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[8-K] First Citizens BancShares Inc Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K

First Citizens BancShares, Inc. executed an offering of subordinated debt under a previously filed Form S-3 registration statement and a Prospectus Supplement dated September 2, 2025. The company entered an Underwriting Agreement dated September 2, 2025 with BofA Securities, Inc. and Morgan Stanley & Co. LLC as representatives of the underwriters to sell the securities. A Third Supplemental Indenture dated September 5, 2025 supplements the Subordinated Base Indenture dated March 4, 2020, and the offering includes a form of 5.600% Fixed Rate Reset Subordinated Notes due 2035. Legal opinion and consent from Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP are included, and the filing is signed by Craig L. Nix, Chief Financial Officer.

First Citizens BancShares, Inc. ha eseguito un'emissione di debito subordinato ai sensi di una precedente dichiarazione di registrazione Form S-3 e un Prospectus Supplement datato 2 settembre 2025. L'azienda ha stipulato un Underwriting Agreement datato 2 settembre 2025 con BofA Securities, Inc. e Morgan Stanley & Co. LLC in qualità di rappresentanti degli underwriter per la vendita dei titoli. Un Third Supplemental Indenture datato 5 settembre 2025 integra l'Subordinated Base Indenture datata 4 marzo 2020, e l'offerta comprende una forma di 5,600% Fixed Rate Reset Subordinated Notes due 2035. Un parere legale e il consenso di Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP sono inclusi, e la filing è firmata da Craig L. Nix, Chief Financial Officer.

First Citizens BancShares, Inc. llevó a cabo una emisión de deuda subordinada conforme a una declaración de registro Form S-3 previamente presentada y un Prospectus Supplement fechado el 2 de septiembre de 2025. La empresa suscribió un Acuerdo de Suscripción fechado el 2 de septiembre de 2025 con BofA Securities, Inc. y Morgan Stanley & Co. LLC como representantes de los suscriptores para la venta de los valores. Un Third Supplemental Indenture fechado el 5 de septiembre de 2025 complementa la Subordinated Base Indenture fechada el 4 de marzo de 2020, y la oferta incluye una forma de Notas Subordinadas a Tasa Fija de 5,600% con Reajuste y vencimiento en 2035. Se incluye un dictamen legal y el consentimiento de Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP, y la presentación está firmada por Craig L. Nix, Chief Financial Officer.

First Citizens BancShares, Inc.는 이전에 제출된 Form S-3 등록서 및 2025년 9월 2일자 Prospectus Supplement에 따라 subordinated debt를 발행했습니다. 회사는 발행자들을 대표해 Underwriters로서 BofA Securities, Inc.와 Morgan Stanley & Co. LLC와 함께 발행인 계약(Underwriting Agreement) 2025년 9월 2일자를 체결하여 증권을 판매합니다. 2025년 9월 5일자 Third Supplemental Indenture2020년 3월 4일자 Subordinated Base Indenture를 보완하며, 본 발행은 2035년 만기 5.600% 고정 이자 재설정(Subordinated Notes)의 형태를 포함합니다. Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP의 법적 의견서와 동의서가 포함되며, 서류에 Craig L. Nix, Chief Financial Officer의 서명이 있습니다.

First Citizens BancShares, Inc. a procédé à une émission de dette subordinée en vertu d'une déclaration d'enregistrement Form S-3 préalablement déposée et d'un Prospectus Supplement daté du 2 septembre 2025. La société a conclu un Underwriting Agreement daté du 2 septembre 2025 avec BofA Securities, Inc. et Morgan Stanley & Co. LLC en qualité de porte-parole des souscripteurs pour la vente des valeurs. Un Third Supplemental Indenture daté du 5 septembre 2025 complète l'Subordinated Base Indenture datée du 4 mars 2020, et l'offre comprend une forme de Notes Subordonnées à Taux Fixe Révisable 5,600% arrivant à l'échéance en 2035. L'avis juridique et le consentement de Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP sont inclus, et le document est signé par Craig L. Nix, Chief Financial Officer.

