RALEIGH, N.C.—The Board of Directors of First Citizens BancShares, Inc. ("BancShares") (Nasdaq: FCNCA) declared on Oct. 25, 2022, dividends on the company's Class A and Class B common stock, as well as Series A, B and C preferred stock, each for the period commencing on and including the last respective payment date.

• As noted above, the Board declared a quarterly dividend of 75 cents per share on the company's Class A and Class B common stock. The dividend is payable Dec. 15, 2022, to shareholders of record Nov. 30, 2022. The common stock dividend represents an increase of 28 cents per share from the prior quarter.

  "As a result of continued solid results and the overall financial strength of our company, the Board has decided to increase the common stock dividend from 47 cents per share to 75 cents per share," said Chairman and CEO Frank B. Holding Jr.

• The Board declared a regular quarterly dividend on the company's 5.375% non-cumulative perpetual preferred stock, Series A, to be paid on Dec. 15, 2022, to holders of record as of Nov. 30, 2022.

  There are currently 345,000 outstanding shares of the Series A preferred stock which are held pursuant to a Deposit Agreement dated March 12, 2020. Under that agreement, an aggregate of 13,800,000 depositary shares were issued, each representing a 1/40th interest in a share of the Series A preferred stock.

• The Board declared a dividend on the company's fixed-to-floating rate, non-cumulative perpetual Series B preferred stock to be paid on Dec. 15, 2022, to holders of record as of Nov. 30, 2022. BancShares will pay a non-cumulative quarterly cash dividend at a rate of 7.26457%, which is equal to three-month LIBOR on the dividend determination date plus a spread of 3.972%.
• Also, the Board declared a regular quarterly dividend on the company's 5.625% non-cumulative perpetual preferred stock, Series C, to be paid on Dec. 15, 2022, to holders of record as of Nov. 30, 2022.

About First Citizens Bancshares

First Citizens BancShares, Inc. is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). In January 2022, First Citizens BancShares and CIT Group Inc. merged, creating one of the top 20 U.S. financial institutions, with more than $100 billion in assets.

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. As the largest family-controlled bank in the United States, First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Its commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Visit FirstCitizens.com. First Citizens Bank. Forever First®

Contact Information:
Deanna Hart
Investor Relations
919-716-2137

Barbara Thompson
Corporate Communications
919-716-2716