8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Dec 18, 2017)

Filed December 18, 2017For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA), through its bank subsidiary First-Citizens Bank & Trust Company (FCB), has entered into a definitive merger agreement to acquire HomeBancorp, Inc. (HomeBancorp) and its bank subsidiary, HomeBanc. This strategic move signals an expansion for FCNCA, incorporating HomeBancorp's operations, which are based in Tampa, Florida. The transaction has received board approval from both entities, paving the way for integration, pending necessary regulatory and shareholder consents from HomeBancorp. Investors should note the terms of the acquisition, which involve a cash consideration of $15.03 per share for HomeBancorp's common stock. The expected closing timeframe is by the second quarter of 2018, though this is contingent on regulatory approvals and HomeBancorp shareholder endorsement. This acquisition represents a clear growth initiative for FCNCA, aiming to enhance its market presence and potentially its financial performance through the integration of a new banking entity.

Key Highlights

  • 1First-Citizens Bank & Trust Company (FCB) to acquire HomeBancorp, Inc. and its subsidiary HomeBanc.
  • 2Transaction is an all-cash deal with a purchase price of $15.03 per share for HomeBancorp shareholders.
  • 3Acquisition aims to expand FCNCA's presence, particularly in the Tampa, Florida market.
  • 4The merger agreement has been approved by the Boards of Directors of both companies.
  • 5Closing is anticipated by the second quarter of 2018, subject to regulatory and HomeBancorp shareholder approvals.
  • 6A joint press release detailing the transaction is included as an exhibit.

Frequently Asked Questions

This 8-K filing announces a material event: the definitive merger agreement between First-Citizens Bank & Trust Company (FCB) and HomeBancorp, Inc. (HomeBancorp). It provides key details about the terms, approvals, and expected timeline of the acquisition.

HomeBancorp shareholders will receive $15.03 in cash for each share of HomeBancorp common stock they hold, as per the terms of the definitive merger agreement.

The acquisition is contingent upon receiving necessary regulatory approvals and the approval of HomeBancorp's shareholders. The projected closing date is no later than the second quarter of 2018.

The acquisition of HomeBancorp, a Tampa, Florida-based entity, suggests a strategic move by First Citizens BancShares to expand its market reach and operational footprint, particularly in the Florida region.