First Citizens BancShares (FCNCA) in Raleigh, N.C., will acquire First Citizens Bancorp. in Columbia, S.C., combining companies that are majority owned by the same family.

The $22 billion-asset First Citizens BancShares will pay $637 million to $676 million in cash and stock for First Citizens Bancorp. The deal value depends on whether the seller's shareholders elect to receive cash or class B shares as part of their consideration. The deal is expected to close in the fourth quarter.

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