First Citizens BancShares Declares Dividends

Rhea-AI Summary

The Board of Directors of First Citizens BancShares declared a quarterly dividend of 75 cents per share on Class A and Class B common stock, marking an increase of 28 cents from the previous quarter. This dividend is payable on Dec. 15, 2022, to shareholders of record by Nov. 30, 2022. Additionally, dividends on the Series A, B, and C preferred stocks were also announced. The positive decision reflects the company’s strong financial performance following the merger with CIT Group, resulting in over $100 billion in assets.

Positive

• Quarterly dividend increased to 75 cents per share from 47 cents.
• Reflects strong financial performance and confidence from management.

Negative

• None.

RALEIGH, N.C., Oct. 27, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) declared on Oct. 25, 2022, 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 Dec. 15, 2022, to shareholders of record Nov. 30, 2022. The common stock dividend represents an increase of 28 cents per share from the prior quarter.
  
  “As a result of continued solid results and the overall financial strength of our company, the Board has decided to increase the common stock dividend from 47 cents per share to 75 cents per share,” said Chairman and CEO Frank B. Holding Jr.
  

• The Board declared a regular quarterly dividend on the company’s 5.375% non-cumulative perpetual preferred stock, Series A, to be paid on Dec. 15, 2022, to holders of record as of Nov. 30, 2022.
  
  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 Dec. 15, 2022, to holders of record as of Nov. 30, 2022. BancShares will pay a non-cumulative quarterly cash dividend at a rate of 7.26457%, 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 Dec. 15, 2022, to holders of record as of Nov. 30, 2022.

ABOUT FIRST CITIZENS BANCSHARES

First Citizens BancShares, Inc. is the financial holding company for First-Citizens Bank & Trust Company (“First Citizens Bank”). In January 2022, First Citizens BancShares and CIT Group Inc. merged, creating one of the top 20 U.S. financial institutions, with more than $100 billion in assets.

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. As the largest family-controlled bank in the United States, First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Its commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Visit firstcitizens.com. First Citizens Bank. Forever First®

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

FAQ

What is the dividend amount declared by FCNCA for October 2022?

FCNCA declared a dividend of 75 cents per share for the October 2022 period.

When will the FCNCA dividend be paid?

The FCNCA dividend will be paid on December 15, 2022.

What is the record date for the FCNCA dividend?

The record date for the FCNCA dividend is November 30, 2022.

What was the previous dividend amount for FCNCA before the increase?

The previous dividend amount for FCNCA was 47 cents per share.

What is the significance of the FCNCA dividend increase?

The increase in FCNCA's dividend highlights the company's continued solid financial results and overall strength.