Last $220.32 USD
Change Today -3.24 / -1.45%
Volume 29.3K
As of 8:10 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

first citizens bcshs -cl a (FCNCA) Key Developments

First Citizens Bancshares Inc. Approves Amendment to Restated Certificate of Incorporation

First Citizens BancShares Inc. announced that it has approved the proposal to approve an amendment to company's restated Certificate of Incorporation, as amended, to increase the authorized number of shares of company's Class A common stock from 11,000,000 to 16,000,000 shares to enable the issuance of shares of the Class A common stock in the merger and to provide additional authorized shares of the Class A common stock for other uses, at its special meeting of stockholders held on September 16, 2014.

First Citizens BancShares Announces Changes in Chief Risk Officer

First Citizens BancShares has appointed Blake Coules chief risk officer. Coules will be in charge of risk management across the entire $22 billion-asset company, overseeing compliance, credit risk, operational risk and analytics functions. Coules is taking over for Donald Geaslen, who became chief risk officer August 2013 but is no longer with the company. Coules has spent 30 years in financial services and was most recently the chief credit officer for VantageSouth Bank, another Raleigh bank that was bought by Yadkin Financial last month. Additionally, Coules worked at PNC Financial Services Group and a predecessor, RBC Bank, where he held various titles including vice president of commercial risk, senior manager of risk management, chief data officer and senior vice president of real estate markets and special assets group.

City of Providence, R.I. Files Suit Against First Citizens Bancshares Inc

First Citizens BancShares Inc. received a shareholder demand from the City of Providence, R.I., for access to certain books and records of the company following the announcement of its proposed merger with Columbia, S.C.-based First Citizens Bancorp. Inc., according to a Form 10-Q filed Aug. 8. The company said the purported basis for the demand was to investigate potential breaches of fiduciary duty and other wrongdoing by BancShares' officers and directors in connection with the merger. The City of Providence concurrently filed a putative class-action lawsuit in the Delaware Court of Chancery against BancShares and its directors challenging Article X, Section 8 of BancShares' bylaws, which requires certain litigation to be brought only in North Carolina courts to the fullest extent permitted by law. The Delaware complaint alleges that the bylaw violates the Delaware General Corporation Law and that adoption of the bylaw constituted a breach of fiduciary duty by BancShares' directors. The City of Providence on July 31 filed a second litigation in Delaware Court of Chancery challenging the merger and seeking to enjoin the BancShares stockholder vote. BancShares and its directors have moved to dismiss both complaints.

First Citizens Bancshares Inc. Declares Quarterly Dividend, Payable on October 6, 2014

The Board of Directors of First Citizens Bancshares Inc. on July 29, 2014, declared a quarterly dividend of 30 cents per share on the Class A and Class B common stock. The dividend is payable October 6, 2014, to shareholders of record September 15, 2014.

First Citizens BancShares Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

First Citizens BancShares Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net interest income of $165,698,000 against $179,528,000 a year ago. Income before income taxes was $39,359,000 against $69,198,000 a year ago. Net income was $26,550,000 or $5.10 per share against $43,906,000 or $9.13 per share a year ago. Return on average assets was 0.48% against 0.83% a year ago. Return on average equity was 5.01% against 9.13% a year ago. The decrease in earnings for the second quarter of 2014 compared to the same quarter in the prior year is driven by runoff in the acquired loan portfolio and a smaller credit to provision expense for loan and lease losses, partially offset by improved investment securities yields and continued reduction of funding costs. For the six months, the company reported net interest income of $326,629,000 against $384,410,000 a year ago. Income before income taxes was $72,344,000 against $155,844,000 a year ago. Net income was $48,916,000 or $5.09 per share against $99,491,000 or $10.34 per share a year ago. Return on average assets was 0.45% against 0.95% a year ago. Return on average equity was 4.67% against 10.55% a year ago. Book value per share was $223.43 as at June 30, 2014 against $201.62 per share as at June 30, 2013.


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Valuation FCNCA Industry Range
Price/Earnings 18.1x
Price/Sales 2.2x
Price/Book 1.0x
Price/Cash Flow 16.2x
TEV/Sales 0.2x

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