First Citizens BancShares, Inc. führte eine Emission von nachrangigen Anleihen gemäß einer zuvor eingereichten Form S-3 Registrierungsstatement und einem Prospectus Supplement datiert zum 2. September 2025 durch. Das Unternehmen schloss eine Underwriting Agreement datiert zum 2. September 2025 mit BofA Securities, Inc. und Morgan Stanley & Co. LLC als Vertreter der Emittenten ab, um die Wertpapiere zu verkaufen. Ein Third Supplemental Indenture datiert zum 5. September 2025 ergänzt die Subordinated Base Indenture datiert zum 4. März 2020, und das Angebot umfasst eine Form von 5,600% Fixed Rate Reset Subordinated Notes fällig 2035. Rechtliche Stellungnahme und Zustimmung von Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP sind enthalten, und die Einreichung ist unterzeichnet von Craig L. Nix, Chief Financial Officer.

First Citizens BancShares, Inc. نفذت إصداراً من الدين الدرجي subordinated وفقاً لبيان تسجيل Form S-3 سبق تقديمه و Prospectus Supplement المؤرخ 2 سبتمبر 2025. دخلت الشركة في اتفاقية الاكتتاب المؤرخة 2 سبتمبر 2025 مع BofA Securities, Inc. وMorgan Stanley & Co. LLC بصفتهما ممثلين للمكتتبين لبيع الأوراق المالية. يُكمل Third Supplemental Indenture المؤرخ 5 سبتمبر 2025 Subordinated Base Indenture المؤرخ 4 مارس 2020، وتضم العروض شكلاً من Notes Subordinated 5.600% Fixed Rate Reset حتى 2035. وتشمل الرأي القانوني وموافقة من Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP، وتوقيع الملف من Craig L. Nix، المدير المالي.

First Citizens BancShares, Inc. 根据先前提交的 Form S-3 注册声明及一个 日期为 2025 年 9 月 2 日的招股说明书增编,执行了次级债务发行。公司与代表承销商的 BofA Securities, Inc.Morgan Stanley & Co. LLC 签署了 2025 年 9 月 2 日的承销协议,以销售证券。一个 2025 年 9 月 5 日的第三次补充契约 补充了 2020 年 3 月 4 日的次级基底契约,本次发行包括一种 2035 年到期的 5.600% 固定利率重设次级票据 的形式。包含 Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP 的法律意见及同意书,且文件由 Craig L. Nix,首席财务官 签署。

Positive
  • Accessed long-term funding via an underwritten offering of subordinated notes dated Sept 2–5, 2025
  • Fixed coupon of 5.600% provides financing certainty for the note term
  • Underwritten by major banks (BofA Securities and Morgan Stanley), indicating standard market distribution
Negative
  • Increases subordinated long-term liabilities, adding to the company’s debt profile through 2035
  • Subordinated status means these notes rank below senior creditors, affecting recovery priority
  • Fixed 5.600% coupon represents a long-term interest expense commitment regardless of future rate movements

Insights

TL;DR: The company issued subordinated notes with a 5.600% coupon maturing in 2035, arranged by major underwriters.

The filing documents an underwritten sale of subordinated debt under the company’s Form S-3 shelf and a Prospectus Supplement dated September 2, 2025. The use of a Third Supplemental Indenture (Sept 5, 2025) formalizes the new tranche under the existing subordinated base indenture.

This transaction is a standard debt-capital market execution: the 5.600% fixed rate and long-dated maturity indicate the company accessed long-term funding via subordinated debt, underwritten by BofA Securities and Morgan Stanley.

TL;DR: Subordinated notes increase long-term liabilities and rank below senior creditors.

Because these are subordinated notes, they sit behind senior debt in the capital structure, which is relevant to loss-absorption and regulatory capital assessment. The maturity of 2035 makes the instrument a long-duration obligation on the balance sheet.

The filing includes counsel opinion and trustee documentation (U.S. Bank Trust Company), ensuring legal enforceability of the indenture provisions disclosed in the filing.

