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Stock Market & Financial Investment News

News Breaks
June 10, 2014
19:29 EDTFCNCAFirst Citizens Bancshares and First Citizens Bancorporation agree to merge
First Citizens BancShares (FCNCA) and First Citizens Bancorporation announced the signing of a definitive merger agreement. The agreement provides for the merger of First Citizens Bancorporation and its banking subsidiary, First Citizens Bank and Trust Company, into First Citizens BancShares, Inc. and its banking subsidiary, First Citizens Bank. The transaction is expected to close in Q4, subject to the receipt of regulatory approvals and the approval of shareholders from both companies. Jim Apple, chairman and CEO of First Citizens Bancorporation and First Citizens Bank and Trust Company, plans to retire this fall when the transaction is completed. The stock and cash transaction is valued at between $636.9M and $676.4M.
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