The investment-grade notes are due 2031 and 2040

Davis Polk advised the underwriters on an SEC-registered offering of $500 million aggregate principal amount of 5.231% fixed-to-floating-rate senior notes due 2031 and $750 million aggregate principal amount of 6.254% fixed-to-fixed-rate subordinated notes due 2040 by First Citizens BancShares, Inc.

First Citizens BancShares, Inc., a top 20 U.S. financial institution with more than $200 billion in assets, is the financial holding company for First-Citizens Bank & Trust Company. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; personalized service and resources to help grow and manage wealth; and a nationwide direct bank.

The Davis Polk capital markets team included partners Pedro J. Bermeo and Byron B. Rooney and associate Benjamin Guillon. The financial institutions team included partner Eric McLaughlin and associate Russell Quarles. The tax team included partner Patrick E. Sigmon and associate Omar Hersi. All members of the Davis Polk team are based in the New York office.

 

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