Shareholders of the corporate parent of Raleigh-based First Citizens Bank and South Carolina-based First Citizens Bank and Trust have approved the deal that would combine the two financial institutions to create the sixth-largest bank headquartered in the Southeast.
The shareholder votes, conducted at separate meetings Tuesday, were a foregone conclusion. Raleigh’s Holding family owns a controlling interest in both banks; the combined bank would be the nation’s largest family-controlled bank.
The deal is expected to be completed before the end of the year.
First Citizens of Raleigh is acquiring the South Carolina bank, which has 176 branches in South Carolina and Georgia, in a deal valued, at a minimum, at $639.9 million. The deal is technically a merger.
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First Citizens of Raleigh has 397 branches in 17 states and the District of Columbia.