8-KOther Events

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jul 12, 2011)

Filed July 12, 2011For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced on July 12, 2011, that its Board of Directors authorized a stock trading plan, entered into on July 8, 2011, with Keefe, Bruyette & Woods, Inc. (KBW) under Rule 10b5-1. 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. These repurchases are authorized to occur from time to time through June 30, 2012. It's important for investors to note that the company is not obligated to purchase a specific number of shares and can suspend or discontinue the plan at any time. Any repurchased shares will be canceled. The filing also includes standard forward-looking statement disclaimers, highlighting potential risks and uncertainties that could affect actual results.

Key Highlights

  • 1Authorization of a stock trading plan by the Board of Directors on July 8, 2011.
  • 2The plan is structured under Rule 10b5-1 of the Securities Exchange Act of 1934.
  • 3Company intends to repurchase up to 100,000 shares of Class A common stock.
  • 4Company intends to repurchase up to 25,000 shares of Class B common stock.
  • 5Repurchases are authorized to take place through June 30, 2012.
  • 6The company is not obligated to purchase a specific number of shares and can suspend or discontinue the plan.
  • 7Repurchased shares will be canceled.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce that First Citizens BancShares, Inc. has entered into a stock trading plan, authorized by its Board of Directors, to repurchase shares of its Class A and Class B common stock.

The company is authorized to repurchase 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 effective through June 30, 2012, with shares being purchased from time to time within this period.

No, the Board's action does not obligate the company to acquire any particular amount of shares. The company retains the right to suspend or discontinue the repurchase plan at any time.