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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Securities
and Exchange Commission</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Form
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Current
Report</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Pursuant
to Section 13 or 15(</B></FONT><B>d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"> of the</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Securities
Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported):
June 20, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>First
Citizens BancShares, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><B>001-16715</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>56-1528994</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>4300 Six Forks Road</B></FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Raleigh, North Carolina</B></FONT></TD>
    <TD STYLE="text-align: center"><B>27609</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code: (919) 716-7000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">x</FONT> <FONT STYLE="font-size: 10pt">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT> <FONT STYLE="font-size: 10pt">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT> <FONT STYLE="font-size: 10pt">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT> <FONT STYLE="font-size: 10pt">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 5.02.</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election of Directors;<BR>
Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</B></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On June 20, 2014, First Citizens BancShares,
Inc. (&quot;BancShares&quot;) announced that on June 19, 2014, the Executive Committee of its Board of Directors had approved certain
management changes which are proposed to become effective following consummation of BancShares' recently announced merger (the
&quot;Merger&quot;) with First Citizens Bancorporation, Inc. (&quot;BanCorp&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">When the Merger becomes effective, it is
proposed that BancShares and FCB/NC be led by a six-person executive leadership team. Edward L. Willingham IV (age 59),
currently President of BancShares and its subsidiary, First-Citizens Bank &amp; Trust Company (&quot;FCB/NC&quot;), would
fill a newly created position as Chief Operating Officer of BancShares and FCB/NC. Mr.&nbsp;Willingham has been employed by
FCB/NC since 1987 and has served in his current positions since 2009. His compensation would not change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Peter M. Bristow (age 48), currently
Executive Vice President and Chief Operating Officer of BanCorp and President and Chief Operating Officer of BanCorp's
subsidiary, First Citizens Bank and Trust Company, Inc. (&quot;FCB/SC&quot;), is proposed to become President and Corporate
Sales Executive of BancShares and FCB/NC with a focus on FCB/NC's legacy banking markets. Mr.&nbsp;Bristow has been employed
by FCB/SC since 1991 and has served in his current positions since 2001. Mr. Bristow is the brother-in-law of BancShares' and
FCB/NC's Chairman and Chief Executive Officer, Frank B. Holding, Jr., and Vice Chairman, Hope H. Bryant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Craig L. Nix (age 42),
currently Executive Vice President and Chief Financial Officer of BanCorp and FCB/SC, is proposed to replace BancShares' and
FCB/NC's current Chief Financial Officer, Glenn D. McCoy, who will retire on a date to be determined following the Merger.
Mr. Nix has been employed by FCB/SC since 1999 and has served in his current positions since 2001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Jeffery L. Ward (age 54),
currently FCB/NC's Regional Executive Vice President &ndash; Central Region, is proposed to fill a newly created position as
Chief Strategy Officer of BancShares and FCB/NC. He has been employed by FCB/NC since 1992 and has served in his current
position since 2004.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Frank B. Holding, Jr., will continue to serve
as Chairman and Chief Executive Officer of BancShares and FCB/NC. Hope H. Bryant, currently Vice Chairman of BancShares and FCB/NC,
will continue in her current position with the additional role of Corporate Sales Executive with a focus on FCB/NC's expansion
markets and wealth management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Implementation of the above management changes
is subject to completion of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Proposed compensatory arrangements for Mr.
Bristow and Mr. Nix (whose employment would be on an &quot;at will&quot; basis) include: (1) annual base salary ($625,000 for Mr.
