First-Citizens to pick up Milwaukee branches with latest deal
First-Citizens Bank & Trust in Raleigh, N.C., is expanding its presence in Wisconsin with an agreement to buy Capital Commerce Bancorp in Milwaukee.
The deal would give First-Citizens, a unit of the $34.3 billion-asset First Citizens BancShares, an additional four branches in the greater Milwaukee area. The $216 million-asset Capital Commerce, which is the holding company for Securant Bank & Trust, has $171 million of deposits and $181 million in loans, First-Citizens said Wednesday.
"This agreement will allow us to expand our presence and enhance our banking efforts — especially our business and commercial focus — in the greater Milwaukee area,” Frank Holding Jr., chairman and CEO of First-Citizens, said in a press release. “Combining with a bank like Securant that has a similar history, mission and purpose is a natural fit and will create value for shareholders and customers alike.”
First-Citizens has developed an unusual footprint with branches in far flung states such as Washington and Colorado by acquiring banks and failed institutions. Its most recent Wisconsin acquisition was the failed Guaranty Bank in Milwaukee last year. The company currently has roughly a dozen branches in Wisconsin and more than 500 across 19 states.
First Citizens is paying $4.75 for each share of Capital Commerce. A total deal value was not disclosed. The transaction is expected to close no later than the fourth quarter.
Ward and Smith served as the representation for First-Citizens in the deal and Reinhart Boerner Van Deuren represented Capital Commerce.