8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jan 18, 2017)

Filed January 18, 2017For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens Bancshares Inc. (FCNCA) announced on January 18, 2017, that its wholly-owned subsidiary, First-Citizens Bank & Trust Company (FCB), entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) on January 13, 2017. This agreement is for the purchase of certain assets and assumption of certain liabilities of Harvest Community Bank, which is currently under receivership by the FDIC. This acquisition is considered immaterial to First Citizens Bancshares' overall financial standing, as Harvest Community Bank's total assets constitute less than 1.0 percent of the Registrant's consolidated assets. Investors can find further details regarding the transaction in the news release dated January 13, 2017, which is attached as an exhibit to this filing.

Key Highlights

  • 1First-Citizens Bank & Trust Company (FCB) is acquiring assets and assuming liabilities of Harvest Community Bank.
  • 2The FDIC is acting as the Receiver for Harvest Community Bank.
  • 3The transaction was agreed upon on January 13, 2017.
  • 4The filing date for this 8-K is January 18, 2017.
  • 5Harvest Community Bank's assets represent less than 1.0% of First Citizens Bancshares' consolidated assets.
  • 6The acquisition is considered immaterial in size.
  • 7Additional details are available in an attached news release (Exhibit 99.1).

Frequently Asked Questions

The main event is the agreement by First Citizens Bancshares' subsidiary, First-Citizens Bank & Trust Company (FCB), to purchase certain assets and assume certain liabilities of Harvest Community Bank from the FDIC.

The acquisition is not significant from a size perspective. Harvest Community Bank's total assets represent less than 1.0 percent of First Citizens Bancshares' consolidated assets, indicating it is an immaterial transaction.

More detailed information about the transaction can be found in First-Citizens Bank & Trust Company's news release dated January 13, 2017, which is included as Exhibit 99.1 to this 8-K filing.

The FDIC is involved because it is acting as the Receiver for Harvest Community Bank, meaning the bank has failed and the FDIC is managing its resolution, including the sale of its assets and assumption of its liabilities by another institution.