8-KLeadership Changes

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Mar 4, 2013)

Filed March 4, 2013For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced a significant executive appointment on March 4, 2013, with Lorie K. Rupp joining the company as Assistant Vice President and Chief Accounting Officer. This role extends to Senior Vice President and Chief Accounting Officer at its subsidiary, First-Citizens Bank & Trust Co. (FCB). Ms. Rupp's responsibilities will encompass overseeing all accounting activities for both entities, including crucial areas like regulatory reporting, acquired loan accounting, and financial policy. Ms. Rupp brings a wealth of experience from her prior roles, including a recent position as Consulting Director at KPMG LLP, where she focused on capital analysis and financial integration. Her background also includes senior accounting positions at Regions Financial Corporation and extensive experience in financial operations and regulatory reporting at Bank of America. This appointment signals a focus on strengthening the company's accounting functions and financial controls.

Key Highlights

  • 1Lorie K. Rupp appointed Assistant Vice President and Chief Accounting Officer of First Citizens BancShares, Inc. (BancShares) effective March 4, 2013.
  • 2Ms. Rupp will also serve as Senior Vice President and Chief Accounting Officer of subsidiary First-Citizens Bank & Trust Co. (FCB).
  • 3She will be responsible for overseeing all accounting activities, including regulatory reporting and acquired loan accounting.
  • 4Ms. Rupp has a strong background in public accounting (KPMG LLP) and financial services (Regions Financial Corporation, Bank of America).
  • 5Her previous experience includes capital analysis, merger integration, and financial operations.
  • 6Ms. Rupp's compensation package includes an annual base salary of $285,000.
  • 7She will receive a signing bonus of $25,000 and a contingent bonus of $25,000.

Frequently Asked Questions

Lorie K. Rupp has been appointed as the Assistant Vice President and Chief Accounting Officer of First Citizens BancShares, Inc., and also as the Senior Vice President and Chief Accounting Officer of its subsidiary, First-Citizens Bank & Trust Co., effective March 4, 2013. She will lead the accounting operations for both entities.

Ms. Rupp has significant experience from her time at KPMG LLP as a Consulting Director, where she worked on capital analysis and financial integration. Previously, she held senior accounting positions at Regions Financial Corporation and had a 19-year tenure at Bank of America, gaining experience in regulatory reporting, financial project management, and credit risk management finance.

Ms. Rupp will oversee all accounting activities for BancShares and FCB, which include regulatory reporting, accounting for acquired loans, general accounting practices, and the development and implementation of accounting policies.

Ms. Rupp's compensation includes an annual base salary of $285,000, a $25,000 signing bonus, and a potential contingent bonus of $25,000. This contingent bonus is subject to her continued employment and the successful completion of administrative goals related to the FCB accounting function.