RALEIGH, N.C. - Citizens Bank said it would acquire six branches in North Carolina and Virginia from First Union National Bank in Charlotte. The $9.9 billion asset company said it would gain $160 million in deposits through the acquisition, which is expected to close in the fourth quarter.
The purchase price and other financial details of the agreement were not revealed. Five of the branches are located throughout North Carolina, where First Citizens has the bulk of its 366 branches. The branch in northern Virginia would be a new market for the bank, which has branches in the southern and central part of the state, and also in West Virginia.
First Citizens said it would offer jobs to the acquired branches' approximately 40 employees.
