8-KOther EventsExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Feb 3, 2020)

Filed February 3, 2020For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

First Citizens BancShares, Inc. (FCNCA) announced through its wholly-owned subsidiary, First-Citizens Bank & Trust Company (FCB), the successful consummation of its acquisition of Community Financial Holding Co. Inc. and its bank subsidiary, Gwinnett Community Bank, on February 1, 2020. This strategic move signifies an expansion for FCB, integrating the operations of Community Financial. The company has attached a press release dated February 3, 2020, detailing this event as an exhibit to the filing. Investors should note that this filing primarily serves to report the completion of the acquisition. While the immediate impact and specific financial terms are not detailed within this particular 8-K, the forward-looking statements included highlight potential benefits such as cost savings and revenue synergies. However, the company also cautions about inherent risks associated with mergers, including integration challenges, potential cost overruns, litigation, and broader economic uncertainties that could affect future results.

Key Highlights

  • 1First-Citizens Bank & Trust Company (FCB), a subsidiary of FCNCA, completed the acquisition of Community Financial Holding Co. Inc. and Gwinnett Community Bank on February 1, 2020.
  • 2The acquisition represents a strategic expansion for First Citizens BancShares into the Duluth, Georgia market.
  • 3A press release providing further details about the acquisition is included as Exhibit 99.1 to this report.
  • 4The company's forward-looking statements acknowledge potential benefits from the acquisition, including cost savings and revenue synergies.
  • 5Risks and uncertainties associated with the integration of Community Financial's business are also disclosed.
  • 6Potential challenges include unexpected costs, disruption to relationships, and regulatory or litigation risks.
  • 7The filing underscores that actual results could differ materially from forward-looking statements due to these factors.

Frequently Asked Questions

The main event reported is the completion of the acquisition of Community Financial Holding Co. Inc. and its bank subsidiary, Gwinnett Community Bank, by First-Citizens Bank & Trust Company (FCB), a subsidiary of First Citizens BancShares (FCNCA), on February 1, 2020.

This specific 8-K filing does not provide detailed financial terms, purchase price, or the immediate financial impact of the acquisition. It primarily serves to announce the consummation of the deal. Further details may be found in the referenced press release (Exhibit 99.1) or subsequent financial reports.

The filing mentions potential benefits such as cost savings and revenue synergies. However, it also highlights risks, including potential challenges in integrating the businesses, the possibility of costs and fees exceeding expectations, disruption to customer and employee relationships, and potential litigation or regulatory actions.

More information can be found in the press release dated February 3, 2020, which is attached as Exhibit 99.1 to this 8-K filing.