SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Report Date (Date of earliest event reported) September 14, 2000
FIRST CITIZENS BANCSHARES, INC.
___________________________________________________________________
(Exact name of Registrant as specified in its charter)
Delaware_____ 0-16471_____ 56-1528994_________
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
239 Fayetteville Street, Raleigh, North Carolina 27601
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(Address of principal executive offices)
(919) 716-7000
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Registrant's telephone number, including area code
N/A
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(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
First-Citizens Bank & Trust Company, a wholly-owned subsidiary of First
Citizens BancShares, Inc., has completed the sale of a large portion of its
mortgage servicing portfolio.
The transaction is described in the attached news release, which is
incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST CITIZENS BANCSHARES, INC.
By: /s/Kenneth A. Black
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Kenneth A. Black
Vice President, Treasurer
Chief Financial Officer
Date: September 14, 2000
<PAGE>
Sept. 14, 2000 First Citizens Bank
(919) 716-2716
FIRST CITIZENS COMPLETEs MORTGAGE SERVICING TRANSACTION
RALEIGH, N.C. - First Citizens Bank has completed the sale of a large portion of
its mortgage servicing business to GMAC Mortgage Corp.
The bank transferred the servicing rights for about $1.6 billion in mortgage
loans so it could focus resources on developing and marketing better mortgage
products. First Citizens will continue to originate mortgage loans.
First Citizens expects to realize a gain of about $13 million from the sale of
servicing rights to GMAC.
As the new servicer for the loans, GMAC will receive and process customer
payments, manage escrow accounts and respond to inquiries regarding mortgages.
The transfer of servicing rights for mortgage loans is standard practice in the
industry and does not affect the terms or conditions of mortgages.
"We constantly evaluate our operations to identify areas where we can offer
better products and services more efficiently, and this transfer will allow us
to enhance the quality of our mortgage lineup," said Terry Lindsey, group vice
president with First Citizens' Mortgage Division. "We selected GMAC because they
can uphold our high standards for customer service. We expect that our customers
will be very pleased with the way they do business."
The mortgage loans involved in the servicing transfer to GMAC are owned by
institutional investors. First Citizens is also outsourcing servicing for $688
million in mortgage loans held in its own portfolio to Cenlar Corp. The company
plans to outsource servicing for all future mortgage originations.
First Citizens Bank has 366 branches in more than 200 communities in North
Carolina, Virginia and West Virginia. Headquartered in Raleigh, the bank has
$9.98 billion in assets. First Citizens is committed to providing superior
financial services to individual customers and small to mid-sized businesses.
For more information on the bank, visit its website at firstcitizens.com.
