FOR IMMEDIATE RELEASE
July 23, 2010
For information, contact:
First Citizens Corporate Communications
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 Williamsburg First National Bank from the FDIC. Williamsburg First National Bank, headquartered in Kingstree, S.C., has five branch locations in the cities of Kingstree, Hemingway and Florence.
First Citizens Bank has entered into loss sharing agreements with the Federal Deposit Insurance Corporation (FDIC) effective today to purchase approximately $130.1 million of Williamsburg First National Bank’s assets and assume the majority of its liabilities. First Citizens Bank will acquire loans of approximately $66.0 million and deposits of $96.6 million. $30.3 million of brokered deposits are excluded from the transaction. 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. First Citizens Bank has not purchased or assumed assets, liabilities and common stock of Williamsburg First National Bank’s holding company, WFNB Bankshares, Inc.
All acquired Williamsburg First National Bank offices will operate as First Citizens Bank branches on Monday, July 26. Over the weekend, former Williamsburg First National Bank customers will continue to have access to their funds through debit cards, checks and online banking. Customers should bank as they normally do at their existing branches. Former Williamsburg First National Bank customers with questions about the transaction should contact a representative at any of the former Williamsburg First National Bank locations or at any First Citizens Bank location.
“We are very excited to welcome our new customers and associates to First Citizens,” said JB Schwiers, Regional Executive Vice President for First Citizens. “This transaction gives us an opportunity to provide our new and existing customers access to nearly 200 branch offices and 225 ATMs in South Carolina and Georgia.”
“Increasing our presence in the Kingstree and Florence banking markets and entering the Hemingway market is a natural extension of our expansion strategy. Our knowledge and familiarity with these communities will help the integration run smoothly and allow us to focus on what we do best – providing our customers with the highest level of service and a stable banking environment.”
First Citizens Bank was selected to complete today’s transaction through a competitive bidding process. The loans and other real estate owned by Williamsburg First National Bank and purchased by First Citizens Bank are covered by loss share agreements between the FDIC and First Citizens Bank, which provide protection against losses to First Citizens Bank.
“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. “The banking model of Williamsburg First National Bank is very similar to the relationship-driven banking approach of First Citizens Bank, and this transaction directly supports our commitment to orderly growth in South Carolina. Our top priority throughout this integration is to reassure our customers that their money is safe with us and maintain the high level of service our customers have come to appreciate and expect from us for nearly a century.”
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., and The Exchange Bank of South Carolina, Inc. First Citizens Bank offers services in commercial and retail banking through its more than 190 offices in South Carolina and Georgia. As of June 30, 2010, First Citizens Bancorporation, Inc. had total consolidated assets of $8.67 billion. For more information, visit the First Citizens web site at www.firstcitizensonline.com.
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