8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Sep 6, 2018)

Filed September 6, 2018For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing from First Citizens Bancshares Inc. /DE/ (FCNCA) announces a significant step forward in the proposed merger between First Citizens Bank & Trust Company (FCB) and Capital Commerce Bancorp, Inc. (Capital Commerce). The key development reported is the approval of the merger by Capital Commerce's shareholders, marking a crucial milestone towards the completion of the transaction. This shareholder approval suggests confidence in the strategic rationale and expected benefits of combining the two entities, with FCB set to absorb Capital Commerce and its subsidiary, Securant Bank & Trust. Investors should note that while shareholder approval is a positive indicator, the merger is still subject to other conditions and regulatory approvals. The filing includes a joint press release that likely elaborates on the terms and expected synergies of the deal, though the full details of the press release are not provided within the 8-K text itself. The forward-looking statements included in the press release highlight potential risks such as integration challenges and delays in obtaining necessary regulatory consents, which investors should monitor as the merger progresses towards finalization.

Key Highlights

  • 1Capital Commerce Bancorp, Inc. shareholders have approved the proposed merger with First Citizens Bank & Trust Company (FCB).
  • 2The merger will result in Capital Commerce and its bank subsidiary, Securant Bank & Trust, being integrated into FCB.
  • 3This shareholder approval is a key step towards the completion of the acquisition.
  • 4A joint press release regarding the merger approval was issued on September 6, 2018.
  • 5The filing emphasizes that regulatory approvals and other closing conditions must still be met.
  • 6Forward-looking statements in the press release mention potential risks like integration difficulties and regulatory delays.

Frequently Asked Questions

The main purpose of this 8-K filing is to report that Capital Commerce Bancorp, Inc. (Capital Commerce) shareholders have approved the proposed merger with First Citizens Bank & Trust Company (FCB).

No, the merger has not been completed. Shareholder approval from Capital Commerce is a significant step, but the transaction is still subject to other closing conditions and regulatory approvals.

The filing, referencing statements in the accompanying press release, highlights potential risks such as difficulties in integrating the businesses of Capital Commerce and First Citizens Bank, and delays in obtaining necessary regulatory approvals or satisfying other conditions required for the merger's completion.

While this 8-K filing provides the key update on shareholder approval, more detailed information regarding the merger, its terms, and potential risks would be found in the joint press release (Exhibit 99.1) attached to this filing and potentially in Capital Commerce Bancorp's Proxy Statement for its special shareholder meeting.