First Citizens BancShares Declares Dividends

Rhea-AI Summary

First Citizens BancShares, Inc. declares dividends on common and preferred stock. The quarterly dividend on Class A and Class B common stock is increased from 75 cents per share to $1.64 per share. Dividends will be payable on Dec. 15, 2023.

Positive

• The Board of Directors of First Citizens BancShares, Inc. has increased the quarterly dividend on Class A and Class B common stock from 75 cents per share to $1.64 per share. This could positively affect the stock price as it indicates the company's financial strength and solid results.

Negative

• None.

RALEIGH, N.C., Oct. 26, 2023 /PRNewswire/ -- The Board of Directors of First Citizens BancShares, Inc. ("BancShares") (NASDAQ: FCNCA) declared on Oct. 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 $1.64 per share on the company's Class A and Class B common stock. The dividend is payable Dec. 15, 2023, to shareholders of record Nov. 30, 2023.
   
• "Due to the overall financial strength of our company and ongoing solid results, the Board has decided to increase the common stock dividend from 75 cents per share to $1.64 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, 2023, to holders of record as of Nov. 30, 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 Dec. 15, 2023, to holders of record as of Nov. 30, 2023. BancShares will pay a non-cumulative quarterly cash dividend at a rate of 9.64304%, which is equal to the three-month CME Term SOFR on the dividend determination date plus the applicable SOFR tenor spread adjustment and 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, 2023, to holders of record as of Nov. 30, 2023.

ABOUT FIRST CITIZENS BANCSHARES

First Citizens BancShares, Inc. (NASDAQ: FCNCA), a top 20 U.S. financial institution with more than $200 billion in assets, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens Bank 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 including a network of more than 500 branches and offices in 30 states; 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. 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 amount for Class A and Class B common stock?

The dividend amount for Class A and Class B common stock is $1.64 per share.

When will the dividends be payable?

The dividends will be payable on Dec. 15, 2023.

Why did the Board increase the common stock dividend?

The Board increased the common stock dividend due to the overall financial strength of the company and ongoing solid results.