First Citizens BancShares, Inc. ha eseguito un'emissione di debito subordinato ai sensi di una precedente dichiarazione di registrazione Form S-3 e un Prospectus Supplement datato 2 settembre 2025. L'azienda ha stipulato un Underwriting Agreement datato 2 settembre 2025 con BofA Securities, Inc. e Morgan Stanley & Co. LLC in qualità di rappresentanti degli underwriter per la vendita dei titoli. Un Third Supplemental Indenture datato 5 settembre 2025 integra l'Subordinated Base Indenture datata 4 marzo 2020, e l'offerta comprende una forma di 5,600% Fixed Rate Reset Subordinated Notes due 2035. Un parere legale e il consenso di Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP sono inclusi, e la filing è firmata da Craig L. Nix, Chief Financial Officer.

First Citizens BancShares, Inc. llevó a cabo una emisión de deuda subordinada conforme a una declaración de registro Form S-3 previamente presentada y un Prospectus Supplement fechado el 2 de septiembre de 2025. La empresa suscribió un Acuerdo de Suscripción fechado el 2 de septiembre de 2025 con BofA Securities, Inc. y Morgan Stanley & Co. LLC como representantes de los suscriptores para la venta de los valores. Un Third Supplemental Indenture fechado el 5 de septiembre de 2025 complementa la Subordinated Base Indenture fechada el 4 de marzo de 2020, y la oferta incluye una forma de Notas Subordinadas a Tasa Fija de 5,600% con Reajuste y vencimiento en 2035. Se incluye un dictamen legal y el consentimiento de Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP, y la presentación está firmada por Craig L. Nix, Chief Financial Officer.

First Citizens BancShares, Inc.는 이전에 제출된 Form S-3 등록서 및 2025년 9월 2일자 Prospectus Supplement에 따라 subordinated debt를 발행했습니다. 회사는 발행자들을 대표해 Underwriters로서 BofA Securities, Inc.와 Morgan Stanley & Co. LLC와 함께 발행인 계약(Underwriting Agreement) 2025년 9월 2일자를 체결하여 증권을 판매합니다. 2025년 9월 5일자 Third Supplemental Indenture2020년 3월 4일자 Subordinated Base Indenture를 보완하며, 본 발행은 2035년 만기 5.600% 고정 이자 재설정(Subordinated Notes)의 형태를 포함합니다. Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP의 법적 의견서와 동의서가 포함되며, 서류에 Craig L. Nix, Chief Financial Officer의 서명이 있습니다.

First Citizens BancShares, Inc. a procédé à une émission de dette subordinée en vertu d'une déclaration d'enregistrement Form S-3 préalablement déposée et d'un Prospectus Supplement daté du 2 septembre 2025. La société a conclu un Underwriting Agreement daté du 2 septembre 2025 avec BofA Securities, Inc. et Morgan Stanley & Co. LLC en qualité de porte-parole des souscripteurs pour la vente des valeurs. Un Third Supplemental Indenture daté du 5 septembre 2025 complète l'Subordinated Base Indenture datée du 4 mars 2020, et l'offre comprend une forme de Notes Subordonnées à Taux Fixe Révisable 5,600% arrivant à l'échéance en 2035. L'avis juridique et le consentement de Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP sont inclus, et le document est signé par Craig L. Nix, Chief Financial Officer.

First Citizens BancShares, Inc. führte eine Emission von nachrangigen Anleihen gemäß einer zuvor eingereichten Form S-3 Registrierungsstatement und einem Prospectus Supplement datiert zum 2. September 2025 durch. Das Unternehmen schloss eine Underwriting Agreement datiert zum 2. September 2025 mit BofA Securities, Inc. und Morgan Stanley & Co. LLC als Vertreter der Emittenten ab, um die Wertpapiere zu verkaufen. Ein Third Supplemental Indenture datiert zum 5. September 2025 ergänzt die Subordinated Base Indenture datiert zum 4. März 2020, und das Angebot umfasst eine Form von 5,600% Fixed Rate Reset Subordinated Notes fällig 2035. Rechtliche Stellungnahme und Zustimmung von Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP sind enthalten, und die Einreichung ist unterzeichnet von Craig L. Nix, Chief Financial Officer.

