FOR IMMEDIATE RELEASE
Sept. 25, 2009
For information, contact
Contact: Angela English
First Citizens Corporate Communications
First Citizens Bank Acquires Georgian Bank of Atlanta
Announcement reinforces First Citizens’ unique position of strength and stability in still-volatile banking industry
Columbia, S.C.– First Citizens Bank and Trust Company, Inc., a wholly-owned subsidiary of First Citizens Bancorporation, Inc., today announced that it has acquired the banking operations of Georgian Bank, which was the second-largest Atlanta-based bank with five full-service banking offices and over $2 billion in assets.
First Citizens Bank has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) effective today to purchase substantially all of Georgian Bank’s assets and assume the majority of its liabilities. The FDIC serves as Receiver of the institution. Deposits assumed by First Citizens Bank will be insured subject to FDIC limits with no losses to any depositor. All Georgian Bank offices will operate as First Citizens branches on Monday, Sept. 28.
The banking offices of Georgian Bank are located in Alpharetta, Buckhead, Cumberland, Gwinnett and Powder Springs.
Over the weekend, former Georgian Bank clients will continue to have access to their funds through debit cards, checks and online banking. Clients should bank as they normally do at their existing branches.
“Our position of strength and stability has enabled us to pursue such an opportunity and complete this transaction,” said Jim Apple, chairman and chief executive officer of First Citizens. “We are confident that our conservative approach to banking and unwavering commitment to sound business practices will serve the clients of Georgian Bank well and reassure them that their deposits are safe with us, now and in the long term.”
First Citizens Bank was selected to complete today’s transaction through a competitive bidding process. As of June 30, 2009, Georgian Bank reported total assets of $2.23 billion, loans of $1.82 billion and total deposits of $1.96 billion. Under the terms of the agreement, First Citizens Bank has the option to purchase any bank-owned premises or to assume the leases on any or all of the five banking offices. The loans and other real estate owned by Georgian Bank and purchased by First Citizens Bank are covered by a loss share agreement between the FDIC and First Citizens Bank, which provides protection against losses to First Citizens Bank.
The agreement only covers the assets and liabilities of Georgian Bank. Assets, liabilities and common stock of Georgian Bank’s former parent company, Georgian Bancorporation, Inc., have not been purchased or assumed by First Citizens Bank.
“We view this transaction as a unique opportunity based on current developments in our industry,” said Peter Bristow, president and chief operating officer for First Citizens. “Entering the Atlanta market is a continuation of our current expansion strategy in South Carolina and Georgia, and this acquisition is a perfect way for us to grow while continuing to provide a high level of service, and safe and sound banking.”
Former Georgian Bank clients with questions about the transaction should contact a representative at any of the former Georgian Bank locations. For more information about First Citizens Bank, visit firstcitizensonline.com
About First Citizens
First Citizens Bancorporation, Inc., is the parent company of First Citizens Bank and Trust Company, Inc., The Exchange Bank of South Carolina, Inc., and Merchants and Farmers Bank of Comer, Ga. First Citizens Bank offers services in commercial and retail banking through its more than 180 offices in South Carolina and Georgia. As of June 30, 2009, First Citizens Bancorporation, Inc. had total consolidated assets of $7.10 billion. For more information, visit the First Citizens web site at www.firstcitizensonline.com.
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