First Citizens Bank, Capital Commerce Bancorp, Inc. Announce Merger Agreement
June 27 2018 - 6:46PM
First-Citizens Bank & Trust Company (known as First Citizens
Bank) and Capital Commerce Bancorp, Inc. announced today the
signing of a definitive merger agreement. Capital Commerce Bancorp
provides personal and business banking products and services
through its subsidiary, Securant Bank & Trust.
The agreement provides for the acquisition of Milwaukee-based
Capital Commerce Bancorp 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 David A. Davis, president and chief executive
officer of Capital Commerce Bancorp.
The agreement has been approved by the boards of directors of
both companies. The transaction is expected to close no later than
the fourth quarter of 2018, subject to the receipt of regulatory
approvals and the approval of Capital Commerce Bancorp
shareholders. Under the terms of the agreement, cash consideration
of $4.75 per share will be paid to the shareholders of Capital
Commerce for each share of its common stock.
As of March 31, 2018, Capital Commerce Bancorp reported $216
million in consolidated assets, $171 million in deposits and $181
million in gross loans.
With headquarters in Menomonee Falls, Securant formed in 1914
and offers banking through four branch locations in Hartland,
Milwaukee, Menomonee Falls and Slinger.
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 Bank operates 11 branches
in the greater Milwaukee area – 10 branches as the Guaranty Bank
division and one branch as First Citizens Bank from a previous,
separate acquisition. The bank’s Guaranty Bank division will be
converted to First Citizens’ operations and systems in early
August.
Frank B. Holding Jr., chairman and CEO of First Citizens, said:
“This agreement will allow us to expand our presence and enhance
our banking efforts — especially our business and commercial focus
— in the Greater Milwaukee area. Combining with a bank like
Securant that has a similar history, mission and purpose is a
natural fit and will create value for shareholders and customers
alike. Securant has a tremendous banking heritage, and we look
forward to building on what they’ve accomplished.”
David A. Davis, president and CEO of Capital Commerce Bancorp
and Securant, said: “We’re pleased to announce this transaction
with First Citizens Bank. Like Securant, First Citizens has a long
and illustrious history, and we share a similar foundation of core
values. The two companies are very well suited for one another. We
believe this merger is in the best interests of our shareholders,
customers and employees. Our customers will benefit from First
Citizens’ wide offering of retail products and services and their
deep business and commercial banking experience.”
Hovde Group, LLC acted as financial advisor and rendered a
fairness opinion to the Board of Directors of Capital Commerce
Bancorp, Inc. in connection with this transaction. Ward and Smith,
P.A., represented First Citizens in the transaction; Reinhart
Boerner Van Deuren represented Capital Commerce Bancorp.
Additional Information
In connection with the proposed merger, Capital Commerce Bancorp
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 19
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 www.firstcitizens.com. First Citizens
Bank. Forever First®.
About Capital Commerce Bancorp, Inc. and Securant Bank
& Trust
Capital Commerce Bancorp, Inc.is a privately held bank holding
company headquartered in Wisconsin. It is the holding company for
Securant Bank & Trust, which was formed in 1914 and currently
offering services through locations in Hartland, Milwaukee,
Menomonee Falls and Slinger. For more information, visit
www.securantbank.com.
Contacts:
Barbara Thompson919.716.2716 First
Citizens Bank
David A. Davis262.532.6110Capital Commerce Bancorp, Inc.
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