First Citizens BancShares : Federal Reserve Board announces approval of application by First Citizens BancShares, Inc
December 17, 2019 at 08:16 am EST
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The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by First Citizens BancShares, Inc., Raleigh, North Carolina, to acquire Entegra Financial Corp. ('Entegra') and thereby indirectly acquire Entegra's state nonmember bank subsidiary, Entegra Bank, both of Franklin, North Carolina.
Attached is the Board's order relating to this action.
First Citizens BancShares, Inc. is a holding company of First-Citizens Bank & Trust Company. The Company has four segments. General Banking segment delivers products and services to consumers and businesses through its network of branches and various digital channels. Commercial Banking segment provides a range of lending, leasing, capital markets, asset management and other financial and advisory services, primarily to small and middle market companies in a range of industries, including energy, healthcare, tech media and telecom, asset-backed lending, capital finance, maritime, corporate banking, aerospace and defense, and sponsor finance. Silicon Valley Banking segment offers products and services to commercial clients in key innovation markets, such as the healthcare and technology industries, as well as to private equity and venture capital firms. Rail segment offers customized leasing and financing solutions on a fleet of railcars and locomotives to railroads and shippers.