Company: FCNCB
Filing Date: 2025-03-06
Form Type: 424B5
Source: 0001193125-25-047965
Chunk: 33

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-06
Form: 424B5
Chunk 33
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FR continues to be published, and the value
of and return on the senior notes may be adversely affected.

Any Benchmark Replacement will likely be a relatively new market index that may be altered or discontinued.

The Benchmark Transition Provisions specify a “waterfall” of alternative rates that may become
the Benchmark Replacement. These alternative rates are uncertain and no market convention currently exists, or may ever exist, for their determination. For example, the ISDA Fallback Rate, which is the rate referenced in the ISDA Definitions (each
as defined herein) that is to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor, has not been established as of the date hereof. Even after the ISDA Fallback Rate is initially
determined, ISDA Definitions and the ISDA Fallback Rate may change over time. Uncertainty surrounding the establishment of market conventions related to the calculation of the ISDA Fallback Rate and other alternative rates, and whether any of the
alternative rates is a suitable replacement or successor for SOFR, may adversely affect the value of and return on the senior notes.

The
Benchmark Transition Provisions provide for a Benchmark Replacement Adjustment to be added to the Unadjusted Benchmark Replacement in order to make the Unadjusted Benchmark Replacement more comparable to SOFR. However, such adjustment will not
necessarily make the Unadjusted Benchmark Replacement equivalent to SOFR. In particular, the Benchmark Replacement Adjustment may be a onetime adjustment, so such adjustment above the applicable Unadjusted Benchmark Replacement may not respond to
changes in unsecured bank credit risk or other market conditions on a periodic basis.

Further, (i) any failure of the Benchmark
Replacement to gain market acceptance could adversely affect the senior notes, (ii) the Benchmark Replacement may have a very limited history and the future performance of the Benchmark Replacement may not be able to be predicted based on
historical performance, (iii) the secondary trading market for debt securities linked to the Benchmark Replacement may be limited and (iv) the

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administrator of the Benchmark Replacement may make changes that could change the value of the Benchmark Replacement or discontinue the Benchmark Replacement and would not have any obligation to
consider the interests of holders of notes in doing so.

We or our designee (after consulting with us) may make determinations with respect to the senior notes that could affect the value of and return on the senior notes.

We or our designee (in consultation with us) may make
certain determinations with respect to