First Citizens BancShares, Inc. (NASDAQ:FCNCA) Files An 8-K Other Events
Item 8.01. Other Events

On August 29, 2018, First Citizens BancShares, Inc. ("BancShares") purchased 100,000 shares of its outstanding Class A common stock, at a price of $465 per share, from Ella Ann Holding, as trustee of her revocable trust. Mrs. Holding is the widow of BancShares' former Executive Vice Chairman, Frank B. Holding, and the mother of Frank B. Holding, Jr. and Hope H. Bryant, BancShares' Chairman and Chief Executive Officer and Vice Chairman, respectively.

The purchase was made to an existing share purchase authorization previously approved by the board of directors which authorizes the purchase of up to the lesser of 800,000 shares or $282 million of Class A common stock on the open market or in private transactions over a period of one year. The terms of the purchase were approved by the board's Executive Committee (with Mr. Holding and Mrs. Bryant recusing themselves) following the recommendation of the board's independent Audit Committee which reviewed and approved the transaction to BancShares' related person transaction policy. In its consideration of the proposed purchase, the Audit Committee retained and consulted with independent legal counsel which advised the Committee as to legal and regulatory matters, and an independent investment banking firm which assisted the Committee in its analysis of the transaction and its impact on BancShares and its determination of the transaction terms, including price.

Mrs. Holding's purpose in selling the shares was to generate funds for the payment of taxes on the estate of her late husband who died on May 26, 2018. BancShares funded the purchase from its cash reserves. The transaction reduced BancShares' outstanding Class A common stock by 0.9% to 10,905,220 shares. The repurchased shares have been retired and restored to an authorized and unissued status.

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.