RALEIGH, N.C. and DULUTH, Ga., Dec. 19, 2019 (GLOBE NEWSWIRE) -- First-Citizens Bank & Trust Company (First Citizens Bank) and Community Financial Holding Company, Inc. (Community Financial) announced today that Community Financial’s shareholders have approved First Citizens’ pending acquisition of Community Financial and its wholly owned subsidiary, Gwinnett Community Bank.
At a meeting held today for the purpose of considering the transaction, the shareholders of Duluth, Ga.-based Community Financial voted to approve the merger agreement with Raleigh, N.C.-headquartered First Citizens Bank. Subject to receipt of required regulatory approvals and the satisfaction or waiver of customary closing conditions, the merger is expected to become effective in the first quarter of 2020 or as soon thereafter as practicable.
After the merger, Gwinnett Community Bank branch offices will initially operate as Gwinnett Community Bank, a division of First Citizens Bank. Customers should bank as they normally do at their existing branches. Gwinnett Community’s customer accounts will be converted to First Citizens Bank's systems and operations at a later date.
Leonard D. Davenport, CFA, chief executive officer of Community Financial, said: “We’re extremely pleased with this positive vote of support from our shareholders. Gwinnett and First Citizens both value superior service and strong relationships with their customers.”
Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, said: “We look forward to welcoming Gwinnett Community and continuing to build upon our solid foundation in Georgia.”
Community Financial offers deposit and loan services through its subsidiary Gwinnett Community Bank, which operates three branch locations in Duluth, Suwanee and Buford, Ga.
First Citizens operates 27 locations in Georgia, including two branches in Gwinnett County.
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 more than $37 billion in 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 Community Financial Holding Company, Inc. and Gwinnett Community Bank
Gwinnett Community Bank, founded in 1999 and headquartered in Duluth, Ga., is a subsidiary of Community Financial. Gwinnett Community Bank serves customers through banking centers located in Duluth, Suwanee and Buford, Ga. For more information on Gwinnett Community Bank, visit www.gwinnettcommunitybank.com.
