Palmetto Heritage Shareholders approve proposed merger with First Citizens Bank
October 30, 2018
First-Citizens Bank & Trust Company (First Citizens Bank) and Palmetto Heritage Bancshares, Inc. (Palmetto Heritage) announced that Palmetto Heritage shareholders have approved First Citizens’ pending acquisition of Palmetto Heritage and its Palmetto Heritage Bank & Trust (Palmetto Heritage Bank) subsidiary.
At a meeting held today, the shareholders of Pawleys Island, S.C.-based Palmetto Heritage voted to approve the merger agreement with Raleigh, N.C.-headquartered First Citizens Bank. The merger has also been approved by the Federal Deposit Insurance Corp., the North Carolina Commissioner of Banks and the South Carolina Board of Financial Institutions. Subject to the satisfaction or waiver of other customary closing conditions, the merger is expected to become effective in early November.
After the merger, the three Palmetto Heritage Bank branch offices will initially operate as Palmetto Heritage Bank, a division of First Citizens Bank. Customers should bank as they normally do at their existing branches. Palmetto Heritage Bank customer accounts will be converted to First Citizens Bank’s systems and operations at a later date.
C. Ronald Christmas, vice chairman and chief executive officer of Palmetto Heritage Bank, said: “I want to thank our shareholders for their positive vote today. By coming together with First Citizens, we’ll not only continue on our path of service excellence, but will be even better equipped to meet our customers’ needs. We’re excited about leveraging the best of both banks and offering more to our customers going forward.”
Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, said: “We’re pleased with today’s vote. The proposed merger with Palmetto Heritage will allow us to continue to expand our presence and strengthen our commitment to coastal South Carolina. First Citizens and Palmetto Heritage are both relationship banks – we care deeply about our associates, our customers and the communities we serve. We look forward to welcoming Palmetto Heritage to the First Citizens family.”
As of Sept. 30, 2018, Palmetto Heritage Bancshares reported $164.9 million in consolidated assets, $123.1 million in deposits and $136.4 million in loans.
Palmetto Heritage Bank opened in 2005 and provides banking services in coastal South Carolina through three locations in Pawleys Island, Mount Pleasant and Murrells Inlet. First Citizens operates 135 branches in South Carolina – with 18 locations in Georgetown, Horry and Charleston counties, where Palmetto Heritage Bank has a presence.
About First Citizens Bank
Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank serves customers at more than 500 branches in 19 states. First Citizens Bank is a wholly owned subsidiary of First Citizens BancShares, Inc. (Nasdaq: FCNCA), which has $35 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 Palmetto Heritage Bancshares, Inc. and Palmetto Heritage Bank & Trust
Palmetto Heritage Bank & Trust is the wholly owned subsidiary of Palmetto Heritage Bancshares, Inc., a registered bank holding company. Founded in 2005, Palmetto Heritage Bank serves individuals and businesses in Georgetown and Horry Counties with particular emphasis on the “Waccamaw Neck” area and in Charleston County at Mount Pleasant by offering a broad range of quality financial products and services. For more information, visit www.palmettoheritagebank.com.
