First Citizens Bank and Entegra Bank Announce Receipt of Regulatory Approvals for Merger
December 16 2019 - 4:33PM
First-Citizens Bank & Trust Company (First Citizens Bank) and
Entegra Financial Corp. (Entegra) announced that First Citizens
Bank’s previously announced proposal to acquire (by merger) Entegra
and its wholly-owned subsidiary, Entegra Bank, has received the
required regulatory approvals from the Board of Governors of the
Federal Reserve System, the Federal Deposit Insurance Corporation
and the Office of the North Carolina Commissioner of Banks. No
further regulatory approvals are required to complete the merger.
Completion of the proposed acquisition remains subject to the
satisfaction or waiver of other closing conditions, and is expected
to occur on or about Dec. 31, 2019.
Frank B. Holding Jr., chairman and chief executive officer of
First Citizens Bank, said: “We’re excited to move toward completing
the merger with Entegra and to bring together complementary
companies that share the same core values, philosophies and
commitment to excellent service. We look forward to a smooth
transition.”
Following the legal close, Entegra Bank will operate as a
division of First Citizens Bank. Customers should continue to bank
at their current branches as usual.
About First Citizens Bank
Founded in 1898 and headquartered in Raleigh, N.C., First
Citizens Bank serves customers at more than 550 branches in 19
states. First Citizens Bank is a wholly owned subsidiary of First
Citizens BancShares, Inc. (First Citizens) (Nasdaq: FCNCA), which
has more than $37 billion in assets. For more information, call
toll free 1.888.FC DIRECT (1.888.323.4732) or visit
www.firstcitizens.com. First Citizens Bank. Forever First®.
About Entegra Financial Corp and Entegra
Bank
Entegra Financial Corp. is the holding company of Entegra Bank.
Entegra's common stock trades on the Nasdaq Global Market under the
ticker symbol “ENFC.” Entegra Bank operates a total of 18 branches
located throughout the Western North Carolina counties of Cherokee,
Haywood, Henderson, Jackson, Macon, Polk and Transylvania; the
Upstate South Carolina counties of Anderson, Greenville and
Spartanburg; and the North Georgia counties of Pickens and Hall.
The bank also operates loan production offices in Asheville, N.C.
and Clemson, S.C. For further information, visit the bank's
website: www.entegrabank.com
Cautionary Notes Regarding Forward-Looking
Statements
Certain of the statements made in this Press Release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The words “expect,”
“anticipate,” “intend,” “plan,” “believe,” “seek” and “estimate,”
and similar expressions, are intended to identify such
forward-looking statements, but other statements not based on
historical information may also be considered forward-looking.
Forward-looking statements include statements about the benefits to
Entegra or First Citizens and their bank subsidiaries of the
proposed merger (the Merger), Entegra’s and First Citizens’ future
financial and operating results, their respective plans, objectives
and intentions, and when the Merger will be completed. All
forward-looking statements are subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results,
performance or achievements to differ materially from any results,
performance or achievements expressed or implied by such
forward-looking statements, including, among others,
(1) disruption from the Merger, or recently completed mergers,
with customer, supplier or employee relationships, (2) the
requirement by the Department of Justice, Antitrust Division, that
the parties enter into a sale agreement for three Entegra Bank
branches with a competitively suitable purchaser prior to the close
of the Merger (the Branch Divestiture), (3) uncertainties as
to the timing of the Merger and the Branch Divestiture, (4) the
risk that the proposed transactions may not be completed in a
timely manner or at all, (5) the occurrence of any event, change or
other circumstances that could give rise to the termination of the
merger agreement related to the Merger, including under
circumstances that would require a party to pay a termination fee,
(6) the possibility that the amount of the costs, fees,
expenses and charges related to the Merger and the Branch
Divestiture may be greater than anticipated, including as a result
of unexpected or unknown factors, events or liabilities,
(7) the failure or delay of the other conditions to the
consummation of the Merger to be satisfied or waived, (8)
reputational risk and the reaction of the parties’ customers to the
Merger and the Branch Divestiture, (9) the risk of potential
litigation or regulatory action related to the Merger, (10) the
risk that the cost savings and any revenue synergies from the
Merger may not be realized or take longer than anticipated to be
realized, (11) general competitive, economic, political and
market conditions, and (12) difficulties experienced in the
integration of the businesses. Additional factors which could
affect the forward-looking statements can be found in reports filed
with the Securities and Exchange Commission (SEC) by First Citizens
and Entegra and available on the SEC’s website at
http://www.sec.gov. Except as may be required by applicable law,
neither First Citizens nor Entegra undertake any obligation to
update or revise any forward-looking statements contained in this
communication, which speak only as of the date hereof, whether as a
result of new information, future events or otherwise.
Contacts: |
Barbara Thompson |
Roger Plemens |
|
919.716.2716 |
828.524.7000 |
|
First Citizens Bank |
Entegra Financial Corp. |
First Citizens BancShares (NASDAQ:FCNCA)
Historical Stock Chart
From Aug 2024 to Sep 2024
First Citizens BancShares (NASDAQ:FCNCA)
Historical Stock Chart
From Sep 2023 to Sep 2024