8-KOther EventsExhibits & Filings

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

Filed October 3, 2018For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced the successful completion of its acquisition of Capital Commerce Bancorp, Inc. and its bank subsidiary, Securant Bank & Trust, through its subsidiary First-Citizens Bank & Trust Company (FCB). The transaction, effective October 1, 2018, involved the merger of Capital Commerce and Securant into FCB. This strategic move aims to expand FCNCA's presence and potentially enhance its market position within the banking sector. Investors should note that cash consideration of $4.75 per share was paid to Capital Commerce shareholders. The attached press release provides further details on the transaction. Management's forward-looking statements indicate awareness of potential integration challenges and market risks, which could impact future financial performance. FCNCA has committed to ongoing disclosures regarding these factors.

Key Highlights

  • 1Acquisition of Capital Commerce Bancorp, Inc. and its subsidiary Securant Bank & Trust completed.
  • 2Acquisition consummated by First Citizens Bank & Trust Company (FCB), a subsidiary of FCNCA.
  • 3Capital Commerce and Securant were merged into FCB effective October 2, 2018.
  • 4Cash consideration of $4.75 per share paid to Capital Commerce shareholders.
  • 5Transaction signifies a strategic expansion for First Citizens BancShares.
  • 6A press release detailing the acquisition is attached as an exhibit.
  • 7Forward-looking statements acknowledge potential integration risks and market factors.

Frequently Asked Questions

The main purpose of this filing was to report the consummation of First Citizens BancShares, Inc.'s acquisition of Capital Commerce Bancorp, Inc. and its bank subsidiary, Securant Bank & Trust.

First Citizens Bank & Trust Company, a subsidiary of FCNCA, paid cash consideration of $4.75 per share to the shareholders of Capital Commerce Bancorp, Inc.

Capital Commerce Bancorp, Inc. and its bank subsidiary, Securant Bank & Trust, were merged into First-Citizens Bank & Trust Company (FCB) effective October 2, 2018.

Management highlighted potential risks related to the successful conversion and integration of Securant's operations and accounts without disruption, as well as the potential loss of customer and employee relationships. Other market factors could also impact future results.