First Citizens completes 138-branch BMO acquisition
First Citizens BancShares, Inc. (FCNCA) announced that its wholly owned subsidiary, First-Citizens Bank & Trust Company, has completed the previously announced acquisition of 138 branches from BMO Bank N.A., effective September 4, 2026.
Rhea-AI Filing Summary
First Citizens BancShares, Inc. (FCNCA) announced that its wholly owned subsidiary, First-Citizens Bank & Trust Company, has completed the previously announced acquisition of 138 branches from BMO Bank N.A., effective September 4, 2026. The branches are located across the Midwest, Great Plains and West regions of the U.S.
As part of the transaction, First Citizens Bank assumed approximately $5 billion in deposits and $650 million in loans. The bank now operates more than 600 branches and offices nationwide and is described as a top 20 U.S. bank with more than $225 billion in assets$1 million in community initiatives across its expanded markets during 2026 and 2027.
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Filing Explained
The
8-K Event Classification
2 items: 8.01, 9.01
2 items
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, or exhibit attachments filed with this report.
Key Figures
Branches acquired: 138 branches
Deposits assumed: $5 billion
Loans assumed: $650 million
+3 more
6 metrics
Branches acquired
138 branches
Branches acquired from BMO Bank N.A., effective September 4, 2026
Deposits assumed
$5 billion
Deposits assumed as part of the BMO branch acquisition
Loans assumed
$650 million
Loans assumed as part of the BMO branch acquisition
Total assets
More than $225 billion
First Citizens BancShares described as a top 20 U.S. financial institution
Total branches and offices
More than 600
Nationwide branches and offices after completion of the acquisition
Community investment commitment
$1 million
Planned investments across expanded markets during 2026 and 2027
Key Terms
forward-looking statements, Non-Cumulative Perpetual Preferred Stock, Inline XBRL, FDIC special assessments, +1 more
5 terms
forward-looking statements regulatory
"This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Non-Cumulative Perpetual Preferred Stock financial
"Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A"
Non-cumulative perpetual preferred stock is a type of investment that pays a fixed dividend forever, without a set end date. If the company skips some dividends in a year, you don’t get that money later, and it’s gone forever. It matters because investors get regular income but may miss out if the company faces financial trouble.
Inline XBRL technical
"Cover Page Interactive Data File (embedded within the Inline XBRL document)"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
FDIC special assessments regulatory
"such as FDIC special assessments, increases to FDIC deposit insurance premiums"
Private Securities Litigation Reform Act of 1995 regulatory
"within the meaning of the Private Securities Litigation Reform Act of 1995"
FAQ
What transaction did FCNCA complete with BMO Bank N.A.?
First-Citizens Bank & Trust Company, the banking subsidiary of FCNCA, completed the acquisition of 138 branches from BMO Bank N.A. effective September 4, 2026, expanding its presence across the Midwest, Great Plains and West regions.
How many deposits and loans did FCNCA assume in the BMO branch acquisition?
First Citizens Bank assumed approximately $5 billion in deposits and $650 million in loans as part of the 138-branch acquisition from BMO Bank N.A., according to the company’s disclosure.
How does the BMO branch deal affect FCNCA’s branch network and asset size?
With the acquisition and conversion completed, First Citizens Bank now serves clients through more than 600 branches and offices nationwide and is described as a top 20 U.S. bank with more than $225 billion in assets.
Which regions gain expanded First Citizens Bank coverage after the BMO acquisition?
The acquired branches expand First Citizens Bank’s presence across North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho, western Minnesota, eastern Oregon and southern Illinois, enhancing coverage in the Midwest, Great Plains and West.
What community investment has FCNCA committed alongside this branch expansion?
First Citizens plans to invest approximately $1 million across existing and newly expanded markets in the Midwest, Great Plains and West during 2026 and 2027, working with local nonprofits, civic leaders and community partners.
Will new clients from the BMO branches see changes in their banking relationships with FCNCA?
New First Citizens Bank clients are expected to continue working with their local bankers and teams while gaining access to the broader bank’s national reach and specialized expertise, according to the company’s description.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 8, 2026
_________________________________________________________________
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (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 | ||||||
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 8, 2026, First-Citizens Bank & Trust Company, the wholly owned banking subsidiary of First Citizens BancShares, Inc. (“BancShares”), issued a press release announcing that it had completed its previously announced acquisition of 138 branches from BMO Bank N.A. located throughout the Midwest, Great Plains and West regions of the U.S. effective September 4, 2026.
