First Citizens prices 300,000 Series F preferred depositary shares at 7.500% rate
First Citizens BancShares closed a public offering of 300,000 depositary shares, each a 1/100th interest in its new 7.500% Non-Cumulative Perpetual Preferred Stock, Series F, following a September 9, 2026 underwriting agreement. The new preferred ranks ahead of common stock and junior securities on dividends and liquidation, and carries no maturity date. Dividends are non-cumulative and payable only when declared by the board, so holders of common stock are not directly affected by the offering itself.
Key points
- Offering of 300,000 depositary shares, each representing 1/100th of a $100,000 Series F preferred share, or $1,000 per depositary share; offering closed September 14, 2026
- Dividend rate of 7.500% per annum until September 15, 2031, then resets to the five-year treasury rate plus 2.894%
- Company may redeem on or after September 15, 2031, or within 90 days after a Regulatory Capital Treatment Event, subject to Federal Reserve approval
- Holders elect two directors only if dividends are unpaid for periods totaling 18 months
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 14, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.