Summary
First Citizens BancShares, Inc. (FCNCA) announced the successful consummation of its acquisition of Palmetto Heritage Bancshares, Inc. and its bank subsidiary, Palmetto Heritage Bank & Trust, effective November 1, 2018. The acquisition was structured as a merger, with Palmetto Heritage and Palmetto Heritage Bank being merged into FCNCA's subsidiary, First-Citizens Bank & Trust Company (FCB). This strategic move expands FCNCA's presence and operational footprint.
Key Highlights
- 1Acquisition of Palmetto Heritage Bancshares, Inc. and Palmetto Heritage Bank & Trust completed.
- 2Transaction effective November 1, 2018.
- 3Palmetto Heritage entities merged into FCNCA subsidiary, First-Citizens Bank & Trust Company (FCB).
- 4Cash consideration of $135.00 per share paid to Palmetto Heritage shareholders.
- 5Acquisition aims to enhance FCNCA's market position and customer base.
- 6Press release detailing the transaction is attached as Exhibit 99.1.
Frequently Asked Questions
This filing (8-K) officially reports the completion of the acquisition of Palmetto Heritage Bancshares, Inc. and its bank subsidiary by First Citizens BancShares, Inc. through its subsidiary First-Citizens Bank & Trust Company.
First-Citizens Bank & Trust Company paid cash consideration of $135.00 per share to Palmetto Heritage's shareholders for their common stock.
Both Palmetto Heritage Bancshares, Inc. and Palmetto Heritage Bank & Trust were merged into First-Citizens Bank & Trust Company effective November 1, 2018.
A press release dated November 1, 2018, providing further details about the acquisition, is attached as Exhibit 99.1 to this Form 8-K filing.