Business
The Citizens Bank Enters into a Purchase and Assumption Agreement to Acquire the Laurinburg, NC Branch of First Capital Bank
The Citizens Bank Enters into a Purchase and Assumption Agreement to Acquire the Laurinburg, NC Branch of First Capital Bank.
About this update from First Capital Bancshares, Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n The Citizens Bank Enters into a Purchase and Assumption Agreement to Acquire the Laurinburg, NC Branch of First Capital Bank\r\n \r\n \r\n\r\n\r\nThe Citizens Bank Enters into a Purchase and Assumption Agreement to Acquire the Laurinburg, NC Branch of First Capital Bank\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nCHARLESTON, S.C. and OLANTA, S.C., May 28, 2025 /PRNewswire/ -- First Capital Bancshares, Inc. (OTCPK: FCPB) and Citizens Bancshares Corporation (OTCPK: CITZ) announced today that their wholly owned subsidiaries, First Capital Bank, headquartered in Charleston, South Carolina, and The Citizens Bank, headquartered in Olanta, South Carolina, have entered into a Purchase and Assumption Agreement (the \"Agreement\") under which The Citizens Bank has agreed to assume certain deposit liabilities, and acquire certain loans, cash, personal property and other fixed assets associated with First Capital Bank's Laurinburg, North Carolina branch (the \"Transaction\"). \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\n \r\nFollowing the completion of the Transaction, the branch will begin operating under The Citizens Bank brand and will remain dedicated to serving the customers in and the communities of Laurinburg and the surrounding markets. With over $1 billion in assets and 24 branches throughout South Carolina, The Citizens Bank is uniquely positioned to meet the needs of First Capital Bank customers, having serviced similar markets for over 80 years.\r\n\"We are very pleased that The Citizens Bank will continue to serve the people of Scotland County,\" said Harvey Glick, Executive Chairman of First Capital Bank. \"The Citizens Bank has a proven track record of great customer service, and we are confident they will be great stewards of Scotland County and will continue to invest in Laurinburg moving forward.\"\r\nThe Transaction represents a natural extension of The Citizens Bank's community banking mission and a strategic opportunity to deepen its footprint by adding a location in North Carolina. The Citizens Bank is well-positioned to build lasting relationships in Laurinburg and contribute meaningfully to the local economy.\r\n\"We look forward to joining the Laurinburg community and expanding The Citizens Bank family into North Carolina,\" said Thomas Bouchette, President of The Citizens ...