8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Sep 1, 2016)

Filed September 1, 2016For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced the successful completion of its acquisition of Cordia Bancorp Inc. and its subsidiary, Bank of Virginia. The transaction, effective August 31, 2016, saw Cordia and Bank of Virginia merged into FCNCA's subsidiary, First-Citizens Bank & Trust Company (FCB), as of September 1, 2016. This strategic move is expected to expand FCNCA's operational footprint and customer base. Investors should note that the acquisition was completed with a cash consideration of $5.15 per share paid to Cordia's shareholders. While the filing itself does not provide extensive details on the financial impact, the integration of Bank of Virginia's operations into FCB is a key focus. The company has also included standard forward-looking statements regarding the risks and uncertainties associated with integrating the acquired entity's operations and maintaining customer and employee relationships.

Key Highlights

  • 1FCNCA has completed the acquisition of Cordia Bancorp Inc. and its bank subsidiary, Bank of Virginia.
  • 2The merger became effective on August 31, 2016, with integration into First-Citizens Bank & Trust Company (FCB) effective September 1, 2016.
  • 3Cordia Bancorp and Bank of Virginia have been merged into FCB.
  • 4The acquisition was executed through a cash payment of $5.15 per share to Cordia's shareholders.
  • 5The filing includes standard forward-looking statements detailing potential risks related to integration and business continuity.
  • 6A press release detailing the transaction is attached as an exhibit.

Frequently Asked Questions

This 8-K filing was primarily to report the consummation of the acquisition of Cordia Bancorp Inc. and its bank subsidiary, Bank of Virginia, by First Citizens BancShares, Inc.'s subsidiary, First-Citizens Bank & Trust Company.

First-Citizens Bank & Trust Company paid a cash consideration of $5.15 per share to the shareholders of Cordia Bancorp for their common stock.

While the filing does not detail specific financial projections, the acquisition is expected to expand FCNCA's market presence and customer base through the integration of Bank of Virginia's operations. The primary focus moving forward will be the successful integration of the acquired entity without disruption.

Yes, the filing includes forward-looking statements that mention risks such as the ability of First Citizens Bank to successfully convert and integrate Bank of Virginia's operations and accounts without disruption, and the potential loss of customer and employee relationships.