Fidelity Bank in Fuquay-Varina, N.C., has agreed to buy a branch from First Citizens BancShares.
The $1.7 billion-asset Fidelity plans to acquire First Citizens' branch in Shelby, N.C., for undisclosed financial terms. The sale is expected to close on Dec. 7, a Fidelity spokeswoman said Monday.
The Shelby branch held $45 million of deposits as of June 30, 2014, according to the Federal Deposit Insurance Corp.
The acquisition would give Fidelity Bank its third office in Cleveland County, N.C., including two in Shelby and one in Kings Mountain.
The $31 billion-asset First Citizens will exit Shelby with the sale, although it will continue to operate several branches in neighboring counties. The Holding family has ownership stakes in both First Citizens and Fidelity Bank.