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits accompany this Report.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated September 8, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
Disclosures About Forward-Looking Statements
This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue,” “aims” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions.
Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic (including the imposition of tariffs, retaliatory tariff measures, trade barriers on trading partners, and supply chain disruptions), political (including impacts of any U.S. government shutdown), geopolitical events (including conflicts or developments in Ukraine, the Middle East and Latin America), natural disasters and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from previous bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, the financial success or changing conditions or strategies of BancShares’ vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares’ loan or investment portfolio, actions of government regulators, including interest rate decisions by the Board of Governors of the Federal Reserve Board (the “Federal Reserve”), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares’ ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares’ capital plans, adverse developments with respect to U.S. or global economic conditions, including significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack, information or security breach, the effect of technological change, including artificial intelligence and digital assets, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums, changes in regulatory capital requirements, or limitations on credit card interest rates, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, changes or enhancements BancShares implements with respect to risk management, technology, personnel, financial service offerings, or other areas, and the risks associated with BancShares’ previously completed acquisition transactions or any future transactions.
Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its other filings with the Securities and Exchange Commission.
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 8, 2026 | By: | /s/ Craig L. Nix | |||||||||||
Craig L. Nix | ||||||||||||||
Chief Financial Officer | ||||||||||||||
First Citizens Bank Completes Branch Acquisition, Expanding Presence Across the Midwest, Great Plains and West • Associated client accounts have transitioned to First Citizens Bank platforms • Regional leadership appointments, $1 million giving commitment reinforce Bank’s investment in local banking with a relationship-driven approach RALEIGH, N.C., September 8, 2026 – First Citizens Bank today announced the successful conversion of 138 branches that it acquired from BMO Bank N.A. on September 4, 2026, expanding the bank's presence across the Midwest, Great Plains and West and welcoming new clients, associates and communities to First Citizens. First Citizens Bank assumed approximately $5 billion in deposits and $650 million in loans as part of the branch acquisition. With the transition complete, First Citizens Bank, as a top 20 U.S. bank with more than $225 billion in assets, now serves clients through more than 600 branches and offices nationwide, including North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho, western Minnesota, eastern Oregon and southern Illinois. New First Citizens Bank clients will continue working with the local bankers and teams they know while benefiting from the comprehensive resources, national reach and specialized expertise of the broader First Citizens businesses. Another milestone in First Citizens' long-term growth strategy, this acquisition expands the bank's footprint to serve individuals, businesses and commercial clients through a broader network of relationship bankers backed by the scale and resources of the bank nationwide. “Every decision we make starts with our clients,” said Frank B. Holding, Jr., Chairman and Chief Executive Officer of First Citizens Bank. “This expansion reflects our disciplined approach to growth – welcoming talented associates who share our relationship-first culture, investing in communities with significant opportunities to maintain lasting client relationships, and bringing leading capabilities to help clients and communities thrive.” Investing in Regional Growth and Local Leadership In support of its expanded footprint, First Citizens has made a series of regional leadership appointments that reinforce the bank's commitment to both new and established markets. These experienced leaders will help deepen client relationships and extend First Citizens' relationship- first approach across its expanded network: • Nate Downie, Regional Executive Vice President covering the Heartland • Sharon Thompson, Regional Executive Vice President covering the Northeast Region and St. Louis • Stacie Bales Barton, Regional Executive Vice President covering Community in the West
• Monica Hummel, Area Executive covering Kansas and Missouri • Gary Piercy, Area Executive covering Omaha “We are investing in experienced local leaders because relationships remain at the heart of how we serve clients,” said Hope Holding Bryant, Vice Chairwoman and Head of General Bank at First Citizens Bank. “Every market is different, and serving it well begins with understanding the people, businesses and communities that make each one unique. By combining local expertise with the strength and stability of a national institution, we're helping clients pursue their ambitions with confidence.” Investing in Local Communities First Citizens is reinforcing its long-standing commitment to the communities it serves. Through charitable giving, local partnerships and community engagement, First Citizens will invest approximately $1 million across both existing and newly expanded markets throughout the Midwest, Great Plains and West over the course of 2026 and 2027. Reflecting First Citizens' long-standing belief that strong communities and strong client relationships go hand in hand, investments will be made working alongside local nonprofit organizations, civic leaders and community partners to support initiatives that help communities thrive over the long-term. About First Citizens Bank First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services with branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $225 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com. Media Contact Liz Shapiro Liz.shapiro@firstcitizens.com