8-KLeadership Changes

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Jun 23, 2014)

Filed June 23, 2014For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This Form 8-K filing from First Citizens BancShares, Inc. (FCNCA) on June 23, 2014, announces proposed management changes contingent upon the completion of its merger with First Citizens Bancorporation, Inc. (BanCorp). The report details a new six-person executive leadership team that will guide the combined entity, with key personnel transitioning into new roles designed to leverage their expertise across the expanded organization. Investors should note the strategic appointments and the anticipated integration of leadership post-merger, which aims to create a cohesive management structure. The filing also outlines significant compensatory arrangements for two newly appointed executives, Peter M. Bristow and Craig L. Nix, including substantial relocation packages and eligibility for long-term incentive plans. These arrangements, effective upon the merger's closing, signal the company's commitment to attracting and retaining key talent for the integrated operations. The report also contains important forward-looking statements and information on where to find additional details regarding the merger and related filings.

Key Highlights

  • 1Proposed management changes are set to take effect following the completion of the merger with First Citizens Bancorporation, Inc.
  • 2A new six-person executive leadership team is planned for the combined entity.
  • 3Edward L. Willingham IV will move to the newly created role of Chief Operating Officer of BancShares and its subsidiary.
  • 4Peter M. Bristow will become President and Corporate Sales Executive, focusing on legacy banking markets.
  • 5Craig L. Nix is proposed to become the new Chief Financial Officer, replacing the retiring Glenn D. McCoy.
  • 6Significant relocation allowances and moving expense reimbursements are detailed for Mr. Bristow and Mr. Nix.
  • 7The report includes standard forward-looking statements and provides information on accessing related SEC filings for the merger.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce proposed management changes at First Citizens BancShares, Inc. that are planned to occur after the company completes its merger with First Citizens Bancorporation, Inc. It also details compensation packages for newly appointed executives.

A six-person executive leadership team is proposed to lead the combined entity. Key roles include Frank B. Holding, Jr. continuing as Chairman and CEO, Edward L. Willingham IV as Chief Operating Officer, Peter M. Bristow as President and Corporate Sales Executive, and Craig L. Nix as Chief Financial Officer.

Peter M. Bristow and Craig L. Nix are proposed to receive significant compensation packages. These include substantial annual base salaries, relocation allowances, reimbursement for moving expenses (including home sale costs), and eligibility for the company's Long Term Incentive Plan starting in 2015. They may also have to reimburse parts of these allowances if they voluntarily leave within 24 months.

No, the proposed management changes are contingent upon the completion of the merger between First Citizens BancShares, Inc. and First Citizens Bancorporation, Inc. They are not effective immediately.