Summary
First Citizens BancShares Inc. (FCNCA) announced on June 18, 2012, that its Board of Directors has authorized a stock repurchase program. This program, implemented through a trading plan with Keefe, Bruyette & Woods, Inc. (KBW) under Rule 10b5-1, allows for the repurchase of up to 100,000 shares of Class A common stock and 25,000 shares of Class B common stock. The repurchase period is set to run from July 1, 2012, to June 30, 2013. Investors should note that the board's approval does not obligate the company to repurchase any specific number of shares, and the program can be suspended or terminated at any time. Repurchased shares will be canceled. This move signals management's confidence in the company's stock and can be viewed as a way to return value to shareholders.
Key Highlights
- 1First Citizens BancShares authorized a stock repurchase program on June 18, 2012.
- 2The program allows for the repurchase of up to 100,000 shares of Class A common stock.
- 3The program allows for the repurchase of up to 25,000 shares of Class B common stock.
- 4Repurchases will be executed through a Rule 10b5-1 trading plan with Keefe, Bruyette & Woods, Inc. (KBW).
- 5The repurchase period is from July 1, 2012, through June 30, 2013.
- 6The company is not obligated to repurchase any specific number of shares.
- 7The repurchase program can be suspended or discontinued at any time by the company.