First Citizens BancShares Declares Dividends

Rhea-AI Summary

On January 24, 2023, First Citizens BancShares (NASDAQ: FCNCA) declared quarterly dividends for its Class A and Class B common stock, amounting to $0.75 per share, payable on March 15, 2023, to shareholders of record as of February 28, 2023.

Additionally, dividends for Series A, B, and C preferred stocks were announced, including a 5.375% dividend for Series A and an 8.741% dividend for Series B, both payable on the same date. The company's strong financial position is highlighted, with over $100 billion in assets, reinforcing its stability and commitment to shareholder returns.

Positive

• Declared quarterly dividend of $0.75 per share on Class A and Class B common stock.
• Total assets exceed $100 billion, indicating strong financial stability.
• Regular dividends on preferred stocks reinforce commitment to returning value to shareholders.

Negative

• None.

RALEIGH, N.C., Jan. 26, 2023 /PRNewswire/ -- The Board of Directors of First Citizens BancShares, Inc. ("BancShares") (NASDAQ: FCNCA) declared on Jan 24, 2023, dividends on the company's Class A and Class B common stock, as well as Series A, B and C preferred stock, each for the period commencing on and including the last respective payment date.  

• As noted above, the Board declared a quarterly dividend of 75 cents per share on the company's Class A and Class B common stock. The dividend is payable March 15, 2023, to shareholders of record Feb. 28, 2023.
  
  
• The Board declared a regular quarterly dividend on the company's 5.375% non-cumulative perpetual preferred stock, Series A, to be paid on March 15, 2023, to holders of record as of Feb. 28, 2023.
  
  There are currently 345,000 outstanding shares of the Series A preferred stock which are held pursuant to a Deposit Agreement dated March 12, 2020. Under that agreement, an aggregate of 13,800,000 depositary shares were issued, each representing a 1/40th interest in a share of the Series A preferred stock.
  
  
• The Board declared a dividend on the company's fixed-to-floating rate, non-cumulative perpetual Series B preferred stock to be paid on March 15, 2023, to holders of record as of Feb. 28, 2023. BancShares will pay a non-cumulative quarterly cash dividend at a rate of 8.741%, which is equal to three-month LIBOR on the dividend determination date plus a spread of 3.972%.
  
  
• Also, the Board declared a regular quarterly dividend on the company's 5.625% non-cumulative perpetual preferred stock, Series C, to be paid on March 15, 2023, to holders of record as of Feb. 28, 2023.

About First Citizens BancShares

First Citizens BancShares, Inc. (NASDAQ: FCNCA), a top 20 U.S. financial institution with more than $100 billion in assets, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens Bank offers an array of general banking services including a network of 500-plus branches in 22 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Discover more at firstcitizens.com.

Contact:	Deanna Hart	Barbara Thompson
	Investor Relations	Corporate Communications
	919-716-2137	919-716-2716

 

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SOURCE First Citizens BancShares, Inc.

FAQ

What is the dividend per share declared by First Citizens BancShares on January 24, 2023?

The declared dividend per share is $0.75 for Class A and Class B common stock.

When will the dividends declared by First Citizens BancShares be paid?

The dividends will be paid on March 15, 2023.

What is the record date for the dividends declared by First Citizens BancShares?

The record date for the dividends is February 28, 2023.

What are the dividend rates for Series A, B, and C preferred stocks of First Citizens BancShares?

The dividend rate is 5.375% for Series A and 8.741% for Series B preferred stock.