First Citizens BancShares Declares Dividends

Rhea-AI Summary

The Board of Directors of First Citizens BancShares declared dividends on April 26, 2022, for Class A and B common stock and Series A, B, and C preferred stock. A quarterly dividend of 47 cents per share will be paid on June 15, 2022, to shareholders on record by May 31, 2022. Preferred stock dividends include 5.375% for Series A and 5.625% for Series C, also payable June 15, 2022. Series B preferred stock dividends will be paid quarterly, starting September 15, 2022, at a rate of 5.800% per year, transitioning to a LIBOR-based rate thereafter.

Positive

• Declaring a quarterly dividend of 47 cents per share indicates confidence in financial stability.
• The merger with CIT Group has positioned BancShares among the top 20 U.S. financial institutions, enhancing market presence.

Negative

• None.

RALEIGH, N.C., April 28, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) declared on April 26, 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 47 cents per share on the company’s Class A and Class B common stock. The dividend is payable June 15, 2022, to shareholders of record May 31, 2022.
• The Board declared a regular quarterly dividend on the company’s 5.375% non-cumulative perpetual preferred stock, Series A, to be paid on June 15, 2022, to holders of record as of May 31, 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 June 15, 2022, to holders of record May 31, 2022. BancShares will pay non-cumulative cash dividends at a rate equal to 5.800% per year for the period beginning on Dec. 15, 2021, to, but excluding June 15, 2022, and thereafter at a rate equal to three-month LIBOR plus a spread of 3.972% quarterly in arrears on March 15, June 15, Sept. 15 and Dec. 15 of each year, beginning on Sept. 15, 2022.
• 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 June 15, 2022, to holders of record as of May 31, 2022.

ABOUT FIRST CITIZENS

First Citizens BancShares is the financial holding company for First Citizens Bank. In January 2022, BancShares and CIT Group Inc. merged – creating one of the top 20 U.S. financial institutions, with more than $110 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 Bank is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank also operates a nationwide direct bank and a network of more than 600 branches in 22 states. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money – and make more of their future. 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 for First Citizens BancShares (FCNCA) in June 2022?

The dividend amount declared is 47 cents per share for Class A and B common stock.

When will the dividends for FCNCA be paid?

Dividends will be paid on June 15, 2022, to shareholders of record by May 31, 2022.

What are the preferred stock dividend rates for FCNCA?

Series A preferred stock has a dividend rate of 5.375%, Series B has 5.800% until June 15, 2022, and Series C has 5.625%.

How often does FCNCA pay dividends?

First Citizens BancShares pays dividends quarterly for its common and preferred stocks.