FIRST CITIZENS BANCSHARES INC /DE/ false 0000798941 0000798941 2025-09-02 2025-09-02 0000798941 us-gaap:CommonStockMember 2025-09-02 2025-09-02 0000798941 us-gaap:SeriesAPreferredStockMember 2025-09-02 2025-09-02 0000798941 us-gaap:SeriesCPreferredStockMember 2025-09-02 2025-09-02
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 2, 2025

 

 

First Citizens BancShares, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-16715   56-1528994

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

  (IRS Employer
Identification No.)

 

4300 Six Forks Road   Raleigh   North Carolina    27609
(Address of principal executive offices)    (Zip Code)

Registrant’s telephone number, including area code: (919) 716-7000

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class

 

Trading
Symbol

 

Name of each exchange
on which registered

Class A Common Stock, Par Value $1   FCNCA   Nasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A   FCNCP   Nasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C   FCNCO   Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 


Item 8.01. Other Events.

On September 5, 2025, First Citizens BancShares, Inc. (the “Company”) issued and sold $600,000,000 aggregate principal amount of its 5.600% Fixed Rate Reset Subordinated Notes due 2035 (the “Notes”) in a public offering pursuant to a registration statement on Form S-3 (File No. 333-281553) (the “Registration Statement”) filed with the Securities and Exchange Commission (the “Commission”) on August 14, 2024, as supplemented by a prospectus supplement dated September 2, 2025 (the “Prospectus Supplement”) and filed with the Commission on September 4, 2025. The Notes were sold pursuant to an underwriting agreement dated as of September 2, 2025 (the “Underwriting Agreement”), by and among the Company and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters listed in Schedule II thereto.

The Notes were issued pursuant to a subordinated base indenture, dated as of March 4, 2020 (the “Subordinated Base Indenture”), between the Company and U.S. Bank Trust Company, National Association (the “Trustee”), as supplemented by a third supplemental indenture, dated as of September 5, 2025, between the Company and the Trustee (the “Third Supplemental Indenture”).

The foregoing descriptions of the Underwriting Agreement, the Subordinated Base Indenture, the Third Supplemental Indenture, and the Notes do not purport to be complete and are qualified in their entirety by reference to Exhibit 1.1, Exhibit 4.1, Exhibit 4.2, and Exhibit 4.3, respectively. This Current Report on Form 8-K (this “Report”) is being filed, in part, for the purpose of filing the documents attached as exhibits hereto as exhibits to the Registration Statement in connection with the issuance of the Notes, and such exhibits are hereby incorporated by reference into the Registration Statement.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

The following exhibits accompany this Report.

 

Exhibit
No.

  

Description

1.1    Underwriting Agreement dated as of September 2, 2025, by and among the Company and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters listed in Schedule II thereto
4.1    Subordinated Base Indenture, dated as of March 4, 2020, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 4, 2020)
4.2    Third Supplemental Indenture to the Subordinated Base Indenture, dated September 5, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee
4.3    Form of 5.600% Fixed Rate Reset Subordinated Notes due 2035 (included in Exhibit 4.2 hereto)
5.1    Opinion of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP
23.1    Consent of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP (included in Exhibit 5.1 hereto)
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

First Citizens BancShares, Inc.

   

(Registrant)

Date: September 5, 2025     By:  

/s/ Craig L. Nix

    Name:   Craig L. Nix
    Title:   Chief Financial Officer

FAQ

What did First Citizens (FCNCA) file in this 8-K?

The 8-K documents an underwritten offering of 5.600% Fixed Rate Reset Subordinated Notes due 2035, related indenture supplements, underwriting agreement, legal opinion, and trustee documentation.

Who underwrote the First Citizens subordinated notes?

The offering was arranged by representatives of the underwriters: BofA Securities, Inc. and Morgan Stanley & Co. LLC.

What is the legal structure supporting the notes?

The notes are issued under a Subordinated Base Indenture dated March 4, 2020 with a Third Supplemental Indenture dated September 5, 2025 and U.S. Bank Trust Company as trustee.

What is the coupon and maturity of the notes?

The offering includes a form of notes with a 5.600% fixed coupon and a stated maturity in 2035.

Did First Citizens include legal opinions or consents?

Yes. The filing includes the opinion and consent of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP, included in the exhibits.
First Ctzns Bancshares Inc N C

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