Unassociated Document
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):  November 3, 2008
 
First Citizens BancShares, Inc.
(Exact name of registrant as specified in its charter)

Delaware
0-16715
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)

                                             


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


Registrant has elected to waive the right to participate in the TARP Capital Purchase Program.  Registrant is well-capitalized as of September 30, 2008 and has adequate capital for growth opportunities for the foreseeable future.  Capital amounts and ratios as of September 30, 2008 as well as the minimum capital requirements and the amounts required to remain well-capitalized are as follows:
 
   
Actual
    
Minimum requirement
    
Well-capitalized requirement
  
   
Amount
    
Ratio
    
Amount
    
Ratio
    
Amount
    
Ratio
  
   
(dollars in thousands)
                          
Tier 1 risk-based capital
   $ 1,628,743       13.01 %   $ 500,691       4.00 %   $ 625,864       5.00 %
Total risk-based capital
     1,918,384       15.33 %     1,001,382       8.00 %     1,251,727       10.00 %
Tier 1 leverage capital
     1,628,743       10.01 %     488,119       3.00 %     976,238       6.00 %
 
Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
First Citizens BancShares, Inc.
(Registrant)
 
 
Date:  November 3, 2008
By:  /s/ KENNETH A. BLACK
Kenneth A. Black
Vice President and Chief Financial Officer