First Citizens BancShares, Inc. (NASDAQ:FCNCA) Files An 8-K Other Events

First Citizens BancShares, Inc. (NASDAQ:FCNCA) Files An 8-K Other EventsItem 8.01. Other Events

On November 16, 2018, First Citizens BancShares, Inc.'s bank subsidiary, First-Citizens Bank & Trust Company ("FCB"), and Biscayne Bancshares, Inc. ("BBI") announced that, on November 15, they had entered into a definitive merger agreement. The agreement provides for the acquisition by FCB of Coconut Grove, Florida-based BBI and its bank subsidiary, Biscayne Bank.

The agreement has been approved by the Boards of Directors of both companies. The transaction is expected to close during the first or second quarter of 2019, subject to the receipt of regulatory approvals, the approval of BBI's shareholders, and the satisfaction of other customary closing conditions.

Under the terms of the agreement, cash consideration of $25.05 will be paid to the shareholders of BBI for each share of its common stock.

A copy of the joint press release issued by FCB and BBI announcing the proposed transaction is attached as Exhibit 99.1 to this Report.

(c) Exhibits. The following exhibit accompanies this report.

FIRST CITIZENS BANCSHARES INC /DE/ ExhibitEX-99.1 2 biscaynebancshares8kexhibi.htm EXHIBIT 99.1 Exhibit     EX 99.1 Biscayne Bancshares,…To view the full exhibit click here
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.