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First Citizens (NASDAQ: FCNCA) sells $500M 4.869% senior notes

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(Moderate)
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(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

First Citizens BancShares, Inc. issued and sold $500,000,000 aggregate principal amount of its 4.869% Fixed-to-Floating Rate Senior Notes due 2032 in a public offering under an effective shelf registration.

The notes were sold under an underwriting agreement dated February 25, 2026 with J.P. Morgan Securities LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC as representatives of the underwriters, and were issued under a senior base indenture and a second supplemental indenture with U.S. Bank Trust Company, National Association as trustee. The report also files these transaction documents and related legal opinions as exhibits.

Positive

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Insights

First Citizens adds $500M in 2032 senior debt at 4.869%.

First Citizens BancShares issued $500,000,000 of Fixed-to-Floating Rate Senior Notes due 2032 at a coupon of 4.869%. These are senior unsecured obligations issued off an existing Form S-3 shelf, indicating use of pre-established financing capacity.

The notes were underwritten by major dealers, including J.P. Morgan, BofA Securities, and Wells Fargo Securities, which can support distribution depth. Documentation relies on a senior base indenture with a second supplemental indenture defining this series’ terms.

The filing also incorporates the underwriting agreement, indentures, note form, and legal opinions as exhibits, aligning them with the shelf registration for future reference. Subsequent periodic reports may detail interest expense and any capital management effects.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Understanding 8-K Material Events →
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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): March 3, 2026

 

 

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
Depository Shares, Each Representing 1/40th Interest in a Share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E   FCNCN   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 March 3, 2026, First Citizens BancShares, Inc. (the “Company”) issued and sold $500,000,000 aggregate principal amount of its 4.869% Fixed-to-Floating Rate Senior Notes due 2032 (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 February 25, 2026 (the “Prospectus Supplement”) and filed with the Commission on February 26, 2026. The Notes were sold pursuant to an underwriting agreement dated as of February 25, 2026 (the “Underwriting Agreement”), by and among the Company, J.P. Morgan Securities LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC, as representatives of the several underwriters listed in Schedule II thereto.

The Notes were issued pursuant to a senior base indenture, dated as of March 12, 2025 (the “Base Indenture”), between the Company and U.S. Bank Trust Company, National Association (the “Trustee”), as amended and supplemented by a second supplemental indenture, dated as of March 3, 2026, between the Company and the Trustee (the “Second Supplemental Indenture”).

The foregoing descriptions of the Underwriting Agreement, the Base Indenture, the Second 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 February 25, 2026, by and among the Company, J.P. Morgan Securities LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC, as representatives of the several underwriters listed in Schedule II thereto
4.1    Senior Base Indenture dated as of March 12, 2025, 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 12, 2025)
4.2    Second Supplemental Indenture to the Base Indenture, dated March 3, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee
4.3    Form of 4.869% Fixed-to-Floating Rate Senior Notes due 2032 (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: March 3, 2026    

By: /s/ Craig L. Nix

    Name: Craig L. Nix
    Title: Chief Financial Officer

Source: View Original Filing on SEC EDGAR

FAQ

What securities did First Citizens BancShares (FCNCA) issue in this 8-K?

First Citizens BancShares issued $500,000,000 aggregate principal amount of 4.869% Fixed-to-Floating Rate Senior Notes due 2032. These senior notes were sold in a public offering under an existing Form S-3 shelf registration and related prospectus supplement.

What is the interest rate and maturity of First Citizens BancShares’ new notes?

The new senior notes carry a fixed-to-floating interest rate of 4.869% and mature in 2032. They were issued as a specific series under a senior base indenture and a second supplemental indenture with U.S. Bank Trust Company as trustee.

What was the size of First Citizens BancShares’ 4.869% senior notes offering?

The offering size was $500,000,000 in aggregate principal amount of 4.869% Fixed-to-Floating Rate Senior Notes due 2032. This amount reflects the total principal issued and sold in the public transaction described in the report.

Which banks underwrote First Citizens BancShares’ $500 million note issuance?

The underwriting syndicate was led by J.P. Morgan Securities LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC. These firms acted as representatives of the several underwriters under an underwriting agreement dated February 25, 2026 for the senior notes.

Under what documents were First Citizens BancShares’ 2032 notes issued?

The notes were issued under a senior base indenture dated March 12, 2025 and a second supplemental indenture dated March 3, 2026. These indentures with U.S. Bank Trust Company, National Association, as trustee, govern the terms of the 2032 senior notes.

Filing Exhibits & Attachments

7 documents

Other Documents