First Citizens BancShares (FCNCA) has issued a 6.625% non-cumulative fixed rate-reset preferred stock, Series E (FCNCN), now trading near par. FCNCA's capital structure remains robust, with CET1 at 11.15% and preferred dividends well covered by common distributions. Consensus forward rates imply a potential dividend increase to 7.64% if not called, but market conditions and credit spreads could impact future pricing.