8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Feb 25, 2015)

Filed February 25, 2015For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens Bancshares Inc. (FCNCA) announced on February 25, 2015, the details of an agreement entered into on February 13, 2015, by its wholly-owned subsidiary, First-Citizens Bank & Trust Company (FCB), with the Federal Deposit Insurance Corporation (FDIC). This agreement involves the purchase of certain assets and the assumption of certain liabilities from Capitol City Bank & Trust Company, which is currently in receivership with the FDIC. This strategic move represents an expansion for FCB into the Atlanta, Georgia market. The acquisition, while relatively small in scale compared to First Citizens' overall balance sheet, signals a proactive approach to inorganic growth and market expansion. Investors should note that Capitol City Bank & Trust Company's total assets constitute less than 1% of First Citizens' consolidated assets, suggesting a manageable integration process with minimal immediate impact on the company's overall financial standing. Further details about the transaction are available in the attached news release.

Key Highlights

  • 1First Citizens Bancshares Inc. (FCNCA) subsidiary, First-Citizens Bank & Trust Company (FCB), entered into an agreement with the FDIC.
  • 2The agreement is for the purchase of assets and assumption of liabilities of Capitol City Bank & Trust Company.
  • 3Capitol City Bank & Trust Company is currently in FDIC receivership.
  • 4The transaction expands FCB's presence into Atlanta, Georgia.
  • 5Capitol City Bank & Trust Company's assets represent less than 1% of FCNCA's consolidated assets, indicating a small-scale acquisition.
  • 6A news release dated February 13, 2015, provides additional details and is attached as an exhibit.

Frequently Asked Questions

This filing's primary purpose is to inform investors about an agreement between First-Citizens Bank & Trust Company (a subsidiary of FCNCA) and the FDIC to acquire assets and assume liabilities from Capitol City Bank & Trust Company.

The acquisition is relatively small in scale, as Capitol City Bank & Trust Company's total assets represent less than 1% of First Citizens' consolidated assets. This suggests a manageable integration and a limited immediate impact on the company's overall financial position.

The acquisition is strategically important as it allows First-Citizens Bank & Trust Company to expand its footprint into the Atlanta, Georgia market.

Additional details regarding this transaction can be found in the news release issued by First-Citizens Bank & Trust Company on February 13, 2015, which is attached as Exhibit 99.1 to this 8-K filing.