We advised the lead agent on the offering

Davis Polk advised the lead agent of the several agents in connection with a 3(a)(2) offering by First-Citizens Bank & Trust Company (First Citizens Bank), a subsidiary of First Citizens BancShares, Inc. (First Citizens), of $400 million aggregate principal amount of fixed-to-floating-rate notes due 2029. The notes were offered and sold in reliance upon an exemption from registration provided in Section 3(a)(2) of the Securities Act. The notes are a reopening of the $750 million aggregate principal amount of the fixed-to-floating rate senior notes due 2029 previously issued by First Citizens Bank.

First Citizens, a top 20 U.S. financial institution with more than $225 billion in assets and a member of the Fortune 500, is the financial holding company for First Citizens Bank. Headquartered in Raleigh, North Carolina, First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services with branches and offices nationwide; 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 corporate team included partners Pedro J. Bermeo and associates Raphaelle Desaleux and Sabrina Rodriguez. The financial institutions team included partner Eric McLaughlin, counsel Will Schisa and associate Amie Kim. The tax team included counsel Dustin Plotnick and associates Kelli A. Rivers and Summer Elbardissy. Members of the Davis Polk team are based in the New York, Washington DC and London offices.

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