8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jul 27, 2018)

Filed July 27, 2018For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced a significant strategic move on July 27, 2018, through its bank subsidiary, First-Citizens Bank & Trust Company (FCB), entering into a definitive merger agreement to acquire Palmetto Heritage Bancshares, Inc. This acquisition of the South Carolina-based holding company and its bank subsidiary, Palmetto Heritage Bank & Trust, is designed to expand First Citizens' presence and strengthen its market position in the region. The transaction is valued at $135.00 per share in cash for Palmetto Heritage Bancshares' shareholders, indicating a cash-settled acquisition. The deal has received board approval from both entities and is anticipated to close in the fourth quarter of 2018, pending necessary regulatory and shareholder approvals. This acquisition represents a key growth initiative for First Citizens, aiming to enhance its scale and customer base.

Key Highlights

  • 1First-Citizens Bank & Trust Company (FCB) to acquire Palmetto Heritage Bancshares, Inc.
  • 2Acquisition includes Palmetto Heritage Bank & Trust.
  • 3Transaction is an all-cash deal with a purchase price of $135.00 per share for Palmetto Heritage Bancshares shareholders.
  • 4The agreement has been approved by the Boards of Directors of both companies.
  • 5Expected closing date is the fourth quarter of 2018.
  • 6The deal is subject to regulatory approvals and Palmetto Heritage Bancshares shareholder approval.
  • 7This acquisition is expected to expand First Citizens' footprint and market share.

Frequently Asked Questions

This 8-K filing announces the definitive merger agreement between First-Citizens Bank & Trust Company (FCB) and Palmetto Heritage Bancshares, Inc., detailing the terms of the acquisition.

While specific financial projections are not detailed in this filing, the acquisition of Palmetto Heritage Bancshares for $135.00 per share in cash is expected to enhance First Citizens' market presence and customer base, likely contributing to future revenue and asset growth. Investors should look for subsequent filings for detailed financial pro forma statements or integration plans.

The acquisition is expected to be completed during the fourth quarter of 2018, contingent upon receiving all necessary regulatory approvals and the approval of Palmetto Heritage Bancshares' shareholders.

Shareholders of Palmetto Heritage Bancshares will receive $135.00 in cash for each share of their common stock.