M&A Deal Summary

First Citizens Bank Acquires 1st Financial Services

On August 28, 2013, First Citizens Bank acquired financial services company 1st Financial Services

Acquisition Highlights
  • This is First Citizens Bank’s 3rd transaction in the Financial Services sector.
  • This is First Citizens Bank’s 3rd transaction in the United States.
  • This is First Citizens Bank’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2013-08-28
Target 1st Financial Services
Sector Financial Services
Buyer(s) First Citizens Bank
Deal Type Merger
Advisor(s) Sandler O'Neill + Partners (Financial)

Target

1st Financial Services

Hendersonville, North Carolina, United States
1st Financial Services Corp. is a provider of commercial banking products and services through its subsidiary, Mountain 1st Bank & Trust Company. 1st Financial Services Corp. operates 12 branches in western North Carolina communities through Mountain 1st Bank, with $692 million in assets, $669 million in deposits and $363 million in loans as of June 30, 2013.

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Buyer(S) 1

Buyer

First Citizens Bank

Raleigh, North Carolina, United States
Category Company
Founded 1898
Sector Financial Services
Employees15,715
Revenue 8.8B USD (2023)
DESCRIPTION

First Citizens Bank operates as the holding company for First-Citizens Bank & Trust Company. Bank serves customers at more than 550 branches in 20 states. First Citizens Bank was incorporated in 1898 and is based in Raleigh, North Carolina.

DEAL STATS #
Overall 3 of 9
Sector (Financial Services) 3 of 9
Type (Merger) 1 of 4
State (North Carolina) 1 of 2
Country (United States) 3 of 9
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-05 Sun American Bank

Boca Raton, Florida, United States

Sun American Bank is a provider of financial services and products to individuals, businesses, professionals and the medical community. On Dec. 31, 2009, Sun American Bank reported total assets of $536 million, loans of $424 million and total deposits of $443 million.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-13 Capitol City Bank & Trust

Atlanta, Georgia, United States

Capitol City Bank & Trust Co. is a provider of commercial banking services. As of Jan. 30, 2015, Capitol City Bank & Trust Company reported total assets of $275 million, including total loans and leases of $192 million, and total deposits of $264 million.

Buy -
Mergr

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