First Citizens Bank and HomeBancorp, Inc. Announce Merger Agreement
December 18 2017 - 10:03AM
First-Citizens Bank & Trust Company (known as First Citizens
Bank) and HomeBancorp, Inc. announced today the signing of a
definitive merger agreement. HomeBancorp, Inc. provides retail
banking, SBA, USDA and commercial mortgage loan products and
services through its subsidiary, HomeBanc.
The agreement provides for the acquisition of Tampa, Fla.-based
HomeBancorp by First Citizens Bank, which is headquartered in
Raleigh, N.C. The announcement was made jointly by Frank B. Holding
Jr., chairman and chief executive officer of First Citizens Bank,
and Jerry D. Campbell, chairman and chief executive officer of
HomeBancorp.
The agreement has been approved by the boards of directors of
both companies. The transaction is expected to close no later than
the second quarter of 2018, subject to the receipt of regulatory
approvals and the approval of HomeBancorp shareholders.
Under the terms of the agreement, cash consideration of $15.03
will be paid to the shareholders of HomeBancorp for each share of
HomeBancorp’s common stock.
As of September 30, 2017, HomeBancorp reported $955 million in
consolidated assets, $699 million in deposits and $637 million in
loans.
With headquarters in Tampa, HomeBanc has 13 retail branches in
Lake Mary, Winter Park, Lakewood Ranch (Sarasota), Belleair Bluffs,
Countryside (Clearwater), Dunedin, Kenneth City, Pinellas Park,
Seminole, Largo, St. Petersburg, and in Tampa on North Dale Mabry
Highway and in Westchase.
Customers should bank as they normally do at their existing
branches, which will become part of First Citizens upon the
completion of the merger. First Citizens currently operates 15
branches in Florida — northeast (Duval and St. Johns counties),
southeast (Martin, Palm Beach, Broward and Dade counties) and
southwest (Collier and Lee counties) — with a commercial/business
banking office in Sarasota.
Frank B. Holding Jr., chairman and CEO of First Citizens, said:
“This agreement is a significant opportunity to fill in our
footprint in Florida and expand into two new markets for us —Tampa
and Orlando — while creating value for shareholders and customers
of both organizations. First Citizens has provided financial
services for 119 years, and customers appreciate our personal
service, our dedication to soundness and the comprehensive products
we offer. We look forward to building on the solid foundation put
in place by HomeBanc.”
Jerry D. Campbell, chairman and CEO of HomeBancorp, said: “We’re
pleased to announce this transaction; merging into First Citizens
will meet the objectives of our shareholders, employees and
customers. It’s a good match. First Citizens has long prided itself
on its strong commitment to its customers, a model that we have in
common. Our customers will benefit from First Citizens’ expanded
services and lending capabilities. In addition, First Citizens’
sound financial condition and comprehensive business expertise make
it an excellent choice for us.”
Keefe Bruyette & Woods Inc. acted as financial advisor and
rendered a fairness opinion to the Board of Directors of
HomeBancorp, Inc. in connection with this transaction. Ward
and Smith, P.A., represented First Citizens in the transaction;
Covington & Burling LLP represented HomeBancorp.
Additional Information
In connection with the proposed merger, HomeBancorp will prepare
and send a proxy statement to each of its shareholders.
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE
MERGER WHEN IT BECOMES AVAILABLE, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THAT DOCUMENT, BECAUSE IT WILL CONTAIN IMPORTANT
INFORMATION.
About First Citizens Bank
Founded in 1898 and headquartered in Raleigh, N.C., First
Citizens Bank serves customers at more than 500 branches in 21
states. First Citizens Bank is a wholly owned subsidiary of First
Citizens BancShares, Inc. (Nasdaq:FCNCA), which has $34 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 HomeBancorp Inc. and HomeBanc
HomeBanc is a principal operating subsidiary of HomeBancorp,
Inc., a Tampa-based holding company that was established in 2007.
The bank operates 13 retail offices and offers a variety of retail
deposit products, along with SBA, USDA and commercial mortgage loan
products. For more information, visit www.homebanc.com.
Contacts:
Terry
Haggerty
Dana Cluckey Debra
Hanses
Novakoski919.716.7459
813.549.7160
813.549.7158First Citizens
Bank
HomeBancorp
HomeBancorp
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