Bristow and $500,000 for Mr.&nbsp;Nix); (2) beginning in January 2015, eligibility for receipt of awards under FCB/NC's Long Term
Incentive Plan; (3) relocation allowances payable during their first regular pay periods after assuming their new positions ($100,000
for Mr. Bristow and $60,000 for Mr.&nbsp;Nix); and (4)&nbsp;FCB/NC's payment of various moving expenses, including the moving of
household goods, realtors' commissions (up to 6%) on sales of existing homes;reasonable and customary closing costs on purchases
of new homes; reasonable and customary expenses incurred in up to two house-hunting trips; and temporary housing, storage costs
and travel expenses during their transition periods of up to 180 days for Mr.&nbsp;Bristow and twelve months for Mr. Nix, which
may be extended by 180 days for each of them based on delays in the timing of sales of existing homes and purchases of new homes
due to residential real estate market conditions. The officers would be required to reimburse FCB/NC for <I>pro rata</I> portions
of their respective relocation allowances and amounts of expenses paid on their behalf if they voluntarily terminated their employment
with FCB/NC within 24 months after assuming their new positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Current Report on Form 8-K may contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, descriptions of BancShares' and BanCorp&rsquo;s financial condition, results of operations, asset and credit
quality trends and profitability and statements about the expected timing, completion, financial benefits and other effects of
the proposed Merger. Forward-looking statements can be identified by the use of the words &quot;propose,&quot; &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;could&rdquo; and &ldquo;should,&rdquo; and other words
of similar meaning. These forward-looking statements express management&rsquo;s current expectations or forecasts of future events
and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results
to differ materially from those in such statements. Factors that could cause actual results to differ materially from those expressed
in such forward-looking statements include the ability to obtain regulatory approvals and meet other closing conditions in the
Merger, including shareholder approval of each party, on the expected terms and schedule, delay in closing the merger, difficulties
and delays in integrating the businesses of the companies or fully realizing cost savings and other benefits of the Merger, changes
in interest rates and capital markets and other factors detailed in BancShares' filings with the SEC. These forward-looking statements
are made only as of the date of this Report, and neither BancShares nor BanCorp undertakes an obligation to release revisions to
these forward looking statements to reflect events or conditions after the date of this Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Current Report on Form 8-K may be deemed
solicitation material in respect of the proposed Merger. In connection with the proposed Merger, BancShares will file with the
SEC a Registration Statement on Form S-4 that will include a joint proxy statement of BancShares and BanCorp, a prospectus relating
to BancShares' common stock and other documents relevant to the proposed transaction. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION
STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED TRANSACTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Once available, a free copy of the joint proxy
statement/prospectus, as well as other filings containing information about BancShares, may be obtained at the SEC&rsquo;s website
at http://www.sec.gov. These documents will also be available, free of charge, from BancShares at <U>www.firstcitizens.com/meet-first-citizens/corporate-information/corporate-profile/
</U>or by directing a request to: Proxy Request, Post Office Box 27131, Raleigh, North Carolina 27611-7131, or by calling (919)
716-7711.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">BancShares and BanCorp and certain of their
directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed
Merger. Information about the executive officers and directors of BancShares is set forth in the proxy statement for BancShares'
2014 annual meeting of stockholders, as filed with the SEC on a Schedule 14A on March 17, 2014. Information about the executive
officers and directors of BanCorp may be obtained by reading the Joint Proxy Statement/Prospectus regarding the proposed Merger
when it becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Signatures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>First Citizens BancShares, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.75in"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Date: June 20, 2014</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt"><B>By:</B> </FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Frank B. Holding, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.95pt"><FONT STYLE="font-size: 10pt">Frank B. Holding, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.95pt"><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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{"company-data": {"conformed-name": "FIRST CITIZENS BANCSHARES INC /DE/", "cik": "0000798941", "assigned-sic": "6022", "irs-number": "561528994", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-16715", "film-number": "14933710"}, "business-address": {"street1": "4300 SIX FORKS ROAD", "city": "RALEIGH", "state": "NC", "zip": "27609", "phone": "919 716 7000"}, "mail-address": {"street1": "4300 SIX FORKS ROAD", "city": "RALEIGH", "state": "NC", "zip": "27609"}}
Securities
and Exchange Commission
Washington, D.C. 20549
Form
8-K
Current
Report
Pursuant
to Section 13 or 15(
d)
of the
Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 20, 2014
First
Citizens BancShares, Inc.
(Exact name of registrant as specified in its
charter)
Delaware
001-16715
56-1528994
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
4300 Six Forks Road
Raleigh, North Carolina
27609
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code: (919) 716-7000
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
x
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On June 20, 2014, First Citizens BancShares,
Inc. ("BancShares") announced that on June 19, 2014, the Executive Committee of its Board of Directors had approved certain
management changes which are proposed to become effective following consummation of BancShares' recently announced merger (the
"Merger") with First Citizens Bancorporation, Inc. ("BanCorp").
When the Merger becomes effective, it is
proposed that BancShares and FCB/NC be led by a six-person executive leadership team. Edward L. Willingham IV (age 59),
currently President of BancShares and its subsidiary, First-Citizens Bank & Trust Company ("FCB/NC"), would
fill a newly created position as Chief Operating Officer of BancShares and FCB/NC. Mr. Willingham has been employed by
FCB/NC since 1987 and has served in his current positions since 2009. His compensation would not change.
Peter M. Bristow (age 48), currently
Executive Vice President and Chief Operating Officer of BanCorp and President and Chief Operating Officer of BanCorp's
subsidiary, First Citizens Bank and Trust Company, Inc. ("FCB/SC"), is proposed to become President and Corporate
Sales Executive of BancShares and FCB/NC with a focus on FCB/NC's legacy banking markets. Mr. Bristow has been employed
by FCB/SC since 1991 and has served in his current positions since 2001. Mr. Bristow is the brother-in-law of BancShares' and
FCB/NC's Chairman and Chief Executive Officer, Frank B. Holding, Jr., and Vice Chairman, Hope H. Bryant.
