First Citizens to buy small bank in South Carolina

First Citizens BancShares in Raleigh, N.C., has agreed to buy First South Bancorp in Spartanburg, S.C.

The $35 billion-asset First Citizens said in a press release Thursday that it will pay $37.5 million in cash for the $237 million-asset First South. The deal is expected to close in the second quarter.

First South has four branches, $195 million in deposits and $173 million in loans.

The acquisition is “an excellent opportunity to enhance our commitment to the people and businesses of South Carolina and to continue to expand in key markets,” Frank Holding Jr., First Citizens’ chairman and CEO, said in the release.

Banks Street Partners and Alston & Bird advised First South. Ward and Smith advised First Citizens.

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