Summary
First Citizens BancShares, Inc. (FCNCA) announced on October 5, 2011, the adoption of a stock trading plan for the repurchase of up to 100,000 shares of its Class A common stock. This plan, executed in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, allows for repurchases to occur through June 30, 2012, and is managed by Keefe, Bruyette & Woods, Inc. (KBW). While this initiative signals management's confidence and a potential return of capital to shareholders, it's important to note that the plan does not obligate the company to purchase any specific number of shares. Purchases can be suspended or discontinued at any time. Repurchased shares will be canceled. The filing also includes standard forward-looking statement disclosures, cautioning investors about inherent risks and uncertainties that could impact actual results.
Key Highlights
- 1Adoption of a Rule 10b5-1 stock trading plan by First Citizens BancShares, Inc. (FCNCA).
- 2The plan authorizes the repurchase of up to 100,000 shares of Class A common stock.
- 3Purchases are permitted to occur through June 30, 2012.
- 4Keefe, Bruyette & Woods, Inc. (KBW) has been appointed to manage the trading plan.
- 5The company is not obligated to repurchase any specific number of shares.
- 6The board retains the right to suspend or discontinue the repurchase program at any time.
- 7Repurchased shares will be canceled.