Raleigh's First Citizens buying thrift.

RALEIGH, N.C. -- First Citizens Bancshares plans to acquire First Investors Savings Bank SSB, of Whiteville, N.C.

Terms were not disclosed.

The company said it planned to acquire First Investors in the first quarter of 1995, subject to due diligence, regulatory approvals, and the execution of a definitive agreement.

First Citizens Bancshares said its shareholders would be offered a choice of cash, debentures or First Citizens class A stock.

The company also said the operation would be immediately merged into its First Citizens Bank unit. First Investors is a state savings bank with assets of $54 million.

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