secwatch.observer — SEC 8-K summary
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Issuer:     FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA)
CIK:        0000798941
Form:       8-K
Filed at:   2022-01-04T23:59:59+00:00
Accession:  0001140361-22-000357
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 2.01, 2.03, 3.03, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Citizens BancShares completes acquisition of CIT Group in all-stock merger
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- CIT shareholders received 0.06200 FCNCA Class A common shares per CIT share; preferred converted to new FCNCA Series B and C.
- First Citizens assumed ~$4.3B in CIT debt, including senior notes due 2022-2036 and subordinated notes.
- Ellen R. Alemany (former CIT CEO) appointed Vice Chairwoman; Marisa J. Harney appointed Chief Credit Officer.
- Three former CIT directors joined FCNCA board: Alemany, Michael Carpenter, Vice Admiral John Ryan.
- FCNCA created two new preferred stock series: Series B (fixed-to-floating) and Series C (5.625% non-cumulative).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/798941/000114036122000357/0001140361-22-000357-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/798941/000114036122000357/brhc10032347_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-22-000357

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer