Shareholders approve merger of Community Bankshares, First Citizens Bank and Trust

By Lisa Kerner

Charlotte, N.C., Oct. 15 - Community Bankshares, Inc. said its shareholders approved the company's June 25 agreement and plan of merger with First Citizens Bank and Trust Co., Inc.

Under the agreement, Community Bankshares and Community Resource Bank, NA will merge with and into First Citizens, a Community Bankshares news release said.

Community Bankshares shareholders will receive $21 per share in a deal valued at approximately $96 million.

The transaction is expected to close by the end of October, the release said.

Community Bankshares, based in Orangeburg, S.C., is the holding company for Community Resource Bank.

Columbia, S.C.-based First Citizens Bancorp., Inc. operates as the holding company for First Citizens Bank and Trust and the Exchange Bank of South Carolina, Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.