RALEIGH, N.C. and COCONUT GROVE, Fla., Jan. 17, 2019 (GLOBE NEWSWIRE) -- First-Citizens Bank & Trust Company and Biscayne Bancshares, Inc. announced today that Biscayne shareholders have approved First Citizens’ pending acquisition of the holding company and its Biscayne Bank subsidiary.
At a meeting held today, the shareholders of Coconut Grove, Fla.-based Biscayne Bancshares voted to approve the merger agreement with Raleigh, N.C.-headquartered First Citizens Bank. Subject to the receipt of regulatory approvals and the satisfaction or waiver of other customary closing conditions, the merger is expected to become effective during the second quarter of 2019.
After the merger, Biscayne branch offices will initially operate as Biscayne Bank, a division of First Citizens Bank. Customers should bank as they normally do at their existing branches. Biscayne’s customer accounts will be converted to First Citizens Bank’s systems and operations at a later date.
Lorie Yarchin, chief executive officer of Biscayne Bank, said: “Today’s vote represents an affirmation that this is an outstanding opportunity for our customers, our company and shareholders. We’re very excited about moving forward and joining with an excellent company like First Citizens.”
Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, said: “We’re pleased with today’s vote and the opportunity to further grow our presence in southern Florida. We look forward to a smooth transition and welcoming Biscayne’s customers and employees once the merger is completed.”
As of Sept. 30, 2018, Biscayne Bancshares reported $990 million in consolidated assets, $746 million in deposits and $834 million in loans. Biscayne Bank opened in 2005 and is a state-chartered, full-service commercial bank with four offices, two in Coconut Grove, one in Doral and one in South Miami.
First Citizens Bank currently operates 26 branches in the state, with seven branches in Martin, Palm Beach, Broward and Miami-Dade counties, including a branch in Coral Gables.
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 $35 billion in consolidated 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 Biscayne Bancshares, Inc. and Biscayne Bank
Biscayne Bank is the wholly owned subsidiary of Biscayne Bancshares, Inc., a registered bank holding company. Biscayne Bank is a state-chartered full-service commercial bank that has been serving South Florida since 2005. With offices in Coconut Grove, Doral and South Miami, Biscayne Bank delivers highly personalized services to individuals, families and businesses in the region and to international customers with interests in South Florida. For more information, visit www.biscaynebank.com.
