First Citizens Bancshares Inc /TN/ - Current report filing (8-K)
07 Octubre 2008 - 5:01AM
Edgar (US Regulatory)
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): October 6, 2008
First Citizens
Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Commission file number
0-11709
________________________
Tennessee
|
62-1180360
|
(State or other jurisdiction of
|
(IRS Employer Identification No.)
|
incorporation or organization)
|
|
P.O. Box 370,
One First
Citizens Place
Dyersburg, Tennessee 38024
(Address of principal executive offices including zip code)
(731) 285-4410
(Registrant's telephone number, including area code)
________________________
Item 2.06: Material Impairments
The Registrant hereby files this
document to report changes related to Item 2.06.
First
Citizens Bancshares, Inc. (the Company) owns Fannie Mae and Freddie Mac
perpetual preferred stock with an amortized cost of $1.85 million. These
securities account for less than 1 percent of the Company's total investment
portfolio. As a result of Fannie Mae and Freddie Mac being placed into
conservatorship on September 7, 2008, by the United States Department of
Treasury, the Company will report an other-than-temporary impairment loss of
$1.75 million (or $1.16 million, net of applicable tax adjustments) on Fannie
Mae and Freddie Mac perpetual preferred securities as of September 30, 2008.
The impact of this non-cash impairment charge net of tax is a reduction $0.32
per share to 2008 earnings per share. Despite the impairment charge, the
Company will report positive net income for the three months ended September
30, 2008 and will remain well capitalized at the consolidated bank and
consolidated bank holding company levels as defined under regulatory capital
guidelines for financial institutions and bank holding companies.
Forward Looking Statements
This
report contains certain forwarding-looking statements about the Company.
Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. They also include words such as
"believe," "expect," "estimate," and
"intend" or future or conditional verbs such as "will,"
"would," "should," "could" or "may".
Certain factors could cause actual results to differ materially from expected
results including changes in the general economic conditions (such as interest
rates, employment levels and real estate values), legislative and regulatory
changes, developments with respect to the Fannie Mae and Freddie Mac
conservatorships, changes in the Company's, Freddie Mac's and Fannie Mae's
business operations and the results thereof and changes in the securities
markets. First Citizens Bancshares, Inc. does not intend to update this Report
and expressly disclaims any obligation to do so.
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