RALEIGH, N.C. -- First Citizens BancShares Inc. plans to acquire Old White Bankshares, a bank holding company located in White Sulphur Springs, W. Va.
Subject to regulatory and shareholder approvals, First Citizens will acquire Old White in the first quarter of 1995. Earlier this year, First Citizens laid out' plans to acquire Bank of Marlington, W. Va. as part of its expansion plan in that state.
Old White's wholly owned subsidiary is the Bank of White Sulphur Springs, which has assets of approximately $73 million, deposits of about $66 million and operates two offices in White Sulphur Springs and Lewisburg. The bank's management, including President Christopher R. Walkup, staff and board would remain in place.
Hyler said the Bank of White Sulphur Springs would for the foreseeable future retain a separate identity from First Citizens Bank, operating as a completely separate, 'wholly owned subsidiary of BancShares.