Community Financial Holding Co. Inc. Shareholders Approve Proposed Merger With First Citizens Bank
December 19 2019 - 10:33AM
First-Citizens Bank & Trust Company (First Citizens Bank) and
Community Financial Holding Company, Inc. (Community Financial)
announced today that Community Financial’s shareholders have
approved First Citizens’ pending acquisition of Community Financial
and its wholly owned subsidiary, Gwinnett Community Bank.
At a meeting held today for the purpose of considering the
transaction, the shareholders of Duluth, Ga.-based Community
Financial voted to approve the merger agreement with Raleigh,
N.C.-headquartered First Citizens Bank. Subject to receipt of
required regulatory approvals and the satisfaction or waiver of
customary closing conditions, the merger is expected to become
effective in the first quarter of 2020 or as soon thereafter as
practicable.
After the merger, Gwinnett Community Bank branch offices will
initially operate as Gwinnett Community Bank, a division of First
Citizens Bank. Customers should bank as they normally do at their
existing branches. Gwinnett Community’s customer accounts will be
converted to First Citizens Bank's systems and operations at a
later date.
Leonard D. Davenport, CFA, chief executive officer of Community
Financial, said: “We’re extremely pleased with this positive vote
of support from our shareholders. Gwinnett and First Citizens both
value superior service and strong relationships with their
customers.”
Frank B. Holding Jr., chairman and chief executive officer of
First Citizens Bank, said: “We look forward to welcoming Gwinnett
Community and continuing to build upon our solid foundation in
Georgia.”
Community Financial offers deposit and loan services through its
subsidiary Gwinnett Community Bank, which operates three branch
locations in Duluth, Suwanee and Buford, Ga.
First Citizens operates 27 locations in Georgia, including two
branches in Gwinnett County.
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. (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 firstcitizens.com. First Citizens
Bank. Forever First®.
About Community Financial Holding Company, Inc. and
Gwinnett Community Bank
Gwinnett Community Bank, founded in 1999 and headquartered in
Duluth, Ga., is a subsidiary of Community Financial. Gwinnett
Community Bank serves customers through banking centers located in
Duluth, Suwanee and Buford, Ga. For more information on Gwinnett
Community Bank, visit www.gwinnettcommunitybank.com.
Disclosures About Forward Looking
Statements
This Press Release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including Section 21E of the Securities Exchange Act of 1934
and Section 27A of the Securities Act of 1933. For the purposes of
these discussions, any statements that are not statements of
historical fact may be deemed to be forward looking statements.
Such statements are often characterized by the use of qualifying
words such as “expects,” “anticipates,” “believes,” “estimates,”
“plans,” “projects,” or other statements concerning opinions or
judgments of Community Financial and First Citizens Bank and their
managements about future events. Such statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those described
in the statements. Forward-looking statements in this Press Release
include statements regarding Community Financial’s and First
Citizens Bank’s expectations regarding the benefits of the merger,
and when the merger will be completed. The accuracy of such
forward-looking statements could be affected by factors beyond
Community Financial’s and First Citizens Bank’s control, including,
but not limited to, delays in the receipt of regulatory approvals
that must be received before the merger may be completed, delays in
the satisfaction or waiver of other conditions to the consummation
of the merger, and difficulties experienced in the integration of
the businesses of Community Financial and First Citizens Bank.
Community Financial and First Citizens Bank undertake no obligation
to revise or update these statements following the date of this
Press Release.
Contacts:
Barbara Thompson919.716.2716First Citizens Bank
Leonard D. Davenport770.476.2775Community FinancialHolding
Company, Inc.
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