RALEIGH, N.C. and FRANKLIN, N.C., Dec. 16, 2019 (GLOBE NEWSWIRE) -- First-Citizens Bank & Trust Company (First Citizens Bank) and Entegra Financial Corp. (Entegra) announced that First Citizens Bank’s previously announced proposal to acquire (by merger) Entegra and its wholly-owned subsidiary, Entegra Bank, has received the required regulatory approvals from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the North Carolina Commissioner of Banks. No further regulatory approvals are required to complete the merger. Completion of the proposed acquisition remains subject to the satisfaction or waiver of other closing conditions, and is expected to occur on or about Dec. 31, 2019.

Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, said: “We’re excited to move toward completing the merger with Entegra and to bring together complementary companies that share the same core values, philosophies and commitment to excellent service. We look forward to a smooth transition.”

Following the legal close, Entegra Bank will operate as a division of First Citizens Bank. Customers should continue to bank at their current branches as usual.

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), which has more than $37 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 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