RALEIGH, N.C. and SPARTANBURG, S.C., April 24, 2019 (GLOBE NEWSWIRE) -- First-Citizens Bank & Trust Company (First Citizens Bank) and First South Bancorp, Inc. announced today that First South’s shareholders have approved First Citizens’ pending acquisition of First South and its wholly owned subsidiary, First South Bank.
At a meeting held today, the shareholders of Spartanburg, S.C.-based First South Bancorp voted to approve the merger agreement with Raleigh, N.C.-headquartered First Citizens Bank. Subject to the satisfaction or waiver of customary closing conditions, the merger is expected to become effective by May 1 or as soon thereafter as practicable.
After the merger, First South branch offices will initially operate as First South Bank, a division of First Citizens Bank. Customers should bank as they normally do at their existing branches. First South’s customer accounts will be converted to First Citizens Bank’s systems and operations at a later date.
Barry L. Slider, vice chairman, chief executive officer and president of First South Bancorp, said: “We appreciate the support that our shareholders have shown for the merger. Partnering with a relationship-oriented institution such as First Citizens will benefit our shareholders, customers and communities we serve.”
Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, said: “Once completed, the merger will expand upon our strong foundation in South Carolina while continuing a commitment to providing excellent service to First South customers. We appreciate the confidence of First South shareholders, and we’re looking forward to a smooth transition ahead.”
As of March 31, 2019, First South Bancorp reported $236 million in consolidated assets, $206 million in deposits and $183 million in gross loans. First South Bank, a wholly owned subsidiary of First South Bancorp, opened in 1996 and provides banking services in South Carolina through four branch locations in Spartanburg, East Spartanburg, Greenville and Bluffton/Hilton Head with a loan production office in Columbia. First South Bank also maintains an operations office (First South Center) in Spartanburg.
With more than 550 locations in 19 states, First Citizens Bank operates 138 branches in South Carolina, including 19 branches in Spartanburg and Greenville counties, three in Beaufort County and 20 in Richland and Lexington counties.
About First Citizens Bank
Founded in 1898 and headquartered in Raleigh, N.C., 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 First South Bancorp, Inc. and First South Bank
First South Bank, founded in 1996 and headquartered in Spartanburg, S.C., is a wholly owned subsidiary of First South Bancorp, Inc. (OTC Pink: FSBS). First South Bank has developed a strong niche in small business lending and serves customers through banking centers located in Spartanburg, East Spartanburg, Greenville, Columbia (loan production office) and Bluffton/Hilton Head. In addition, First South Bank offers investment brokerage services through its First South Financial Services division. For more information on First South Bank, visit www.firstsouthbancorp.com.
