Insider Confidence Meets Capital Return at First Citizens – Buyback Wednesdays

First Citizens BancShares, Inc. (FCNCA), a top-20 U.S. bank with $229.65 billion in assets and a member of the Fortune 500, has consistently stood out for its disciplined expansion through FDIC-assisted acquisitions. We’ve covered FCNCA multiple times in our Monthly Newsletter and Insider Weekends, and I initially presented the stock at ValueX Vail shortly after its game-changing acquisition of Silicon Valley Bank, which instantly doubled its asset base.

We decided to revisit the company on account of a new development at the company: a recently announced $4 billion stock buyback representing roughly 14% of its market cap at the time of announcement. This development is backed by insider buying, creating a classic Double Dipper scenario where both executives and the company are actively acquiring shares, signaling strong internal confidence.

Source: IA Special Situations Newletter (May 2023)

First Citizens BancShares, Inc. (FCNCA): $1,862.62

Market Cap: $24.75B

EV: $35.69B

Key Insights

• The bank’s decision to terminate its FDIC loss share agreement in April 2025 signals confidence in asset quality, reducing overhead from legacy portfolios and freeing capital for shareholder returns.  
• Insider buying has also picked up, especially of class B common shares, which trade at a big discount to class A shares and have higher voting rights.
• The bank has been consistently buying back its shares, reducing shares outstanding by over 17% over the last three years.

Only plus or premium subscribers can access this post. Subscribe today.