8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Dec 23, 2019)

Filed December 23, 2019For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing by First Citizens BancShares Inc. (FCNCA) on December 23, 2019, reports on a divesting agreement concerning three branches of Entegra Bank. These branches in Western North Carolina are being sold by Entegra Bank to Select Bank & Trust Company. This divestiture is a mandated condition by the U.S. Department of Justice and the Federal Reserve, directly linked to Entegra Bank's proposed merger with First Citizens Bank. Investors should note that this event is a regulatory requirement stemming from a larger strategic move: the merger of Entegra Bank into First Citizens Bank. While this specific transaction involves the sale of branches to a third party (Select Bank), it is a procedural step to gain regulatory approval for the primary merger. The press release attached as an exhibit provides further details on this ancillary transaction and its relation to the broader merger.

Key Highlights

  • 1Select Bank & Trust Company is acquiring three Entegra Bank branches in Western North Carolina.
  • 2This branch sale is a divestiture required by the U.S. Department of Justice and the Federal Reserve.
  • 3The divestiture is a condition for the proposed merger of Entegra Bank into First Citizens Bank.
  • 4The transaction is considered an ancillary event to the larger merger of Entegra Bank and First Citizens Bank.
  • 5A joint press release detailing the branch acquisition is included as an exhibit.
  • 6The filing includes standard forward-looking statements and risk disclosures related to both the branch acquisition and the proposed merger.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce and provide details regarding the sale of three Entegra Bank branches to Select Bank & Trust Company. This sale is a condition set by regulatory bodies for the larger, proposed merger between Entegra Bank and First Citizens Bank.

The branches are being sold as a divestiture requirement by the U.S. Department of Justice and the Federal Reserve. This is to address potential antitrust concerns and facilitate the approval process for Entegra Bank's merger with First Citizens Bank.

This branch sale is a necessary step to facilitate the merger between Entegra Bank and First Citizens Bank. It is a condition imposed by regulators to gain approval for the larger merger. The sale itself is between Entegra and Select Bank, not directly involving First Citizens in the purchase of these specific branches.

Select Bank & Trust Company is the entity acquiring the three Entegra Bank branches. While not a party to the merger with First Citizens, it is involved in this regulatory-driven divestiture.