First Citizens BancShares, Inc. (NASDAQ:FCNCA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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First Citizens BancShares, Inc. (NASDAQ:FCNCA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensation
Arrangement of Certain Officers

On February 22, 2017, the Board of Directors of First Citizens
BancShares, Inc. (“BancShares”) promoted Lorie K. Rupp to the
position of Vice President and Chief Risk Officer, effective on
March 1, 2017. She also will serve as Executive Vice President and
Chief Risk Officer of BancShares’ subsidiary, First-Citizens Bank
Trust Co. (“FCB”). In her new position, she will manage
BancShares’ and FCB’s enterprise risk management department and
oversee its corporate compliance functions. Prior to her new
position, she had served as BancShares’ and FCB’s Chief
Accounting Officer since March 2013.
On February 22, 2017, BancShares’ Board of Directors appointed
Jason W. Grooters, age 41, to the position of Assistant Vice
President and Chief Accounting Officer of BancShares, effective on
March 1, 2017. He also will serve as Senior Vice President and
Chief Accounting Officer of FCB. He currently serves as DFAST
Project Manager for BancShares and FCB. In his new position, Mr.
Grooters will serve as BancShares’ and FCB’s principal accounting
officer and oversee their accounting activities, including
regulatory reporting, acquired loan accounting, general accounting
and accounting policy.
Prior to his current employment with FCB, Mr. Grooters was employed
by Eton Technologies, LP (a financial technology company), as
Director of Operations and Reporting from December 2014 until he
rejoined FCB during December 2016. Previously, he was employed by
FCB from March 2014 to December 2014 as External Reporting Manager,
and as an accountant with the public accounting firm of Grant
Thornton LLP from August 2003 until March 2014.
In addition to benefits provided generally by FCB to all of its
officers and employees, the terms of Mr. Grooters’ employment as
Chief Accounting Officer include:
annual base salary of $250,000;
participation in FCB’s Long-Term Incentive Plan for the
2015-2017, 2016-2018 and 2017-2019 performance periods, with
target awards for each of those periods equal to 45% of his
base salary.


About First Citizens BancShares, Inc. (NASDAQ:FCNCA)

First Citizens BancShares, Inc. is a holding company. The Company invests the liquidity generated from its funding sources in interest-earning assets, including loans and leases, investment securities and overnight investments. It also invests in bank premises, hardware, software, furniture and equipment used to conduct its commercial banking business. The Company provides treasury services products, cardholder and merchant services, wealth management services and various other products and services typically offered by commercial banks. The Company conducts its banking operations through its subsidiary, First-Citizens Bank & Trust Company (FCB), a state-chartered bank. FCB offers services, including taking of deposits, cashing of checks and providing for individual and commercial cash needs; checking and savings plans; commercial, business and consumer lending; a full-service trust department; wealth management services, and other activities incidental to commercial banking.

First Citizens BancShares, Inc. (NASDAQ:FCNCA) Recent Trading Information

First Citizens BancShares, Inc. (NASDAQ:FCNCA) closed its last trading session down -2.00 at 361.85 with 36,986 shares trading hands.