Craig L. Nix (age 42),
currently Executive Vice President and Chief Financial Officer of BanCorp and FCB/SC, is proposed to replace BancShares' and
FCB/NC's current Chief Financial Officer, Glenn D. McCoy, who will retire on a date to be determined following the Merger.
Mr. Nix has been employed by FCB/SC since 1999 and has served in his current positions since 2001.
Jeffery L. Ward (age 54),
currently FCB/NC's Regional Executive Vice President – Central Region, is proposed to fill a newly created position as
Chief Strategy Officer of BancShares and FCB/NC. He has been employed by FCB/NC since 1992 and has served in his current
position since 2004.
Frank B. Holding, Jr., will continue to serve
as Chairman and Chief Executive Officer of BancShares and FCB/NC. Hope H. Bryant, currently Vice Chairman of BancShares and FCB/NC,
will continue in her current position with the additional role of Corporate Sales Executive with a focus on FCB/NC's expansion
markets and wealth management services.
Implementation of the above management changes
is subject to completion of the Merger.
Proposed compensatory arrangements for Mr.
Bristow and Mr. Nix (whose employment would be on an "at will" basis) include: (1) annual base salary ($625,000 for Mr.
Bristow and $500,000 for Mr. Nix); (2) beginning in January 2015, eligibility for receipt of awards under FCB/NC's Long Term
Incentive Plan; (3) relocation allowances payable during their first regular pay periods after assuming their new positions ($100,000
for Mr. Bristow and $60,000 for Mr. Nix); and (4) FCB/NC's payment of various moving expenses, including the moving of
household goods, realtors' commissions (up to 6%) on sales of existing homes;reasonable and customary closing costs on purchases
of new homes; reasonable and customary expenses incurred in up to two house-hunting trips; and temporary housing, storage costs
and travel expenses during their transition periods of up to 180 days for Mr. Bristow and twelve months for Mr. Nix, which
may be extended by 180 days for each of them based on delays in the timing of sales of existing homes and purchases of new homes
due to residential real estate market conditions. The officers would be required to reimburse FCB/NC for
pro rata
portions
of their respective relocation allowances and amounts of expenses paid on their behalf if they voluntarily terminated their employment
with FCB/NC within 24 months after assuming their new positions.
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Forward Looking Statements
This Current Report on Form 8-K may contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, descriptions of BancShares' and BanCorp's financial condition, results of operations, asset and credit
quality trends and profitability and statements about the expected timing, completion, financial benefits and other effects of
the proposed Merger. Forward-looking statements can be identified by the use of the words "propose," "anticipate,"
"believe," "expect," "intend," "could" and "should," and other words
of similar meaning. These forward-looking statements express management's current expectations or forecasts of future events
and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results
to differ materially from those in such statements. Factors that could cause actual results to differ materially from those expressed
in such forward-looking statements include the ability to obtain regulatory approvals and meet other closing conditions in the
Merger, including shareholder approval of each party, on the expected terms and schedule, delay in closing the merger, difficulties
and delays in integrating the businesses of the companies or fully realizing cost savings and other benefits of the Merger, changes
in interest rates and capital markets and other factors detailed in BancShares' filings with the SEC. These forward-looking statements
are made only as of the date of this Report, and neither BancShares nor BanCorp undertakes an obligation to release revisions to
these forward looking statements to reflect events or conditions after the date of this Report.
Additional Information and Where to Find It
This Current Report on Form 8-K may be deemed
solicitation material in respect of the proposed Merger. In connection with the proposed Merger, BancShares will file with the
SEC a Registration Statement on Form S-4 that will include a joint proxy statement of BancShares and BanCorp, a prospectus relating
to BancShares' common stock and other documents relevant to the proposed transaction. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION
STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED TRANSACTION.
Once available, a free copy of the joint proxy
statement/prospectus, as well as other filings containing information about BancShares, may be obtained at the SEC's website
at http://www.sec.gov. These documents will also be available, free of charge, from BancShares at
www.firstcitizens.com/meet-first-citizens/corporate-information/corporate-profile/
or by directing a request to: Proxy Request, Post Office Box 27131, Raleigh, North Carolina 27611-7131, or by calling (919)
716-7711.
BancShares and BanCorp and certain of their
directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed
Merger. Information about the executive officers and directors of BancShares is set forth in the proxy statement for BancShares'
2014 annual meeting of stockholders, as filed with the SEC on a Schedule 14A on March 17, 2014. Information about the executive
officers and directors of BanCorp may be obtained by reading the Joint Proxy Statement/Prospectus regarding the proposed Merger
when it becomes available.
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Signatures
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
First Citizens BancShares, Inc.
(Registrant)
Date: June 20, 2014
By:
/s/ Frank B. Holding, Jr.
Frank B. Holding, Jr.
Chairman and Chief Executive Officer
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