8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jan 2, 2015)

Filed January 2, 2015For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) has completed a significant internal restructuring, merging its South Carolina bank subsidiary, First Citizens Bank and Trust Company, Inc. (FCB/SC), into its North Carolina bank subsidiary, First-Citizens Bank & Trust Company (FCB/NC). This merger, effective January 1, 2015, consolidates the banking operations with FCB/NC as the surviving entity. This strategic move follows the earlier merger of First Citizens Bancorporation, Inc. (Bancorp) into BancShares in October 2014, where FCB/SC previously operated as a subsidiary of Bancorp before becoming a direct subsidiary of BancShares. The company has provided a press release detailing this event.

Key Highlights

  • 1Completion of merger between South Carolina bank subsidiary (FCB/SC) and North Carolina bank subsidiary (FCB/NC).
  • 2First-Citizens Bank & Trust Company (FCB/NC) is the surviving bank in the merger.
  • 3The merger became effective on January 1, 2015.
  • 4This integration follows the merger of First Citizens Bancorporation, Inc. (Bancorp) into BancShares in October 2014.
  • 5FCB/SC was formerly a subsidiary of Bancorp before the October 2014 transaction.
  • 6A press release announcing the bank merger is attached as Exhibit 99.1.

Frequently Asked Questions

The main event is the completion of the merger between First Citizens BancShares' South Carolina bank subsidiary (FCB/SC) and its North Carolina bank subsidiary (FCB/NC). FCB/NC is the surviving entity after the merger, which became effective on January 1, 2015.

This merger represents a consolidation of banking operations, streamlining the company's structure. It follows a previous corporate merger where FCB/SC became a direct subsidiary of BancShares, and now its operations are integrated into the larger North Carolina bank subsidiary, FCB/NC.

FCB/SC was the former bank subsidiary of First Citizens Bancorporation, Inc. (Bancorp). When Bancorp was merged into BancShares in October 2014, FCB/SC became a separate bank subsidiary of BancShares. This latest merger integrates it into FCB/NC.

A press release dated January 2, 2015, announcing the bank merger, is attached as Exhibit 99.1 to this 8-K filing and provides further details.