First Citizens BancShares in Raleigh, N.C., will add three directors after it completes its acquisition of First Citizens Bancorp. in Columbia, S.C.
The acquisition, which is expected to close Oct. 1, would create the nation's largest family-owned bank, with nearly $31 billion in assets. The Holding family has majority ownership of both companies.
The new board members are all associated with the seller, First Citizens Bancorp. They are Peter Bristow, an executive vice president at First Citizens Bancorp. and president of its subsidiary bank, as well as Robert Hoppe and Floyd Keels, both currently directors at the South Carolina bank.
"We welcome our new directors and the experience and expertise they bring to our board as we prepare to bring the two companies together," Frank B. Holding Jr., chairman and chief executive of First Citizens BancShares, said in a news release Wednesday.
The new board will have 13 members, including the new appointees and all but two directors from the existing First Citizens BancShares board. Those two are H.M. Craig III and Ralph K. Shelton, who resigned Sept. 18.