8-KLeadership ChangesOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Nov 6, 2014)

Filed November 6, 2014For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing by First Citizens BancShares, Inc. (FCNCA) announces a significant leadership change in its financial department. Effective November 6, 2014, Craig L. Nix has been appointed as the new Chief Financial Officer (CFO) for BancShares and its bank subsidiary, First-Citizens Bank & Trust Company (FCB/NC). This appointment follows the retirement of the previous CFO, Glenn D. McCoy, which became effective November 5, 2014, after the completion of the merger with First Citizens Bancorporation, Inc. (Bancorp). Mr. Nix brings extensive experience, having previously served as CFO for Bancorp. The filing details the transition, including Mr. Nix's continued role with another former Bancorp subsidiary and the assumption of prior compensation arrangements. Additionally, the report outlines the terms of Mr. McCoy's retirement, including his consultation services, severance payments, and continued eligibility for incentive awards, providing transparency on the financial implications of this executive transition.

Key Highlights

  • 1Craig L. Nix appointed as new Chief Financial Officer (CFO) for First Citizens BancShares and its bank subsidiary, effective November 6, 2014.
  • 2Glenn D. McCoy, the previous CFO, has retired effective November 5, 2014, following the completion of the BancShares and Bancorp merger.
  • 3Mr. Nix previously served as CFO for Bancorp and continues in a similar capacity for one of Bancorp's former subsidiaries, First Citizens Bank and Trust Co., Inc. (FCB/SC), pending its merger.
  • 4The company has assumed Mr. Nix's existing compensatory arrangements from his previous role.
  • 5Mr. McCoy will receive a retirement package including salary continuation, unused PTO, vested benefits, and potential pro rata incentive award.
  • 6Mr. McCoy will provide consulting services for three months (December 1, 2014 - February 28, 2015) for a monthly fee of $20,000.
  • 7Mr. McCoy will receive a total of $500,000 in severance payments, contingent on agreeing to covenants including non-solicitation and a release of claims.

Frequently Asked Questions

Craig L. Nix has been appointed as the new CFO of First Citizens BancShares, Inc. and its bank subsidiary, First-Citizens Bank & Trust Company (FCB/NC), effective November 6, 2014.

Glenn D. McCoy retired following the company's acquisition by merger of First Citizens Bancorporation, Inc. (Bancorp). His retirement from his positions with BancShares and FCB/NC became effective November 5, 2014.

Mr. McCoy will receive his salary through his retirement date, unused paid time off, and retain all vested benefits. He is eligible for a pro rata 2014 incentive award, will provide consulting services for three months for $20,000 per month, and will receive total severance payments of $500,000 in exchange for agreeing to covenants and releasing claims.

Mr. Nix, who was previously CFO of Bancorp, has been appointed CFO of BancShares. His existing compensatory arrangements with Bancorp and its former subsidiary FCB/SC have been assumed by BancShares or FCB/NC. He will continue as CFO of FCB/SC until its merger into FCB/NC, expected in early 2015.