First Citizens BancShares, Inc. (NASDAQ:FCNCA) Files An 8-K Other Events
Item 8.01. Other Events
On January10, 2019, First Citizens BancShares, Inc.’s bank subsidiary, First-Citizens Bank & Trust Company (“FCB”), and First South Bancorp, Inc. (“First South Bancorp”) announced that they had entered into a definitive merger agreement. The agreement provides for the acquisition of Spartanburg, South Carolina-based First South Bancorp by FCB.
The agreement has been unanimously approved by the Boards of Directors of both companies. The transaction is anticipated to close as soon as the second quarter of 2019, subject to the receipt of regulatory approvals, the approval of First South Bancorp’s shareholders and the satisfaction of other customary closing conditions.
Under the terms of the agreement, cash consideration of $1.15 per share will be paid to the shareholders of First South Bancorp for each share of its outstanding common stock.
A copy of the joint press release issued by FCB and First South Bancorp announcing the proposed transaction is attached as Exhibit 99.1 to this Report.
Financial Statements and Exhibits
(c) Exhibits. The following exhibit accompanies this report.
Joint press release dated January 10, 2019
FIRST CITIZENS BANCSHARES INC /DE/ Exhibit
EX-99.1 2 firstsouthbancorpinc8-kex9.htm EXHIBIT 99.1 Exhibit EX 99.1 News ReleaseContacts: Barbara ThompsonBarry L. SliderFor Immediate Release 919.716.2716864.595.0455Jan. 10,…
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About First Citizens BancShares, Inc. (NASDAQ:FCNCA)
First Citizens BancShares, Inc. is a holding company. The Company invests the liquidity generated from its funding sources in interest-earning assets, including loans and leases, investment securities and overnight investments. It also invests in bank premises, hardware, software, furniture and equipment used to conduct its commercial banking business. The Company provides treasury services products, cardholder and merchant services, wealth management services and various other products and services typically offered by commercial banks. The Company conducts its banking operations through its subsidiary, First-Citizens Bank & Trust Company (FCB), a state-chartered bank. FCB offers services, including taking of deposits, cashing of checks and providing for individual and commercial cash needs; checking and savings plans; commercial, business and consumer lending; a full-service trust department; wealth management services, and other activities incidental to commercial banking.