Company: FCNCB
Filing Date: 2025-03-07
Form Type: 424B5
Source: 0001193125-25-049895
Chunk: 28

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-07
Form: 424B5
Chunk 28
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 such as SOFR may differ from IBORs in a number of material respects. In particular, in the majority of relevant jurisdictions, the chosen
RFR is an overnight rate (for example, SOFR in respect of U.S. dollars, the Sterling Overnight Index Average (“SONIA”) in respect of sterling and the euro short-term rate in respect of euros), with the interest rate for a relevant period
calculated on a backward looking (compounded or simple weighted average) basis, rather than on the basis of a forward-looking term. As such, investors should be aware that RFRs may behave materially differently from LIBOR, EURIBOR and other IBORs as
interest reference rates for the senior notes.

S-17

In particular, the composition and characteristics of SOFR are not the same as those that
were reflected in U.S. dollar LIBOR, and the performance of the senior notes is not expected to be comparable to the previous performance of LIBOR-linked securities. SOFR is a broad U.S. Treasury repo financing rate that represents overnight secured
funding transactions and is not the economic equivalent of U.S. dollar LIBOR. While SOFR is a secured rate, U.S. dollar LIBOR was an unsecured rate. While Compounded SOFR Index Rate is a backward-looking rate based on an overnight rate, U.S. dollar
LIBOR was a forward-looking rate that represented interbank funding for a specified term. As a result, there can be no assurance that SOFR, or SOFR-based securities such as the senior notes, will perform in the same way that U.S. dollar LIBOR
performed, or that LIBOR-based securities, would have performed at any time, including, without limitation, as a result of changes in interest and yield rates in the market, bank credit risk, market volatility or global or regional economic,
financial, political, regulatory, judicial or other events.

Compounded SOFR Index Rate will not be the SOFR rate published on or for a
particular day during such floating rate interest period or an average of SOFR rates during such floating rate interest period. If the SOFR rate for a particular U.S. Government Securities Business Day during an Observation Period (as defined
herein) is negative, the inclusion of such SOFR value in the calculation of Compounded SOFR Index Rate will reduce the interest rate and the interest payable for such floating rate interest period; provided that in no event will the interest payable
on the senior notes be