8-K/AExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K/A Report, Exhibit Filing (Mar 18, 2022)

Filed March 18, 2022For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing by First Citizens BancShares Inc. (FCNCA) on March 18, 2022, primarily serves to formally include financial statements and pro forma information related to a significant transaction, likely the acquisition of CIT Group Inc. (CIT), which was previously announced. The filing contains the audited consolidated financial statements of CIT for the fiscal years ending December 31, 2021, 2020, and 2019. Additionally, it presents unaudited pro forma condensed combined financial statements for First Citizens BancShares, giving effect to the transaction as if it had occurred on December 31, 2021, for the balance sheet and January 1, 2021, for the statement of income. For investors, this filing is crucial as it provides the historical financial performance of the acquired entity (CIT) and a forward-looking view of the combined company's financial position and income potential. The inclusion of these detailed financial statements is a necessary step following the closing or significant progress of the acquisition, allowing stakeholders to assess the financial implications and potential synergies of the combined entity. Investors should carefully review these exhibits to understand the financial health of CIT and the expected combined financial profile of First Citizens.

Key Highlights

  • 1Formal submission of audited consolidated financial statements for CIT Group Inc. as of December 31, 2021, 2020, and for the fiscal years ended 2021, 2020, and 2019.
  • 2Inclusion of unaudited pro forma condensed combined balance sheet of First Citizens BancShares as of December 31, 2021, reflecting the transaction's impact.
  • 3Presentation of unaudited pro forma condensed combined statement of income for First Citizens BancShares for the fiscal year ended December 31, 2021, post-transaction.
  • 4The filing incorporates these financial exhibits by reference, making them integral to the 8-K disclosure.
  • 5This report serves as a key regulatory step in finalizing disclosures related to a significant business combination.
  • 6Contains the Consent of Independent Auditors, indicating compliance with auditing standards for the included financial statements.

Frequently Asked Questions

The primary purpose of this 8-K filing is to formally include the audited financial statements of the acquired entity (CIT Group Inc.) and pro forma combined financial statements of First Citizens BancShares, Inc., reflecting the impact of a significant transaction, likely the acquisition of CIT.

The filing includes the audited consolidated financial statements of CIT Group Inc. for the years ended December 31, 2021, 2020, and 2019. It also includes unaudited pro forma condensed combined balance sheet and statement of income for First Citizens BancShares as of and for the year ended December 31, 2021, reflecting the transaction.

Pro forma financial statements are important because they show how the combined company would have looked financially if the acquisition had already occurred. This helps investors understand the potential scale, profitability, and financial position of the merged entity, aiding in valuation and strategic assessment.

The detailed financial data, including the audited statements of CIT and the pro forma statements of First Citizens, are filed as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference into this 8-K filing.