Smith Anderson Assists First Citizens BancShares, Inc. in One of the Largest Bank Mergers Completed in the U.S. this Year
Raleigh, N.C. – On October 1, 2014, First Citizens BancShares announced the completion of the merger of Columbia, S.C.–based First Citizens Bancorporation into Raleigh, N.C.–headquartered BancShares. Smith Anderson served as independent legal counsel to the Evaluation Committee of the Board of Directors of First Citizens BancShares, Inc. (NASDAQ: FCNCA) in its acquisition of First Citizens Bancorporation (OTCQB: FCBN). This transaction represents the largest bank holding company merger transaction to close in the Southeast, and the third–largest closed nationally, thus far in 2014. This merger forms the largest family–controlled bank holding company in the U.S. and the sixth–largest banking franchise headquartered in the Southeast by asset size. For more information on this transaction, CLICK HERE.
This complex transaction also represents Smith Anderson’s broad capabilities which included, among other things, building and navigating a special board committee process, assisting in negotiations and preparing a merger agreement and related transaction documentation, preparing a registration statement, proxy statement and related stockholder meeting materials, assisting in the successful defense of bylaw and merger litigation in Delaware that sought to enjoin the merger (the ruling in which has been hailed as a landmark Delaware ruling – read“Delaware Court of Chancery Upholds North Carolina "Exclusive Forum" Bylaw), and closing the transaction.
Described in Chambers USA 2014 as having “[e]nough firepower and expertise to take care of issues, but small enough that you get to know all the senior people," Smith Anderson is routinely called upon to provide legal counsel in significant transactions. In 2013, the Firm assisted clients with more than 200 deals representing in excess of $11.6 billion in value, including one of the largest private company acquisitions in North Carolina history.
About Smith Anderson
Since our founding in 1912, Smith Anderson has grown to more than 120 attorneys and is the largest law firm headquartered in North Carolina’s Research Triangle area. We serve clients ranging in size from large public companies to emerging growth businesses, providing a full range of legal services to assist our clients in accomplishing their goals. The knowledge and experience of our attorneys make us well-positioned to handle the litigation and business matters that our clients face. For more information, please visit www.SmithLaw.com.