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 OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 23, 2018, James M. Parker, age 75, notified the Board of Directors of First Citizens BancShares, Inc. ("BancShares") that he would retire from his position as a director of BancShares and its subsidiary, First-Citizens Bank & Trust Company ("FCBank"), effective on December31, 2018. Under a policy adopted by BancShares' board, each director is subject to mandatory retirement on December 31 of the year during which he or she reaches 75 years of age.
Mr. Parker currently serves as a member of the joint Risk Committee of BancShares' and FCBank's boards and is designated as the boards' Risk Expert. He has served as a director of BancShares and FCBank since first elected in 2007. Until his retirement during 2011, he served in various executive positions with BancShares and its subsidiaries and had been employed by FCBank for 45 years.
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.