We advised the representatives of 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 500,000 depositary shares, each representing a 1/100th interest in a share of its 7.000% non-cumulative perpetual preferred stock, Series D, 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 $500 million.

First Citizens BancShares, Inc., 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 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 partners Pedro J. Bermeo and Byron B. Rooney and associates Kerim K. Aksoy, Raphaelle Desaleux and Elli Park. The financial institutions team included partner Eric McLaughlin, counsel Will Schisa and associate Chris Looney. The tax team included counsel Dustin Plotnick and associate Valentin Van de Walle. Members of the Davis Polk team are based in the New York and Washington DC offices.

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