8-K

UNITED STATES

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

Date of Report (Date of earliest event reported) May 6, 2016

_________________________________________________________________

First Citizens BancShares, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-16715	56-1528994
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4300 Six Forks Road; Raleigh, North Carolina	27609
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (919) 716-7000

________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events

On May 6, 2016, Registrant’s wholly-owned subsidiary First-Citizens Bank & Trust Company ("FCB") entered into an agreement with the Federal Deposit Insurance Corporation ("FDIC") to purchase certain assets and assume certain liabilities of First CornerStone Bank of King of Prussia, Pennsylvania. The FDIC serves as Receiver of First CornerStone Bank.

First CornerStone Bank's total assets represent less than 1.0 percent of Registrant’s consolidated assets.

Further information regarding the transaction is included in FCB’s news release dated May 6, 2016 attached hereto as Exhibit 99.1.

Item 9.01.Financial Statements and Exhibits

The following exhibit is attached as part of this report.

Exhibit No.	Exhibit Description
99.1	Registrant's news release dated May 6, 2016

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		First Citizens BancShares, Inc.
		(Registrant)
Date:	May 10, 2016	By: /s/ Craig L. Nix
		Craig L. Nix
		Chief Financial Officer

EX-99.1

		EX 99.1
NEWS RELEASE	Contact:	Barbara Thompson
For Immediate Release		First Citizens BancShares
May 6, 2016		(919) 716-2716

FIRST CITIZENS BANK PURCHASES CERTAIN ASSETS, ASSUMES CERTAIN LIABILITIES OF

FIRST CORNERSTONE BANK OF KING OF PRUSSIA, PENNSYLVANIA

RALEIGH, N.C. - First Citizens Bank, a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. (Nasdaq: FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase certain assets and assume certain liabilities of First CornerStone Bank of King of Prussia, Pennsylvania.

The Pennsylvania Department of Banking and Securities closed First CornerStone Bank today and appointed the FDIC as receiver. First Citizens plans to operate the former First CornerStone Bank as a division. Depositors will not sustain any losses with respect to those deposits assumed by First Citizens Bank.

“This latest agreement speaks to the strength of our company, which allows us to grow by completing select mergers and acquisitions such as this one,” said Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank. “Our bank has long been recognized for soundness and exceptional service. We assure customers of First CornerStone Bank that their deposits are safe and readily accessible. They can continue to bank without any disruption in service, and we look forward to a smooth transition.”

Today’s transaction includes the six First CornerStone Bank branch locations in the communities of Chadds Ford, King of Prussia, Malvern, Media, Phoenixville and Ridley. The Ridley Township branch will open as scheduled on Saturday, May 7. The announcement marks First Citizens Bank’s ninth FDIC-related agreement since July 2009.

Customer deposits are safe, accessible and still protected by FDIC insurance. Customers should bank as they normally do at their existing branches. They can continue to use their checks and cards and will still have online access to their accounts.

As of March 31, 2016, First CornerStone Bank had approximately $103.3 million in total assets, including gross loans of $50.4 million, and total deposits of approximately $101.0 million. Under the terms of the agreement, First Citizens Bank has the option to purchase any owned bank premises or to assume the leases on any or all of the banking offices. First Citizens was selected to complete this transaction through a competitive bidding process.

Customers with questions about their accounts should continue to contact a representative at a First CornerStone Bank branch. For more information about First Citizens Bank, they can visit firstcitizens.com or call 1.866.407.0324 between 7:00 a.m. and 11 p.m. Eastern time.

About First Citizens

Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank serves customers at more than 550 branches in 20 states. First Citizens Bank is a wholly owned subsidiary of First Citizens BancShares, Inc. (Nasdaq: FCNCA), which has $32 billion in assets. For more information, call toll free 1.888.FC DIRECT (1.888.323.4732) or visit firstcitizens.com. First Citizens Bank. Forever First®.

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