Tuesday, September 16, 2014

First Citizens merger wins shareholder OK

Shareholders on Tuesday approved the merger of Raleigh-based First Citizens BancShares and Columbia, S.C.-based First Citizens Bancorp.

The deal is expected to create the largest family-controlled bank in the U.S. and the sixth-largest bank headquartered in the Southeast.

Plans for the merger were announced in June. Under the deal's terms, the Columbia lender will be merged into the Raleigh lender.

The combined lender is expected to have $30.7 billion in assets, $26.1 billion in deposits and more than 575 branches in 18 states and the District of Columbia.

Regulators have approved the deal, a First Citizens Bancorp. spokeswoman said. The merger is expected to be completed in the fourth quarter.