---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-283396"
form_type: "8-K"
ticker: "FCNCA"
cik: "0000798941"
company_name: "FIRST CITIZENS BANCSHARES INC /DE/"
filed_at: "2023-11-27T23:59:59+00:00"
generated_at: "2026-06-07T21:44:18.048751+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# First Citizens amends SVB acquisition financing: purchase money note increased to ~$36.07B at 3.5%

## Summary
- Amended purchase money note principal adjusted from $35B to ~$36.07B, interest 3.5% p.a., maturing March 2028.
- Advance Facility Agreement provides up to $70B liquidity through March 2025 at SOFR + 25 bps, subordinated to purchase money note.
- No scheduled principal payments; FCB may prepay without penalty twice monthly.
- Collateral includes loans acquired from SVB and facility accounts; covenants and events of default detailed.

## SEC filing metadata
- accession: 0001193125-23-283396
- form_type: 8-K
- ticker: FCNCA
- cik: 0000798941
- company_name: FIRST CITIZENS BANCSHARES INC /DE/
- filed_at: 2023-11-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/798941/000119312523283396/0001193125-23-283396-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/798941/000119312523283396/d586930d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-283396
- JSON: https://secwatch.observer/filing/0001193125-23-283396.json
- Plain text: https://secwatch.observer/filing/0001193125-23-283396.txt

## Key facts
- Material Agreements
  FIRST CITIZENS BANCSHARES INC /DE/ entered into Advance Facility Agreement with Federal Deposit Insurance Corporation, as receiver for Silicon Valley Bridge Bank valued at up to $70 billion (effective 2023-03-27).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Federal Deposit Insurance Corporation, as receiver for Silicon Valley Bridge Bank
  - Value: up to $70 billion
  - Effective: 2023-03-27
  source text: An Advance Facility Agreement, dated as of March 27, 2023, and effective as of November 20, 2023 (the "Advance Facility Agreement"), by and between FCB and the Receiver as lender and as collateral agent (in such capacity, the "Collateral Agent"), providing total advances available through March 27, 2025 of up to $70 billion
  evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523283396/0001193125-23-283396-index.htm
- Material Agreements
  FIRST CITIZENS BANCSHARES INC /DE/ entered into Amended and Restated Purchase Money Note with Federal Deposit Insurance Corporation, as receiver for Silicon Valley Bridge Bank valued at $35 billion (effective 2023-03-27).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Federal Deposit Insurance Corporation, as receiver for Silicon Valley Bridge Bank
  - Value: $35 billion
  - Effective: 2023-03-27
  source text: FCB issued a five-year $35 billion note payable to the Receiver (the "Original Purchase Money Note"), and entered into binding terms and conditions for an up to $70 billion line of credit provided by the Receiver for related risks and liquidity purposes (the "Initial Liquidity Commitment", and with the Original Purchase Money Note, the "Initial Financing").
  evidence_url: https://www.sec.gov/Archives/edgar/data/798941/000119312523283396/0001193125-23-283396-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.