8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Jan 11, 2019)

Filed January 11, 2019For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced a significant development for its subsidiary, First-Citizens Bank & Trust Company (FCB), with the signing of a definitive merger agreement to acquire First South Bancorp, Inc. This strategic acquisition, based in Spartanburg, South Carolina, will expand FCB's geographic footprint and customer base. The deal has received unanimous approval from both companies' Boards of Directors, signaling strong confidence in the transaction's strategic fit and value proposition. Investors should note that the transaction is expected to close by the second quarter of 2019, contingent on customary closing conditions, including regulatory approvals and shareholder consent from First South Bancorp. The acquisition will be executed through a cash consideration of $1.15 per share for First South Bancorp's outstanding common stock. This move represents a clear step by FCNCA to enhance its market position through inorganic growth.

Key Highlights

  • 1First-Citizens Bank & Trust Company (FCB), a subsidiary of FCNCA, to acquire First South Bancorp, Inc.
  • 2The acquisition is a strategic move to expand FCNCA's presence in Spartanburg, South Carolina.
  • 3The merger agreement has received unanimous approval from the Boards of Directors of both companies.
  • 4The transaction is anticipated to close by the second quarter of 2019, subject to regulatory and shareholder approvals.
  • 5First South Bancorp shareholders will receive $1.15 in cash for each share of outstanding common stock.
  • 6The announcement was made via a joint press release dated January 10, 2019, attached as an exhibit to the filing.

Frequently Asked Questions

The acquisition of First South Bancorp by FCB is a strategic move aimed at expanding First Citizens' geographic reach and customer base, particularly in the Spartanburg, South Carolina market.

First South Bancorp shareholders will receive $1.15 in cash for each share of their outstanding common stock as part of the acquisition.

The transaction is expected to close as soon as the second quarter of 2019, provided all necessary regulatory approvals, shareholder approvals for First South Bancorp, and other customary closing conditions are met.

Yes, the definitive merger agreement has been unanimously approved by the Boards of Directors of both First-Citizens Bank & Trust Company and First South Bancorp, Inc.