RALEIGH, N.C. and COCONUT GROVE, Fla., Jan. 17, 2019 (GLOBE NEWSWIRE) -- First-Citizens Bank & Trust Company (First Citizens Bank) and Biscayne Bancshares, Inc. announced today that Biscayne shareholders have approved First Citizens' pending acquisition of the holding company and its Biscayne Bank subsidiary.At a meeting held today, the shareholders of Coconut Grove, Fla.-based Biscayne Bancshares voted to approve the merger agreement with Raleigh, N.C.-headquartered First Citizens Bank. Subject to the receipt of regulatory approvals and the satisfaction or waiver of other customary closing conditions, the merger is expected to become effective during the second quarter of 2019.After the merger, Biscayne branch offices will initially operate as Biscayne Bank, a division of First Citizens Bank. Customers should bank as they normally do at their existing branches. Biscayne's customer accounts will be converted to First Citizens Bank's systems and operations at a later date.Lorie Yarchin, chief executive officer of Biscayne Bank, said: "Today's vote represents an affirmation that this is an outstanding opportunity for our customers, our company and shareholders. We're very excited about moving forward and joining with an excellent company like First Citizens."Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, said: "We're pleased with today's vote and the opportunity to further grow our presence in southern Florida. We look ...Full story available on Benzinga.com
