Raleigh-based First Citizens Bank said three directors of the South Carolina bank it is acquiring will join its board when the $600 million-plus deal is completed next week.
The Raleigh bank expects the acquisition of the similarly named First Citizens Bank and Trust, which has 176 branches in South Carolina and Georgia, to close Wednesday. The deal is technically a merger.
The merged bank’s board will consist of 10 directors who previously served on the Raleigh bank’s board and the three new South Carolina directors.
The new directors elected to the board are: Peter M. Bristow, currently executive vice president and chief operating officer of the South Carolina bank, who will become president and corporate sales executive of the combined bank; Robert R. Hoppe, a retired PricewaterhouseCoopers partner; and Floyd L. Keels, president and chief executive officer of Santee Electric Cooperative in South Carolina.
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Bristow is the brother-in-law of Frank Holding Jr., the chairman and CEO of the Raleigh bank. Raleigh’s Holding family owns a controlling stake in both banks, and the merger will create the nation’s largest family-controlled bank. It also will be the sixth-largest bank headquartered in the Southeast with more than 570 branches in 18 states and the District of Columbia.
In addition to the three new board members who are joining, two board members – H.M. Craig III and Ralph K. Shelton – resigned from the board. As a result, the board will expand from a dozen directors to 13.
The combined bank will operate under the First Citizens Bank brand, but when all the branches will have identical signs and logos is still “under discussion,” said Frank Smith, a spokesman for the Raleigh bank.
To be precise, Wednesday’s merger will be between the two corporate parents – First Citizens BancShares and First Citizens Bancorporation. The merger of the bank subsidiaries, First Citizens Bank and First Citizens Bank and Trust, will come later.