Item 3.03.
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Material Modification to Rights of Security Holders
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On March 12, 2020, First Citizens BancShares, Inc. (the “Company”) issued and sold an aggregate of 13,800,000 depositary shares (the
“Depositary Shares”), each representing a 1/40th interest in a share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”), with a liquidation preference of $25 per Depositary Share
(equivalent to $1,000 per share of Series A Preferred Stock). The Depositary Shares were issued and sold pursuant to the previously disclosed
Underwriting Agreement, among the Company, as issuer, the Company’s wholly-owned subsidiary First-Citizens Bank & Trust Company, and Piper Sandler & Co., as representative of the several underwriters named therein. The Depositary Shares are represented by depositary receipts (the “Depositary Receipts”). On March 11, 2020, the Company filed a Certificate of Designation (the
“Certificate of Designation”) with the Secretary of State of the State of Delaware, establishing the terms, preferences, privileges, designations, rights, qualifications, limitations, and restrictions thereof, of the Series A Preferred Stock. Holders
of the Depositary Shares will be entitled to all proportional rights and preferences of the Series A Preferred Stock represented thereby (including dividend, voting, redemption, and liquidation rights).
Under the terms of the Series A Preferred Stock, the ability of the Company to (i) declare, pay, or set aside for payment any dividend or
distribution on its common stock or any other shares of capital stock ranking junior to the Series A Preferred Stock, (ii) repurchase, redeem, or otherwise acquire for consideration, directly or indirectly, any shares of its common stock or other
capital stock ranking junior to the Series A Preferred Stock, or (iii) repurchase, redeem, or otherwise acquire for consideration, directly or indirectly, any shares of capital stock ranking on parity with the Series A Preferred Stock, including the
Series A Preferred Stock, will in each case be subject to restrictions in the event that the Company does not declare dividends on the Series A Preferred Stock for the most recently completed dividend period. The foregoing description of the
Certificate of Designation is qualified in its entirety by reference to the full text of the Certificate of Designation, a copy of which is filed as Exhibit 3.2 to the Company’s Registration Statement on Form 8-A filed on March 12, 2020 and is
incorporated herein by reference.
In connection with the issuance of
the Depositary Shares, the Company entered into a Deposit Agreement, dated March 12, 2020 (the “Deposit Agreement”), among the Company, Broadridge Corporate Issuer Solutions, Inc., and the holders from time to time of the Depositary
Receipts. The Series A Preferred Stock represented by the Depositary Shares were deposited against the delivery of the Depositary Receipts
pursuant to the Deposit Agreement. The foregoing description of the Deposit Agreement and the Depositary Receipts are qualified in their entirety by reference to the full text of the Deposit Agreement and the form of Depositary Receipt, copies of which are filed as Exhibit 4.2 and Exhibit 4.3, respectively, to the Company’s Registration Statement on Form 8-A filed March 12, 2020
and are incorporated herein by reference.
A copy of the opinion of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P., counsel to the Company, relating to the
legality of the Depositary Shares and the Series A Preferred Stock is filed as Exhibit 5.1 hereto.