Company: FCNCB
Filing Date: 2025-03-07
Form Type: 424B5
Source: 0001193125-25-049895
Chunk: 32

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-07
Form: 424B5
Chunk 32
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 Replacement and the Benchmark Replacement Adjustment and can make Benchmark Replacement Conforming Changes in connection with the implementation of the
applicable Benchmark Replacement as described below under “Description of Notes—Senior Notes—Benchmark Transition Provisions.” These determinations may require the exercise of discretion and the making of subjective judgments
(such as, for example, determining the occurrence or non-occurrence of a Benchmark Transition Event).

Benchmark Replacements and Benchmark Replacement Adjustments may be selected or formulated by (i) the Relevant Governmental Body,
(ii) ISDA, or (iii) in certain circumstances, us (or one of our affiliates). In addition, the Benchmark Transition Provisions expressly authorize us or our designee (in consultation with us) to make Benchmark Replacement Conforming Changes
with respect to, among other things, the determination of floating rate interest periods and the timing and frequency of determining rates and making payments of interest; in each case that we or our designee (in consultation with us) determines,
from time to time, to be appropriate to reflect the determination and implementation of such Benchmark Replacement in a manner substantially consistent with market practice (or, if we or our designee (in consultation with us) decides that
implementation of any portion of such market practice is not administratively feasible or determines that no market practice for use of the Benchmark Replacement exists, in such other manner as we or our designee (in consultation with us) determines
is appropriate (acting in good faith)).

Any determination, decision or election that may be made by us or our designee (after consulting
with us) pursuant to the Benchmark Transition Provisions will, in each case, become effective without consent from the holders of the senior notes or any other party. Any designee that we may appoint in connection with these determinations may be
our affiliate. When performing such functions, potential conflicts of interest may exist between us or our designee and holders of the senior notes. All determinations by us or our designee (after consulting with us) will be conclusive for all
purposes and binding on us and holders of the senior notes absent manifest error. In making these potentially subjective determinations, we or our designee may have economic interests that are adverse to your interests, and such determinations may
adversely affect the value of and return on the senior notes. Because the Benchmark Replacement is uncertain, we or our designee (in consultation with us) are likely to exercise more discretion in respect of calculating interest payable on the
senior notes during the senior