The investment-grade notes are due 2035

Davis Polk advised the representatives of the underwriters in connection with an SEC-registered offering of $600 million aggregate principal amount of 5.600% fixed-rate reset subordinated notes due 2035 by First Citizens BancShares, Inc.

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; personalized service and resources to help grow and manage wealth; and a nationwide direct bank.

The Davis Polk capital markets team included partner Pedro J. Bermeo and associates Dana Lueck-Mammen and Robb Dehney. The financial institutions team included partner Eric McLaughlin, counsel Will Schisa and associate Chris Looney. The tax team included partner Patrick E. Sigmon and associates Valentin Van de Walle and Summer Elbardissy. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices.

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