Company: FCNCB
Filing Date: 2025-03-06
Form Type: 424B5
Source: 0001193125-25-047965
Chunk: 80

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-06
Form: 424B5
Chunk 80
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 obligations under the Subordinated Indenture or release ourselves from covenant restrictions only if we meet certain requirements. Among other things, we must deliver to the Trustee an opinion of our legal counsel to the effect that holders of the subordinated notes will not recognize income, gain, or loss for federal income tax purposes as a result of such defeasance and will be subject to federal income tax on the same amount, in the same manner and at the same times, as would have been the case if such deposit and defeasance had not occurred. In the case of legal defeasance only, this opinion must be based on either a ruling S-49

received from or published by the Internal Revenue Service or a change in the applicable federal income tax law. We may not have a default under the Subordinated Indenture or the subordinated notes on the date of deposit. The discharge may not cause the Trustee to have a conflicting interest for purposes of the Trust Indenture Act and may not result in BancShares becoming an investment company under the Investment Company Act. The discharge may not violate any of our agreements to which we are a party or by which we are bound. Any defeasance of the subordinated notes pursuant to the Subordinated Indenture shall be subject to our obtaining the prior approval of the Federal Reserve and any additional requirements that the Federal Reserve may impose with respect to defeasance of the subordinated notes. Notwithstanding the foregoing, if, due to a change in law, regulation, or policy subsequent to the subordinated notes issue date, the Federal Reserve does not require that defeasance of instruments be subject to Federal Reserve approval in order for the instrument to be accorded Tier 2 capital treatment, then no such approval of the Federal Reserve will be required for such defeasance. Satisfaction and Discharge We may discharge our obligations under the Subordinated Indenture with respect to the subordinated notes (except for certain surviving rights of the Trustee and our obligations in connection therewith) if: (i) all outstanding subordinated notes and all other outstanding debt securities issued under the Subordinated Indenture (a) have been delivered for cancellation, or (b) (1) have become due and payable, (2) will become due and payable at their stated maturity within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice and redemption by the Trustee (and in each case, we have irrevoc