RALEIGH -- First Citizens Bancshares said Tuesday it plans to acquire Old White Bankshares of White Sulphur Springs, W. Va., for $11 million, or $643 per share.
Subject to regulatory and shareholder approvals, the transaction will close in the first quarter of 1995.
Old White's wholly owned subsidiary, the Bank of White Sulphur Springs, has assets of $73 million, deposits of $66 million, and two offices in White Sulphur Springs and Lewisburg.
The bank's management, including president Christopher R. Walkup, staff, and board, will remain in place, First Citizens said.
