First Citizens BancShares Declares Dividends

Rhea-AI Summary

On January 25, 2022, the Board of Directors of First Citizens BancShares declared a quarterly dividend of 47 cents per share on its Class A and Class B common stock, payable on March 15, 2022, to shareholders of record by February 28, 2022. Additionally, dividends for the Series A and Series C preferred stocks, both with non-cumulative rates of 5.375% and 5.625% respectively, were also declared for the same payment date. This announcement follows the company's merger with CIT Group, creating a financial institution with over $100 billion in assets.

Positive

• Quarterly dividend of 47 cents per share on Class A and Class B common stock.
• Dividends on Series A and C preferred stocks reinforce financial stability.
• Merger with CIT Group enhances company asset base to over $100 billion.

Negative

• None.

RALEIGH, N.C., Jan. 26, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) declared on Jan. 25, 2022, dividends on the company’s Class A and Class B common stock, as well as Series A 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 March 15, 2022, to shareholders of record Feb. 28, 2022.

The Board also declared a regular quarterly dividend on the company’s 5.375% non-cumulative perpetual preferred stock, Series A, to be paid on March 15, 2022, to holders of record as of Feb. 28, 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.

In addition, 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, 2022, to holders of record as of Feb. 28, 2022.

On Jan. 3, 2022, in connection with the merger pursuant to the Agreement and Plan of Merger, dated as of Oct. 15, 2020, as amended by Amendment No. 1, dated as of Sept. 30, 2021, by and among BancShares, First-Citizens Bank & Trust Company (“First Citizens Bank”), FC Merger Subsidiary IX, Inc., a direct, wholly owned subsidiary of First Citizens Bank, and CIT Group Inc., a Delaware corporation (“CIT”), the parent company of CIT Bank, N.A., a national banking association, BancShares issued an aggregate of 8,000,000 shares of preferred stock, which was designated as “5.625% non-cumulative perpetual preferred stock, Series C” (the “Series C Preferred Stock”) in exchange for each issued and outstanding share of 5.625% non-cumulative perpetual preferred stock, Series B, par value $0.01 per share, of CIT.

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

FAQ

What is the dividend amount declared by First Citizens BancShares for Q1 2022?

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

When will the dividends for First Citizens BancShares be paid?

The dividends will be paid on March 15, 2022.

What is the record date for the dividend payment by First Citizens BancShares?

The record date is February 28, 2022.

What are the non-cumulative rates for Series A and Series C preferred stocks?

The Series A preferred stock has a rate of 5.375%, and Series C has a rate of 5.625%.

How did the merger with CIT Group affect First Citizens BancShares?

The merger increased the company's asset base to over $100 billion, positioning it among the top 20 U.S. financial institutions.