ITEM 8.01 OTHER EVENTS
First-Citizens Bank & Trust Company (First Citizens Bank), Entegra Bank and
Select Bank & Trust Company (Select Bank) issued a joint press release today
stating that Select Bank entered into an agreement to buy three Entegra Bank
branches in Western North Carolina (the Branch Acquisition). Entegra Bank and
Select Bank entered into the purchase and assumption agreement for the Branch
Acquisition on December 20, 2019. The Branch Acquisition is being undertaken to
satisfy conditions in the previously announced Letter of Agreement with the U.S.
Department of Justice, Antitrust Division, in connection with the proposed
merger of Entegra Financial Corp. (Entegra) and Entegra Bank into First Citizens
Bank (the Merger).
Completion of the Merger between First Citizens Bank and Entegra remains subject
to the satisfaction or waiver of other closing conditions, and is expected to
occur on or about December 31, 2019. The Branch Acquisition is subject to the
closing of the Merger and other customary closing conditions, including
regulatory approvals, and is expected to occur in the second quarter of 2020.
Entegra encourages customers of customers of Entegra Bank to bank as they
normally do at their existing branches.
A copy of the joint press release is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
(d) Exhibits
Exhibit 99.1 Press release dated December 23, 2019.
Cautionary Notes Regarding Forward-Looking Statements
Certain of the statements made in this Current Report on Form 8-K may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The
words "expect," "anticipate," "intend," "plan," "believe," "seek" and
"estimate," and similar expressions, are intended to identify such
forward-looking statements, but other statements not based on historical
information may also be considered forward-looking. Forward-looking statements
include statements about the benefits to Entegra or First Citizens and their
bank subsidiaries of the Merger, Entegra's and First Citizens' future financial
and operating results, their respective plans, objectives and intentions, and
when the Merger will be completed. Forward-looking statements also include
statements about the benefits to Select Bank of the Branch Acquisition and when
the Branch Acquisition will be completed. All forward-looking statements are
subject to known and unknown risks, uncertainties, and other factors that may
cause the actual results, performance or achievements to differ materially from
any results, performance or achievements expressed or implied by such
forward-looking statements, including, among others, (1) disruption from the
Merger, or recently completed mergers, and the Branch Acquisition with customer,
supplier or employee relationships, (2) uncertainties as to the timing of the
Merger and Branch Acquisition, (3) the risk that the proposed transactions may
not be completed in a timely manner or at all, (4) the occurrence of any event,
change or other circumstances that could give rise to the termination of the
merger agreement related to the Merger, including under circumstances that would
require a party to pay a termination fee, (5) the failure to obtain or delays in
the receipt of necessary regulatory approvals that must be received before the
Merger may be completed, (6) the possibility that the amount of the costs, fees,
expenses and charges related to the Merger or the Branch Acquisition may be
greater than anticipated, including as a result of unexpected or unknown
factors, events or liabilities, (7) the failure or delay of the other conditions
to the consummation of the Merger to be satisfied or waived, (8) reputational
risk and the reaction of the parties' customers to the Merger and the Branch
Acquisition, (9) the risk of potential litigation or regulatory action related
to the Merger, (10) the risk that the cost savings and any revenue synergies
from the Merger may not be realized or take longer than anticipated to be
realized, (11) general competitive, economic, political and market conditions,
and (12) difficulties experienced in the integration of the businesses.
Additional factors which could affect the forward-looking statements can be
found in reports filed with the Securities and Exchange Commission (SEC) by
First Citizens, Entegra and Select and available on the SEC's website at
http://www.sec.gov. Except as may be required by applicable law, none of First
Citizens, Entegra or Select undertake any obligation to update or revise any
forward-looking statements contained in this communication, which speak only as
of the date hereof, whether as a result of new information, future events or
otherwise.
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