8-KSecurities & ListingExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Listing Notice (Jun 11, 2020)

Filed June 11, 2020For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) filed an 8-K on June 11, 2020, to address a procedural oversight regarding its 5.375% Non-Cumulative Perpetual Preferred Stock, Series A. The company inadvertently failed to provide advance notice of the dividend record date and publicly announce the dividend declaration to The NASDAQ Stock Market (Nasdaq) as required by listing rules. The dividend in question is payable on June 15, 2020, to shareholders of record on June 1, 2020. BancShares has since notified Nasdaq of the record date on June 10, 2020, promptly after discovering the omission. The company emphasizes that this was an inadvertent failure and has implemented measures to prevent similar occurrences in the future, ensuring timely notices and announcements for subsequent dividend payments. The core business operations and dividend payment itself remain unaffected.

Key Highlights

  • 1Filing addresses inadvertent failure to comply with Nasdaq listing rules regarding advance notice and public announcement of a preferred stock dividend.
  • 2The preferred stock is the 5.375% Non-Cumulative Perpetual Preferred Stock, Series A.
  • 3The dividend payment date is June 15, 2020, with a record date of June 1, 2020.
  • 4BancShares has notified Nasdaq of the record date on June 10, 2020, after the oversight was discovered.
  • 5The company has implemented procedures to ensure timely compliance for future dividend notices.
  • 6All preferred shares are held via Depositary Shares, with each representing a 1/40th interest.

Frequently Asked Questions

No, the filing states that the dividend is payable on June 15, 2020. The issue was a failure to provide proper advance notice and public announcement to Nasdaq regarding the dividend record date, not a missed payment.

The filing refers to the 5.375% Non-Cumulative Perpetual Preferred Stock, Series A, which was first issued on March 12, 2020. These are held through Depositary Shares, each representing a fraction of a preferred share.

The filing does not specify immediate consequences from Nasdaq. BancShares has rectified the situation by notifying Nasdaq and has put in place measures to prevent recurrence. The primary concern addressed is adherence to listing requirements.

Yes, BancShares has stated that they have taken steps to ensure that required notices and public announcements are made in a timely manner for future dividends.