First Citizens Bank Completes Merger With Entegra Financial Corp., Entegra Bank
January 01 2020 - 9:00AM
First-Citizens Bank & Trust Company (First Citizens Bank)
announced that its acquisition of Entegra Financial Corp. (Entegra)
was effective yesterday (Dec. 31).
Frank B. Holding Jr., chairman and CEO of First Citizens Bank,
said: “We are pleased to welcome the customers and associates of
Entegra Bank as we build on our foundation in Western North
Carolina, Upstate South Carolina and North Georgia. The merger will
allow us to better serve customers across these markets with a wide
range of financial products and services, while maintaining the
exceptional service they expect.”
The 18 Entegra branch offices will initially operate as Entegra
Bank, a division of First Citizens Bank. Entegra customers should
continue to bank as they normally do at their existing branches. At
a later date, Entegra Bank accounts based at 15 branches will be
converted to First Citizens Bank’s systems.
In addition, within six months, as required by the Department of
Justice, three Western North Carolina Entegra branches — Holly
Springs (30 Hyatt Road, Franklin, N.C.), Highlands (473 Carolina
Way, Highlands, N.C.) and Sylva (498 East Main, Sylva, N.C.) — are
being sold to Select Bank & Trust Company (Select Bank) of
Dunn, N.C. These three branches are being divested as required
under agreements with the Department of Justice and the Federal
Reserve following their competitive market analysis. Customers of
these three branches will receive information from Select Bank at a
later date about the transition of their accounts.
At this time, all Entegra Bank customers should continue to bank
as usual. They should use their current checks and cards. They will
continue to have the same online and mobile access to their
accounts. Customers with questions about their accounts can contact
a representative at any of the Entegra Bank division branches or
call 800.438.2265, between 7:30 a.m. and 5:30 p.m.,
Monday-Thursday; 7:30 a.m. and 6 p.m., Friday, Eastern time. For
questions about First Citizens Bank, they can call the First
Citizens Customer Care Center, 888.323.4732, between 7 a.m. and 11
p.m. Eastern time daily.
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 $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®.
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
First Citizens Bank of the merger with Entegra and Entegra Bank
(collectively, the Merger), First Citizens’ future financial and
operating results, plans, objectives and intentions.
Forward-looking statements also include statements about when the
sale of three Entegra branches to Select Bank (the Branch
Divestiture) 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, and the Branch Divestiture
with customer, supplier or employee relationships,
(2) uncertainties as to the timing of the Branch Divestiture,
(3) the risk that the Branch Divestiture may not be completed in a
timely manner or at all, (4) the possibility that the amount of the
costs, fees, expenses and charges related to the Merger or the
Branch Divestiture may be greater than anticipated, including as a
result of unexpected or unknown factors, events or liabilities, (5)
reputational risk and the reaction of the parties’ customers to the
Merger and the Branch Divestiture, (6) 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, (7)
general competitive, economic, political and market conditions, and
(8) 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.
Contact: |
Barbara Thompson |
|
First Citizens Bank |
|
919.716.2716 |
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