Company: FCNCB
Filing Date: 2025-03-07
Form Type: 424B5
Source: 0001193125-25-049895
Chunk: 30

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-07
Form: 424B5
Chunk 30
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 a Benchmark Transition

S-18

Event and related Benchmark Replacement Date (each as defined herein) have occurred, we or our designee (in consultation with us) will use the Benchmark Replacement for the purposes of
determining the floating interest rates, as well as to make certain changes to the manner in which floating interest rates are calculated or determined.

This Benchmark Replacement may result in interest payments that are lower than, or that do not otherwise correlate over time with, the
payments that would have been made on the senior notes if SOFR was available in its current form. Additionally, if SOFR is no longer calculated or administered and no Benchmark Replacement is calculated (including because the same costs and risks
that may lead to the discontinuation or unavailability of SOFR make the Benchmark Replacement impossible or impracticable to determine), the floating interest rate on the senior notes may accrue at the same rate as the immediately preceding floating
rate interest period (or, in the case of the initial floating rate interest period, the Initial Interest Rate (as defined herein)), effectively converting the senior notes (during the senior notes floating rate period) into fixed rate instruments.
Due to the uncertainty concerning the availability of benchmark replacements, the relevant fallback provisions may not operate as intended at the relevant time. Any of the foregoing may have an adverse effect on the value of the senior notes.

The rate of interest on the senior notes during the senior notes floating rate period may be determined by reference to a Benchmark Replacement even if SOFR continues to be published, which could adversely affect the value of the senior notes.

If a Benchmark Transition Event and
related Benchmark Replacement Date occur with respect to SOFR, the rate of interest on the senior notes during the senior notes floating rate period will thereafter be determined by reference to the Benchmark Replacement. A Benchmark Transition
Event includes, among other things, a public statement or publication of information by the regulatory supervisor for the administrator of SOFR announcing that SOFR is no longer representative. The rate of interest on the senior notes may therefore
cease to be determined by reference to SOFR, and instead be determined by reference to the Benchmark Replacement, even if SOFR continues to be published. Such rate may be lower than SOFR for so long as SOFR 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