First Citizens BancShares, Raleigh, N.C., said Tuesday it planned to acquire State Bank of Fayetteville, which has $55 million of assets. No terms were announced.

First Citizens, North Carolina's fifth largest bank holding company, with $6 billion in assets, said it would offer State Bank shareholders a choice of cash or stock.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.