8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (May 3, 2018)

Filed May 3, 2018For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced the consummation of its acquisition of HomeBancorp, Inc. and its bank subsidiary, HomeBanc, effective April 30, 2018. The transaction involved the merger of HomeBancorp and HomeBanc into FCNCA's subsidiary, First-Citizens Bank & Trust Company. Shareholders of HomeBancorp received $15.03 in cash for each share of their common stock. This acquisition is a strategic move by First Citizens to expand its presence, particularly in the Tampa, Florida market. Investors should note that the integration of HomeBanc's operations and customer base into First Citizens' platform will be a key factor in realizing the anticipated benefits of this acquisition. The company has attached a press release as an exhibit detailing this event.

Key Highlights

  • 1Acquisition of HomeBancorp, Inc. and its bank subsidiary, HomeBanc, by First-Citizens Bank & Trust Company completed.
  • 2Effective date of acquisition closing: April 30, 2018.
  • 3Effective date of mergers of HomeBancorp and HomeBanc into First-Citizens Bank & Trust Company: May 1, 2018.
  • 4Cash consideration paid to HomeBancorp shareholders: $15.03 per share.
  • 5The acquisition is expected to enhance First Citizens' market presence.
  • 6A press release dated May 1, 2018, detailing the acquisition, is filed as Exhibit 99.1.
  • 7The filing includes forward-looking statements regarding the integration and potential risks.

Frequently Asked Questions

The main purpose of this 8-K filing was to announce the completion of First Citizens BancShares' acquisition of HomeBancorp, Inc. and its subsidiary HomeBanc, and to provide details about the transaction, including the cash consideration paid to shareholders.

While this filing announces the completion of the acquisition, it does not provide detailed financial statements or pro-forma figures. Investors would need to look for subsequent filings (like the next quarterly 10-Q) to understand the financial impact, including the asset growth and any immediate effects on earnings. The cash consideration of $15.03 per share gives a basis for the total cash outlay.

The filing mentions that key risks include the successful conversion and integration of HomeBanc's operations and accounts without disruption, and the retention of customer and employee relationships. These are critical factors for realizing the value of the acquisition.

More detailed information can be found in the press release dated May 1, 2018, which is attached as Exhibit 99.1 to this 8-K filing. Additionally, investors should refer to First Citizens BancShares' other SEC filings, such as their Annual Reports (10-K) and Quarterly Reports (10-Q), for a comprehensive understanding of the company's financial performance and strategic initiatives.