8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Aug 11, 2016)

Filed August 11, 2016For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing from First Citizens Bancshares Inc./DE/ (FCNCA) on August 11, 2016, reports on a significant development in the proposed merger between First-Citizens Bank & Trust Company (FCB) and Cordia Bancorp Inc. (Cordia). The primary update is the successful approval of the merger by Cordia's shareholders, a crucial step towards its completion. This indicates positive momentum for the transaction and suggests that the integration of Cordia and its bank subsidiary, Bank of Virginia, into FCB is progressing as planned. Investors should note that this filing primarily serves to announce the shareholder approval, with a joint press release attached as an exhibit providing further details. While this approval is a positive indicator, the report also includes standard "forward-looking statements" disclaimers, reminding investors that the actual completion of the merger is subject to remaining conditions and other risks that could impact the final outcome. The focus for investors should be on the confirmation of shareholder support and the ongoing progress towards this strategic acquisition.

Key Highlights

  • 1Cordia Bancorp Inc. shareholders have approved the proposed merger with First-Citizens Bank & Trust Company (FCB).
  • 2The approval is a key milestone in the process of merging Cordia and its subsidiary, Bank of Virginia, into FCB.
  • 3A joint press release detailing the shareholder approval and merger status is attached as an exhibit.
  • 4The filing confirms that the transaction is moving forward following shareholder consent.
  • 5Standard forward-looking statement disclaimers are included, noting potential risks and uncertainties that could affect the merger's completion.
  • 6The announcement suggests positive progress in the strategic acquisition strategy of First Citizens Bancshares.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce that Cordia Bancorp Inc. shareholders have approved the proposed merger with First-Citizens Bank & Trust Company (FCB). It also includes a copy of the joint press release detailing this approval and the status of the merger.

No, the merger has not yet been completed. This filing announces that Cordia's shareholders have approved the transaction, which is a significant step, but there may be other conditions that need to be satisfied or waived before the merger is finalized.

The filing includes standard forward-looking statements that highlight potential risks and uncertainties. These could include the satisfaction or waiver of remaining conditions to the merger's consummation, as well as other factors detailed in previous SEC filings by both Cordia and First Citizens Bancshares, which could cause actual results to differ materially from expectations.

More detailed information can be found in the joint press release attached as Exhibit 99.1 to this 8-K filing. Additionally, investors can refer to previous filings made by Cordia Bancorp and First Citizens Bancshares with the SEC, such as proxy statements, annual reports (10-K), quarterly reports (10-Q), and other current reports (8-K).