8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Nov 16, 2018)

Filed November 16, 2018For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced on November 16, 2018, a definitive merger agreement between its bank subsidiary, First-Citizens Bank & Trust Company (FCB), and Biscayne Bancshares, Inc. (BBI). This transaction involves FCB acquiring BBI and its bank subsidiary, Biscayne Bank, based in Coconut Grove, Florida. The deal has received board approval from both companies and is anticipated to be completed in the first or second quarter of 2019, contingent upon regulatory approvals, BBI shareholder consent, and other standard closing conditions. Investors should note the terms of the agreement, which stipulate a cash consideration of $25.05 per share for BBI's common stock shareholders. This acquisition represents a strategic move for First Citizens BancShares to expand its reach, likely by integrating BBI's operations and customer base. The filing includes the joint press release detailing this transaction as an exhibit.

Key Highlights

  • 1First Citizens BancShares' subsidiary, FCB, to acquire Biscayne Bancshares (BBI).
  • 2The acquisition includes BBI's bank subsidiary, Biscayne Bank.
  • 3The deal is structured as a cash acquisition with a price of $25.05 per BBI share.
  • 4The transaction has received approval from the Boards of Directors of both companies.
  • 5Expected closing of the merger is in the first or second quarter of 2019.
  • 6Key conditions for closing include regulatory approvals and BBI shareholder approval.
  • 7The acquisition aims to expand First Citizens BancShares' market presence, particularly in Florida.

Frequently Asked Questions

This 8-K filing announces a significant event: the definitive merger agreement between First-Citizens Bank & Trust Company (a subsidiary of First Citizens BancShares) and Biscayne Bancshares, Inc. It provides details about the acquisition and the terms of the deal.

The filing specifies a cash consideration of $25.05 per share for Biscayne Bancshares shareholders. While the exact total value isn't disclosed in this excerpt, it indicates a cash-out acquisition. Investors should look for further financial details in subsequent filings or investor presentations to understand the full impact on FCNCA's balance sheet and earnings.

The acquisition is expected to close during the first or second quarter of 2019. This timeline is subject to customary closing conditions, including regulatory approvals and the approval of Biscayne Bancshares' shareholders.

Biscayne Bancshares is based in Coconut Grove, Florida, and operates Biscayne Bank. This acquisition suggests a strategic expansion for First Citizens BancShares into the Florida market, likely integrating BBI's operations and customer base to enhance its presence in that region.