Company: FCNCB
Filing Date: 2025-03-06
Form Type: 424B5
Source: 0001193125-25-047965
Chunk: 28

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-06
Form: 424B5
Chunk 28
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 Merger and Sale of Assets” in this prospectus supplement.

Risks Relating to the Benchmark for the Senior Notes

SOFR is a relatively new market index, and the continued adoption of Compounded SOFR Index Rate by BancShares and the market is uncertain.

To avoid the problems associated with the potential manipulation and financial stability risks of interbank offered rates (“IBORs”),
regulatory authorities in a number of key jurisdictions have required financial markets to transition away from IBORs to near risk-free rates (“RFRs”) such as SOFR. Investors should be aware that the market continues to develop in relation
to RFRs as reference rates in the capital markets. Market participants and relevant working groups may continue to explore alternative reference rates which seek to measure the market’s forward expectation of such rates over a designated term.

For each floating rate interest period, the interest rate on the senior notes is based on a compounded SOFR index rate calculated using
the formula described in “Description of Notes” below. Since SOFR is a relatively new market rate, the senior notes may have no established trading market when issued, and an established trading market may never develop or may not be very
liquid. If SOFR does not prove to be widely used in securities like the senior notes, the trading price of the senior notes may be lower than those of debt securities linked to rates that are more widely used. The senior notes may not be able to be
sold or may not be able to be sold at prices that will provide a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.

Market terms for debt securities indexed to SOFR, such as the spread over the index reflected in interest rate provisions and the formula and
related conventions described in “Description of Notes” below to calculate

S-16

Compounded SOFR Index Rate for the senior notes, may evolve over time, and trading prices of the senior notes may be lower than those of later-issued SOFR-linked debt securities which contain
more settled and different market terms as a result. In particular, BancShares may in the future also issue securities referencing SOFR that differ materially in terms of interest determination when compared with any previous SOFR-referenced
securities, including the senior notes. Additionally, the nascent development of SOFR as an interest reference rate, as well as continued development of other SOFR-based rates (such as weighted average SOFR and term SOFR), market infrastructure for
adopt