Summary
This 8-K filing from First Citizens Bancshares, Inc. (FCNCA) announces the planned retirement of Frank B. Holding from his roles as a director and Executive Vice Chairman of both the parent company and its subsidiary bank. Mr. Holding's retirement as a director will be effective at the company's annual meeting of shareholders on April 29, 2014, at which point he will also withdraw his candidacy for re-election. His retirement from his officer positions will take effect later, on September 2, 2014. Until his officer retirement date, Mr. Holding will continue as an employee of the Bank, receiving his current salary.
Key Highlights
- 1Frank B. Holding, a key executive and director, is retiring.
- 2Retirement from director role is effective April 29, 2014, at the annual meeting.
- 3Mr. Holding will not stand for re-election as a director.
- 4Retirement from officer positions (Executive Vice Chairman) is effective September 2, 2014.
- 5Mr. Holding will remain an employee of the Bank until his officer retirement date.
- 6His current salary will be maintained until his officer retirement.
Frequently Asked Questions
Frank B. Holding is retiring from his positions as a director and Executive Vice Chairman of First Citizens Bancshares, Inc. and its subsidiary bank. He will also retire from his officer positions with both entities.
His service as a director will terminate at the company's annual meeting of shareholders on April 29, 2014.
He will retire from his officer positions effective September 2, 2014.
Yes, Mr. Holding will remain an employee of the Bank and will receive his current salary until his officer retirement date of September 2, 2014.