Biscayne Bancshares Inc. shareholders approved its acquisition by Raleigh-headquartered First Citizens Bank & Trust Co., according to a joint statement released by the companies.

Shareholders of Coconut Grove, Florida-based Biscayne voted to approve the merger agreement of the holding company and its subsidiary on Jan. 17.

On Nov. 16, 2018, the deal was announced. First Citizens will use the acquisition to expand its presence in Florida and to enhance its banking efforts and create value for shareholders and customers.

The acquisition is expected to occur during the second quarter of 2019.

“We’re pleased with today’s vote and the opportunity to further grow our presence in southern Florida,” said First Citizens CEO Frank B. Holding Jr. in a statement. “We look forward to a smooth transition and welcoming Biscayne’s customers and employees once the merger is completed.”

The deal adds to First Citizens’ nationwide operation of more than 500 locations nationwide. It currently operates 28 branches in Florida.

Last year, First Citizens completed an acquisition of Tampa, Florida-based Homebancorp Inc. that gave it 13 new branches in the state.

After the acquisition, Biscayne branch offices will initially operate as Biscayne Bank, a division of First Citizens Bank. Customers will be able to proceed with their regular banking activities at their existing branches.

At a later date, Biscayne’s customer accounts will be converted to First Citizens systems and operations.

First Citizens Bank, founded in 1898, has over 550 branches in 19 states. The company already operates 26 branches in Florida. First Citizens Bank is a subsidiary of First Citizens BancShares Inc., which has $35 in consolidated assets.

Serving South Florida since 2005, Biscayne is a full-service and state-chartered commercial bank with four offices.

On Friday, First Citizens BankShares closed at $417.19, up 1.93 percent from the previous day’s close of $409.31.

The link to the news release can be found here.