First Citizens BancShares, Raleigh, N.C., said Tuesday it planned to acquire State Bank of Fayetteville, which has $55 million of assets. No terms were announced.
First Citizens, North Carolina's fifth largest bank holding company, with $6 billion in assets, said it would offer State Bank shareholders a choice of cash or stock.
The transaction is scheduled to be completed in the first quarter of next year, pending the execution of a definitive agreement and shareholder and regulatory approvals.
First Citizens group vice president Alex MacFadyen said the deal strengthens his company's existing presence in Fayetteville and surrounding Cumberland County.
After closing three of State Bank's four offices, First Ciitizens will have 14 branches in the county, which is in the southeastern part of the state.
First Citizens is the holding company of Raleigh-based First Citizens Bank. which has 308 offices in North Carolina.
