First Citizens Bancshares of Raleigh has put its plan to merge two subsidiaries on hold, without saying why.
The $16.2 billion-asset First Citizens said last week in a filing with the Securities and Exchange Commission that it had "delayed any further action" on folding IronStone Bank into First Citizens Bank. The company had planned to combine the subsidiaries in the first quarter.
A spokesman for First Citizens said the filing, which gave no reason for the suspension, "is going to have to speak for itself."
In October, First Citizens said that it would seek regulatory approval to combine the banks to cut expenses and unify its businesses under a single brand name.
