First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Harvest Community Bank of Pennsville, New Jersey...
January 13 2017 - 6:26PM
First Citizens Bank, a subsidiary of Raleigh-headquartered First
Citizens BancShares, Inc. (Nasdaq:FCNCA), announced today that it
has entered into an agreement with the Federal Deposit Insurance
Corporation (FDIC) to purchase certain assets and assume certain
liabilities of Harvest Community Bank of Pennsville, New Jersey.
The New Jersey Department of Banking and Insurance closed
Harvest Community Bank (HCB) today and appointed the FDIC as
receiver. On Saturday, Jan. 14, the four HCB branches will begin
operating as Harvest Community Bank, a division of First-Citizens
Bank & Trust Company (First Citizens Bank). Depositors will not
sustain any losses with respect to those deposits assumed by First
Citizens Bank.
“We welcome the customers of Harvest Community Bank to First
Citizens,” said Frank B. Holding Jr., chairman and chief executive
officer of First Citizens Bank. “We have more than a century of
serving the financial needs of our customers, and we’re a bank
people trust for delivering an exceptional banking experience. This
agreement continues our company’s growth through mergers and
acquisitions, and we look forward to a smooth transition in New
Jersey.”
Today’s transaction includes the four HCB branch locations in
the Salem County communities of Pennsville, Pilesgrove-Woodstown,
Elmer and Salem.
First Citizens has completed more than 10 FDIC-assisted
transactions since July 2009. Last year, First Citizens completed
FDIC-assisted transactions in Wisconsin (North Milwaukee State
Bank, March 2016) and Pennsylvania (First CornerStone Bank, May
2016). In September 2016, First Citizens completed an open-market
acquisition of Midlothian, Va.-based Cordia Bancorp Inc. and its
wholly-owned subsidiary, Bank of Virginia.
HCB customers should bank as they normally do at their existing
branches. They can continue to use their checks and cards and will
still have online access to their accounts. Customer deposits are
safe, accessible and still protected by FDIC insurance.
As of Sept. 30, 2016, HCB had approximately $126.4 million in
total assets and $123.8 million in total deposits. Under the terms
of the agreement with the FDIC, First Citizens Bank has the option
to purchase any owned bank premises or to assume the leases on any
or all of the banking offices. First Citizens was selected to
complete this transaction through a competitive bidding
process.
Customers with questions about their accounts should continue to
contact a representative at a Harvest Community Bank branch. For
more information about First Citizens Bank, they can visit
firstcitizens.com or call 1.855.628.8701 between 7:00 a.m. and 11
p.m. Eastern time.
About First CitizensFounded in 1898 and
headquartered in Raleigh, N.C., First Citizens Bank serves
customers at more than 550 branches in 21 states. First Citizens
Bank is a wholly-owned subsidiary of First Citizens BancShares,
Inc. (Nasdaq:FCNCA), which has $32.9 billion in assets. For more
information, call toll free 1.888.FC DIRECT (1.888.323.4732) or
visit firstcitizens.com. First Citizens Bank. Forever First®.
Contact:
Barbara Thompson
First Citizens Bank
919.716.2716
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