8-KLeadership ChangesRegulation FDExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Executive Changes (Dec 16, 2024)

Filed December 16, 2024For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced a significant addition to its Board of Directors with the appointment of Matt Snow, effective January 2, 2025. Mr. Snow brings extensive experience in public accounting, having held leadership positions at major firms like Forvis Mazars, LLP and Dixon Hughes Goodman LLP, with a strong background in audit, SEC regulations, and financial services. His appointment is expected to bolster the Board's expertise, particularly within the Audit Committee. Notably, Mr. Snow is set to retire from his current firm in May 2025 and has been deemed independent by Nasdaq standards. While Forvis Mazars has provided professional services to FCNCA totaling approximately $0.6 million since 2023, these services will cease while Mr. Snow holds directorship and firm positions concurrently. The company has confirmed no other reportable transactions or relationships requiring disclosure. Investors can anticipate Mr. Snow's compensation as a director will align with existing arrangements for non-associate directors, with further details in the company's proxy statement.

Key Highlights

  • 1Appointment of Matt Snow to the Board of Directors, effective January 2, 2025.
  • 2Mr. Snow is a seasoned accounting professional with extensive experience, including leadership roles at Forvis Mazars, LLP and Dixon Hughes Goodman LLP.
  • 3He will serve on the Audit Committee and the Trust Committee of First-Citizens Bank & Trust Company.
  • 4Mr. Snow is expected to be an independent director according to Nasdaq listing requirements.
  • 5He is scheduled to retire from Forvis Mazars in May 2025.
  • 6Forvis Mazars has provided professional services to FCNCA totaling approximately $0.6 million since 2023, which will cease during Mr. Snow's concurrent roles.
  • 7No other undisclosed transactions or relationships between Mr. Snow and FCNCA require disclosure under Item 404(a) of Regulation S-K.

Frequently Asked Questions

Matt Snow's appointment is to leverage his extensive experience in public accounting, audit, SEC regulations, and financial services to strengthen the Board's expertise, particularly in areas like the Audit Committee.

The Board has determined that Mr. Snow will be 'independent' as defined by Nasdaq listing requirements. This is important for corporate governance, as independent directors are crucial for objective oversight and decision-making.

Forvis Mazars has provided professional services to BancShares and its subsidiaries totaling approximately $0.6 million since 2023. However, these services will be discontinued while Mr. Snow holds directorship and leadership positions with Forvis Mazars concurrently.

Mr. Snow's appointment to the Board is effective January 2, 2025. He will serve until the company's 2025 Annual Meeting of Stockholders and thereafter until his successor is appointed, or until his earlier departure from the Board.