First Citizens Will Shed 3 Branches For $220M Entegra Deal

Law360 (December 3, 2019, 5:43 PM EST) -- First Citizens BancShares Inc. has agreed to sell three Entegra Bank branches in North Carolina in return for U.S. Department of Justice approval of its planned $219.8 million purchase of Entegra Financial Corp.

The agreement reached Monday with the department's Antitrust Division seeks to ensure the acquisition will not harm competition for banking services in western North Carolina, according to a statement First Citizens released about the deal. The "divestiture branches" are in Holly Springs, Highlands and Sylva.

Under the agreement with the DOJ, the three branches must be sold to a "competitively suitable purchaser" within six months after the close of the...

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