First Citizens BancShares Declares Dividends

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Jul 26, 2023, 08:01 ET

RALEIGH, N.C., July 26, 2023 /PRNewswire/ -- The Board of Directors of First Citizens BancShares, Inc. ("BancShares") (NASDAQ: FCNCA) declared on July 25, 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 Sept. 15, 2023, to shareholders of record Aug. 31, 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 Sept. 15, 2023, to holders of record as of Aug. 31, 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 Sept. 15, 2023, to holders of record as of Aug. 31, 2023. BancShares will pay a non-cumulative quarterly cash dividend at a rate of 9.524%, 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 Sept. 15, 2023, to holders of record as of Aug. 31, 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 550 branches and offices in 23 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.