We advised the underwriters on the offering

Davis Polk advised the representatives of the several underwriters in connection with First Citizens BancShares, Inc.’s SEC-registered offering of 300,000 depositary shares, each representing a 1/100th interest in a share of its 7.500% non-cumulative perpetual preferred stock, Series F, par value $0.01 per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share). The gross proceeds from the offering totaled $300 million.

First Citizens BancShares, a U.S. financial institution with more than $200 billion in assets, is the financial holding company for First-Citizens Bank & Trust Company. 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.

The Davis Polk capital markets team included partner Pedro J. Bermeo and associates Gabriela N. Gura and Dylan Roache. All members of the Davis Polk team are based in the New York office.

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