8-KOther Events

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Apr 2, 2019)

Filed April 2, 2019For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced the consummation of its acquisition of Biscayne Bancshares, Inc. and its bank subsidiary, Biscayne Bank, effective April 2, 2019. The acquisition was executed through FCNCA's subsidiary, First-Citizens Bank & Trust Company, which merged Biscayne Bancshares and Biscayne Bank into itself. This strategic move aims to expand FCNCA's footprint and customer base. Investors should note that the transaction involved a cash consideration of $25.05 per share paid to Biscayne Bancshares' shareholders. The company has attached a joint press release detailing this event as an exhibit. While the acquisition is a positive step, the company acknowledges potential risks and uncertainties, particularly concerning the successful integration of Biscayne's operations and maintaining customer and employee relationships, as detailed in their forward-looking statements.

Key Highlights

  • 1Acquisition of Biscayne Bancshares, Inc. and its subsidiary Biscayne Bank by First-Citizens Bank & Trust Company completed.
  • 2Effective date of the acquisition and mergers was April 2, 2019.
  • 3Biscayne Bancshares and Biscayne Bank were merged into First-Citizens Bank & Trust Company.
  • 4Cash consideration of $25.05 per share was paid to Biscayne Bancshares' shareholders.
  • 5The acquisition is expected to enhance First Citizens BancShares' market presence.
  • 6A joint press release regarding the transaction has been filed as an exhibit.
  • 7Company acknowledges integration risks, including customer and employee relationship management.

Frequently Asked Questions

The main event reported is the completion of the acquisition of Biscayne Bancshares, Inc. and its bank subsidiary, Biscayne Bank, by First Citizens BancShares' subsidiary, First-Citizens Bank & Trust Company.

The acquisition was structured such that Biscayne Bancshares and Biscayne Bank were merged into First-Citizens Bank & Trust Company. Shareholders of Biscayne Bancshares received $25.05 in cash for each share of common stock.

The company identifies potential risks related to the successful conversion and integration of Biscayne Bancshares' operations and accounts. Maintaining customer and employee relationships without disruption is also a key concern.

More information can be found in the joint press release dated April 2, 2019, which is attached as Exhibit 99.1 to this 8-K filing. Additional details and risk factors can also be found in other SEC filings by First Citizens BancShares.