Summary
First Citizens BancShares Inc. (FCNCA) announced on May 10, 2016, through an 8-K filing, that its wholly-owned subsidiary, First-Citizens Bank & Trust Company (FCB), entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) on May 6, 2016. This agreement pertains to the purchase of certain assets and the assumption of certain liabilities of First CornerStone Bank, which is currently in receivership with the FDIC. This acquisition represents a minor expansion for FCNCA, as First CornerStone Bank's total assets constitute less than 1.0 percent of FCNCA's consolidated assets.
Key Highlights
- 1FCNCA subsidiary, FCB, entered into an agreement with the FDIC on May 6, 2016.
- 2The agreement involves the purchase of assets and assumption of liabilities from First CornerStone Bank.
- 3First CornerStone Bank is in receivership under the FDIC.
- 4The transaction is considered small relative to FCNCA's overall balance sheet, with First CornerStone Bank's assets representing less than 1.0% of FCNCA's consolidated assets.
- 5A news release dated May 6, 2016, providing further details about the transaction, is attached as an exhibit.
Frequently Asked Questions
FCNCA, through its subsidiary FCB, is acquiring certain assets and assuming certain liabilities of First CornerStone Bank, which is being handled by the FDIC as its receiver.
The acquisition is not significant in scale. First CornerStone Bank's total assets are less than 1.0 percent of FCNCA's consolidated assets, indicating a minor impact on the company's overall financial standing.
More details regarding this transaction can be found in FCNCA's news release dated May 6, 2016, which is included as Exhibit 99.1 in this 8-K filing.