FRANKLIN, N.C. and RALEIGH, N.C., Aug. 01, 2019 (GLOBE NEWSWIRE) -- Entegra Financial Corp. (Entegra) and First-Citizens Bank & Trust Company (First Citizens Bank) announced that, at Entegra’s 2019 Annual Meeting of Shareholders held today, Entegra’s shareholders voted to approve First Citizens Bank’s previously announced proposal to acquire (by merger) Entegra and its wholly-owned subsidiary, Entegra Bank. Completion of the proposed acquisition remains subject to the receipt of required regulatory approvals and the satisfaction or waiver of other customary conditions, and is expected to occur during the fourth quarter of 2019. Final voting results for Entegra’s annual meeting of shareholders will be disclosed in a Form 8-K to be filed with the Securities and Exchange Commission (SEC).
After the merger, Entegra Bank branch offices will initially operate as Entegra Bank, a division of First Citizens Bank. Customers of Entegra Bank should bank as they normally do at their existing branches. Entegra Bank’s customer accounts will be converted to First Citizens Bank’s systems and operations at a later date.
Roger Plemens, president and chief executive officer of Entegra, said: “We welcome our shareholders’ show of support. Joining with a community- and family-focused institution like First Citizens will provide our customers with access to more products, services and resources.”
Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, said: “We greatly appreciate the confidence of Entegra shareholders. Both banks share the same core values, philosophies and a commitment to excellent service. We look forward to a smooth transition.”
About Entegra Financial Corp. and Entegra Bank
Entegra Financial Corp. is the holding company of Entegra Bank. Entegra’s common stock trades on the Nasdaq Global Market under the ticker symbol “ENFC.” Entegra Bank operates a total of 18 branches located throughout the Western North Carolina counties of Cherokee, Haywood, Henderson, Jackson, Macon, Polk and Transylvania; the Upstate South Carolina counties of Anderson, Greenville and Spartanburg; and the North Georgia counties of Pickens and Hall. The bank also operates loan production offices in Asheville, N.C. and Clemson, S.C. For further information, visit the bank’s website: www.entegrabank.com. As of June 30, 2019, Entegra Bank reported $1.7 billion in consolidated assets, $1.25 billion in deposits and $1.1 billion in gross loans.
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. (First Citizens) (Nasdaq: FCNCA). For more information, call toll free 1.888.FC DIRECT (1.888.323.4732) or visit www.firstcitizens.com. First Citizens Bank. Forever First®. As of June 30, 2019, First Citizens Bank reported $37.7 billion in consolidated assets, $32.7 billion in deposits and $26.7 billion in gross loans.
