First Citizens adding branches in South Florida with Biscayne acquisition
First Citizens BancShares in Raleigh, N.C., has agreed to buy Biscayne Bancshares in Coconut Grove, Fla.
The $35 billion-asset First Citizens said in a press release Friday that it will pay $25.05 a share in cash for the $990 million-asset Biscayne. The deal is expected to close in the first or second quarter.
Biscayne has four branches, $746 million in deposits and $834 million in loans.
“This agreement will complement our growing presence in” Florida, Frank Holding Jr., First Citizens’ chairman and CEO, said in the release. “Joining together with a bank like Biscayne — that also has a deep commitment to service excellence — will also allow us to enhance our banking efforts and create value for shareholders and customers alike.”
First Citizens has 28 branches in Florida. It expanded into the Tampa Bay area when it bought HomeBanc in May.
Keefe, Bruyette & Woods and Smith Mackinnon advised Biscayne. Ward and Smith advised First Citizens.