RALEIGH, N.C. and COCONUT GROVE, Fla., Nov. 16, 2018 (GLOBE NEWSWIRE) --
First-Citizens Bank & Trust Company (known as First Citizens Bank) and Biscayne Bancshares, Inc. ("Biscayne Bancshares") announced today the signing of a definitive merger agreement. Biscayne Bancshares provides deposit and loan services through its subsidiary, Biscayne Bank.
The agreement provides for the acquisition of Coconut Grove, Fla.-based Biscayne Bancshares by First Citizens Bank, which is headquartered in Raleigh, N.C. The announcement was made jointly by Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, and Lorie Yarchin, chief executive officer of Biscayne Bancshares.
The agreement has been approved by the boards of directors of both companies. The transaction is anticipated to close during the first or second quarter of 2019, subject to the receipt of regulatory approvals, the approval of Biscayne Bancshares' shareholders, and the satisfaction of other customary closing conditions. Under the terms of the agreement, cash consideration of $25.05 per share will be paid to the shareholders of Biscayne Bancshares for each share of its common stock.