8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Dec 19, 2019)

Filed December 19, 2019For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing by First Citizens Bancshares, Inc. /DE/ (FCNCA) reports on a significant event: the approval by Community Financial Holding Co. Inc.'s shareholders of a proposed merger. The merger involves Community Financial and its bank subsidiary, Gwinnett Community Bank, being integrated into First Citizens Bank & Trust Company (FCB), a wholly-owned subsidiary of BancShares. This move signals an expansion for First Citizens Bancshares, aiming to leverage the combined entities for future growth and operational efficiencies. The filing, dated December 19, 2019, includes a joint press release as an exhibit detailing this shareholder approval. Investors should note that while the shareholder vote is a crucial step, the completion of the merger is subject to various regulatory approvals and other closing conditions. The company has also included standard forward-looking statements that highlight potential risks and uncertainties associated with the merger's integration and its anticipated benefits.

Key Highlights

  • 1Community Financial Holding Co. Inc. shareholders have approved the merger with First Citizens Bank & Trust Company (FCB).
  • 2The merger involves Community Financial and its subsidiary, Gwinnett Community Bank, joining FCB.
  • 3This action represents a strategic move for First Citizens Bancshares, Inc. (FCNCA) to expand its operations.
  • 4The filing confirms shareholder approval as of December 19, 2019.
  • 5The attached exhibit is a joint press release detailing the merger approval.
  • 6Completion of the merger is contingent upon regulatory approvals and other customary closing conditions.
  • 7The company acknowledges potential risks and uncertainties in realizing merger benefits and integration.

Frequently Asked Questions

The main event is the approval of the proposed merger between Community Financial Holding Co. Inc. (and its subsidiary Gwinnett Community Bank) and First Citizens Bank & Trust Company (FCB), a subsidiary of First Citizens Bancshares, Inc. (FCNCA), by Community Financial's shareholders.

No, the filing indicates shareholder approval. The merger is still subject to regulatory approvals and other closing conditions before it can be completed.

Potential risks include delays or failure to obtain regulatory approvals, difficulties in integration, failure to achieve expected cost savings or revenue synergies, and potential litigation or increased costs related to the merger. The company is obligated to update investors if these risks materialize.

More details can be found in the joint press release issued by FCB and Community Financial on December 19, 2019, which is attached as Exhibit 99.1 to this 8-K filing.