Summary
First Citizens Bancshares Inc. (FCNCA) announced through its wholly-owned subsidiary, First-Citizens Bank & Trust Company (FCB), an agreement to acquire certain assets and assume certain liabilities of North Milwaukee State Bank. This acquisition was made with the Federal Deposit Insurance Corporation (FDIC), which is acting as the Receiver for North Milwaukee State Bank. The transaction is considered small in scale, with North Milwaukee State Bank's total assets representing less than 1.0 percent of First Citizens Bancshares' consolidated assets. Investors should note that further details regarding the specifics of this deal are available in FCB's news release dated March 11, 2016, which is filed as an exhibit to this report.
Key Highlights
- 1First Citizens Bancshares, through its subsidiary FCB, is acquiring assets and assuming liabilities from North Milwaukee State Bank.
- 2The FDIC is involved as the Receiver for North Milwaukee State Bank.
- 3The acquisition is immaterial to First Citizens Bancshares' overall financial position, with North Milwaukee State Bank's assets being less than 1% of the consolidated total.
- 4The transaction was executed on March 11, 2016.
- 5Additional information is available via an attached news release from March 11, 2016.
Frequently Asked Questions
First Citizens Bancshares, Inc., through its subsidiary First-Citizens Bank & Trust Company, is acquiring specific assets and assuming certain liabilities from North Milwaukee State Bank, which is being handled by the FDIC as Receiver.
The acquisition is very small in scale. The total assets of North Milwaukee State Bank represent less than 1.0 percent of First Citizens Bancshares' consolidated assets, indicating a minimal impact on the company's overall financial standing.
More comprehensive information regarding this transaction can be found in the news release issued by First-Citizens Bank & Trust Company on March 11, 2016, which is attached as Exhibit 99.1 to this 8-K filing.