FAMILY TIES: A shareholder has sued First Citizens BancShares in North Carolina, led by Frank Holding Jr., to block its purchase of First Citizens Bancorp. in South Carolina. Members of the Holding family own both banks.

First Citizens Deal Spotlights Role of Independent Committees

An investor has filed a lawsuit to block the merger deal between the two First Citizens banks in the Carolinas, which are controlled by the Holding family. The case could turn on whether the directors on the special committees that reviewed the deal were truly independent of the Holdings.

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