Capital Commerce Bancorp, Inc. Shareholders Approve Proposed Merger With First Citizens Bank
September 06 2018 - 11:03AM
First-Citizens Bank & Trust Company (First Citizens Bank) and
Capital Commerce Bancorp, Inc. announced today that Capital
Commerce shareholders have approved First Citizens’ pending
acquisition of Capital Commerce and its Securant Bank & Trust
subsidiary.
At a meeting held today, the shareholders of Milwaukee,
Wis.-based Capital Commerce voted to approve the merger agreement
with Raleigh, N.C.-headquartered First Citizens Bank. Subject to
the receipt of regulatory approvals and the satisfaction or waiver
of other customary closing conditions, the merger is expected to
become effective in the fourth quarter of 2018.
After the merger, Securant branch offices will initially operate
as Securant Bank, a division of First Citizens Bank. Customers
should bank as they normally do at their existing branches.
Securant’s customer accounts will be converted to First Citizens
Bank’s systems and operations at a later date.
David A. Davis, president and chief executive officer of Capital
Commerce Bancorp, said: “We sincerely appreciate our shareholders’
positive vote and now look forward to the final step, which is the
completion of the transaction. We’re happy to have partnered with a
company that shares a similar heritage of century-long banking and
a commitment to customer service.”
Frank B. Holding Jr., chairman and chief executive officer of
First Citizens Bank, said: “We’re pleased with today’s vote and the
opportunity to further grow our presence in Wisconsin. In addition
to retail banking, this merger will allow us to combine our
companies’ strong focus on business and commercial banking to
better serve the market. We look forward to the completion of this
transaction, a smooth transition and welcoming Securant associates
and customers to First Citizens.”
As of July 31, 2018, Capital Commerce Bancorp reported $226
million in consolidated assets, $174 million in deposits and $191
million in gross loans. With headquarters in Menomonee Falls,
Securant Bank was formed in 1914 and offers personal and business
banking products and services through four branch locations in
Hartland, Milwaukee, Menomonee Falls and Slinger.
First Citizens Bank currently operates 10 branches in the
greater Milwaukee area.
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 Capital Commerce Bancorp, Inc. and Securant Bank
& Trust
Capital Commerce Bancorp, Inc.is a privately held bank holding
company headquartered in Wisconsin. It is the holding company for
Securant Bank & Trust, which was formed in 1914 and currently
offers services through locations in Hartland, Milwaukee, Menomonee
Falls and Slinger. For more information, visit
www.securantbank.com.
Disclosures About Forward Looking
Statements
This Press Release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including Section 21E of the Securities Exchange Act of 1934
and Section 27A of the Securities Act of 1933. For the purposes of
these discussions, any statements that are not statements of
historical fact may be deemed to be forward looking statements.
Such statements are often characterized by the use of qualifying
words such as "expects," "anticipates," "believes," "estimates,"
"plans," "projects," or other statements concerning opinions or
judgments of Capital Commerce Bancorp, Inc. and First Citizens Bank
and their managements about future events. Such statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
described in the statements. Forward-looking statements in this
Press Release include statements regarding Capital Commerce
Bancorp’s and First Citizens Bank’s expectations regarding the
benefits of the merger, and when the merger will be completed. The
accuracy of such forward-looking statements could be affected by
factors beyond Capital Commerce Bancorp’s and First Citizens Bank’s
control, including, but not limited to, difficulties experienced in
the integration of the businesses of Capital Commerce Bancorp and
First Citizens Bank, delays in the receipt of regulatory approvals
that must be received before the merger may be completed, and
delays in the satisfaction or waiver of other remaining conditions
to the consummation of the merger. Additional factors that could
cause actual results to differ materially from those anticipated by
forward-looking statements are discussed in Capital Commerce
Bancorp’s Proxy Statement for its special meeting of shareholders
held on Sept. 6, 2018. Capital Commerce Bancorp and First Citizens
Bank undertake no obligation to revise or update these statements
following the date of this Press Release.
Contacts: Barbara Thompson
919.716.2716First Citizens Bank
David A. Davis262.532.6110Capital Commerce Bancorp,
Inc.
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