With the approval of its shareholders at last month’s annual meeting, Entegra Financial Corp. is moving ahead on a merger agreement with First-Citizens Bank & Trust Co., according to a news release. First Citizens’ proposal to acquire Franklin, North Carolina-based Entegra through merger was first announced in April.
If the transaction secures regulatory approvals and meets customary conditions, the purchase by First-Citizens – the Raleigh-based parent of First Citizens Bank – is expected to take place during the fourth quarter of this year, the release stated.
Following the merger, branches of Entegra’s wholly owned subsidiary, Entegra Bank, will initially continue to operate as Entegra Bank, a division of First Citizens Bank. Entegra’s customer accounts would be converted to First Citizens Bank’s systems and operations at a later date, the release stated.
Entegra Bank, with $1.7 billion in consolidated assets, operates 18 branches in Western North Carolina, Upstate South Carolina and North Georgia. First Citizens Bank, which in our tri-county area ranks fourth in market share and operates 14 branches, has a total of $37.7 billion in consolidated assets.