First Citizens BancShares, Inc. has filed a certificate of designation with the Delaware Secretary of State to establish the terms of a new series of preferred stock. The filing, dated September 11, 2026, details the issuance of the "7.500% Non-Cumulative Perpetual Preferred Stock, Series F." The company has entered into an underwriting agreement dated September 9, 2026, with Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities LLC to sell 300,000 depositary shares.
Each depositary share represents a 1/100th ownership interest in a share of Series F Preferred Stock. The Series F Preferred Stock has a par value of $0.01 per share and a liquidation preference of $100,000 per share. The offering was closed on September 14, 2026.
Dividends on the Series F Preferred Stock are set at 7.500% per annum on the liquidation preference from the issue date until, but excluding, September 15, 2031. After this initial period, the dividend rate will reset annually to the five-year Treasury rate plus 2.894%. The preferred stock is non-cumulative and does not have a maturity date, meaning the company is not required to redeem the shares unless it chooses to do so.
Under the terms of the offering, the Series F Preferred Stock ranks on a parity with other existing preferred stock series, including Series A, Series C, and Series E. It ranks senior to the company's common stock. Holders of the Series F Preferred Stock will not have voting rights, except in specific circumstances, such as if dividends are not declared and paid for 18 months, at which point they may elect two directors to the board.
