will be canceled. Investors should note that the company also includes standard forward-looking statement disclosures, cautioning that actual results could differ materially due to various risks and uncertainties.

Key Highlights

  • 1First Citizens BancShares authorized a stock repurchase program for its Class A and Class B common stock.
  • 2The repurchase plan allows for the acquisition of up to 100,000 Class A shares and 25,000 Class B shares.
  • 3The program is structured under a Rule 10b5-1 trading plan with Keefe, Bruyette & Woods, Inc. (KBW).
  • 4Share repurchases are permitted through April 30, 2011.
  • 5The company retains the right to suspend or discontinue the repurchase program at any time.
  • 6Repurchased shares will be canceled.
  • 7The filing includes standard forward-looking statement disclosures, highlighting potential risks and uncertainties.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce that First Citizens BancShares, Inc. has adopted a stock trading plan for the repurchase of its own common stock.

The company's plan authorizes the repurchase of up to 100,000 shares of its Class A common stock and up to 25,000 shares of its Class B common stock.

The stock repurchase plan is in effect from its inception on June 22, 2010, through April 30, 2011.

No, the company explicitly states that the Board's approval does not obligate them to acquire any particular amount of shares, and the purchases may be suspended or discontinued at any time.