8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jun 28, 2018)

Filed June 28, 2018For 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 Capital Commerce Bancorp, Inc. ("Capital Commerce"), and its bank subsidiary, Securant Bank & Trust. This strategic acquisition, announced on June 27, 2018, is expected to enhance FCNCA's geographic presence, particularly in Wisconsin. The transaction, approved by the Boards of Directors of both companies, is anticipated to close by the end of the fourth quarter of 2018, pending customary regulatory and shareholder approvals. Capital Commerce shareholders will receive $4.75 in cash for each share of common stock they hold, indicating a cash-and-carry transaction for the acquired entity's shareholders.

Key Highlights

  • 1First Citizens BancShares (FCNCA) to acquire Capital Commerce Bancorp and its subsidiary Securant Bank & Trust.
  • 2The acquisition is expected to expand FCNCA's market reach, notably into Wisconsin.
  • 3The transaction is structured as a cash acquisition, with Capital Commerce shareholders to receive $4.75 per share.
  • 4The merger agreement has received board approval from both companies.
  • 5Closing of the transaction is targeted for the fourth quarter of 2018.
  • 6The deal is contingent upon obtaining necessary regulatory approvals and Capital Commerce shareholder consent.

Frequently Asked Questions

The primary purpose is to expand First Citizens BancShares' geographic footprint, particularly by entering the Wisconsin market through the acquisition of Capital Commerce Bancorp and its bank subsidiary, Securant Bank & Trust.

Capital Commerce shareholders will receive $4.75 in cash for each share of their common stock.

The transaction is expected to close no later than the fourth quarter of 2018, subject to regulatory and shareholder approvals.

Yes, the transaction is subject to the receipt of regulatory approvals and the approval of Capital Commerce's shareholders, which are standard contingencies for bank mergers.