First Citizens BancShares, Inc. 5.375% Non-Cumulative Perpetual Preferred Stock, Series A (depositary shares) (FCNCP)

FCNCP is the Nasdaq ticker for depositary shares of First Citizens BancShares, Inc., the Raleigh, North Carolina bank holding company for First-Citizens Bank & Trust Company. Each depositary share represents a 1/40th interest in a share of the company's 5.375% Non-Cumulative Perpetual Preferred Stock, Series A, so each depositary share has a $25 liquidation preference.

First Citizens issued the Series A preferred in March 2020, during the early market turmoil of the COVID-19 pandemic, as its first preferred offering in many years. Dividends are paid quarterly when declared by the board, at 5.375% per year on the liquidation preference, and are non-cumulative, meaning missed dividends do not accrue. The preferred has no maturity date and may be redeemed at the company's option after its initial call date, subject to regulatory approval.

The security remains outstanding and continues to trade on Nasdaq alongside First Citizens' Class A common stock (FCNCA) and its other preferred series, including the Series C shares that trade as FCNCO. The bank grew sharply through its 2022 merger with CIT Group and its 2023 purchase of Silicon Valley Bank from the FDIC.