Form 4: Director Alemany Acquires First Citizens Depositary Shares

First Citizens Bancshares Director Ellen R. Alemany reported the acquisition of 300 Depositary Shares and detailed changes in her indirect holdings of Class A Common Stock through various grantor retained annuity trusts.

Summary

• Ellen R. Alemany, a Director of First Citizens Bancshares Inc. /DE/ (FCNCA), reported the acquisition of 300 Depositary Shares on November 13, 2025, at a price of $1,000 per share. This transaction was made pursuant to a Rule 10b5-1 trading plan.
• Each Depositary Share represents a 1/100th interest in the Issuer's 7% Non-Cumulative Perpetual Preferred Stock, Series D.
• Alemany's direct beneficial ownership includes 300 Depositary Shares and 30,000 Class C Preferred Stock.
• Indirect beneficial ownership of Class A Common Stock includes 4,559 shares via a Family GST Exempt Trust, 4,350 shares via a Family Non-GST Exempt Trust, 2,295 shares via Alemany March 2024 GRAT #1, 1,325 shares via Alemany August 2024 GRAT #1, and 4,716 shares via Alemany September 2025 GRAT #1.
• Several transactions involving grantor retained annuity trusts (GRATs) were reported, including contributions of Class A Common Stock to new GRATs and distributions of Class A Common Stock from existing GRATs to the reporting person, primarily for estate planning purposes.

Sentiment

Score: 7

Explanation: The acquisition of Depositary Shares by a director, even if pre-planned under a Rule 10b5-1 plan, generally signals a degree of confidence in the company's future. The various GRAT transactions are primarily for estate planning purposes and do not directly reflect a positive or negative sentiment on the company's immediate operational performance.

Positives

• A director's acquisition of shares, even if pre-planned, can signal confidence in the company's future prospects.
• The acquisition of 300 Depositary Shares at $1,000 each represents a significant investment by a director.

Risks

• No specific risks related to the company's operations or financial health are mentioned in this Form 4 filing.

Future Outlook

NA

Industry Context

This Form 4 filing details an insider transaction, which is specific to the reporting individual's ownership changes and does not inherently provide broader industry context or trends for the banking sector.

Stakeholder Impact

• Shareholders: The director's acquisition of shares could be viewed positively as a sign of confidence in the company's prospects. The GRAT transactions are internal to the director's estate planning and have no direct impact on other shareholders.

Key Dates

Recommendation

The acquisition of Depositary Shares by a director, even under a Rule 10b5-1 plan, indicates a level of confidence in the company. However, the filing primarily details ownership changes and estate planning activities through GRATs, which are not direct indicators of operational performance or a strong investment signal for immediate action. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current position while awaiting further fundamental analysis or operational updates.

Keywords

First Citizens Bancshares, FCNCA, Ellen R. Alemany, Director, SEC Form 4, Insider Trading, Depositary Shares, Class A Common Stock, Preferred Stock, Grantor Retained Annuity Trust, GRAT, Beneficial Ownership, Rule 10b5-1