First Citizens Bancshares, Inc. · NASDAQ:FCNCA
First Citizens Bancshares — Merger or Acquisition (June 2014)
12 slides from First Citizens Bancshares's merger presentation, Jun 11, 2014
Slide 1: First Citizens BancShares Announces Merger Agreement With First Citizens Bancorporation
First Citizens BancShares, Inc. Announces Merger Agreement With First Citizens Bancorporation, Inc. June 10, 2014
Slide 2: Forward Looking Statements/Additional Information
Forward Looking Statements/Additional Information This document may contain forward - looking statements . Factors that could cause actual results to differ materially from those expressed in such forward - looking statements include the ability to obtain regulatory approvals and meet other closing
Slide 3: Transaction Summary
Transaction Summary 3 Transaction: ▪ First Citizens Bancorporation, Inc. (“FCBN”) will merge into First Citizens BancShares, Inc. (“FCNCA”) Consideration: ▪ A fixed exchange ratio of 4.0000x in Class A Common Stock and $50.00 in cash, or at the election of the shareholder; ▪ A fixed exchange ratio o
Slide 4: Transaction Highlights
Transaction Highlights 4 Strategic Rationale Financially Compelling ¹ Risk Management Factors ▪ Creates the 6 th largest bank headquartered in the Southeast and the 30 th largest in the United States ▪ 2015 EPS accretion > 40% ▪ Track record of 26 bank acquisitions since 1990 ▪ Creates the largest f
Slide 5: Pro Forma Branch Map and Financial Highlights
Pro Forma Branch Map 5 FCNCA (401) FCBN (176) Pro Forma Financial Highlights ¹ Assets $31 billion Loans $18 billion Deposits $26 billion (1) Preliminary and does not give effect to purchase accounting adjustments; presented for illustrative purposes only and does not indicate actual results of the c
Slide 6: FCNCA Franchise Overview
FCNCA Franchise Overview ▪ Premium brand built over 116 years ▪ 38 th largest bank in the U.S. (by deposits ) ▪ Third largest bank headquartered in North Carolina (by deposits) ▪ 401 branches in 17 states and D.C. with 0.15% cost of deposits ¹ ▪ Expansive and geographically diverse branch network, s
Slide 7: FCBN Franchise Overview
FCBN Franchise Overview ▪ Largest bank headquartered in South Carolina by assets ▪ Largest South Carolina headquartered bank by deposits; ranks fourth in South Carolina deposit market share ▪ 176 branches ▪ 156 in South Carolina / 20 in Georgia ▪ Excellent asset quality ▪ NPAs / Assets of 1.89% ▪ LL
Slide 8: Loan Composition
Loan Composition 8 Construction, $589 mm, 4% 1 - 4 Family, $1,375 mm, 10% HELOCs, $2,117 mm, 16% Multifamily, $157 mm, 1% Commercial RE (Owner - Occupied), $5,752 mm, 42% Commercial RE (Other ), $1,308 mm, 10% C&I, $1,106 mm, 8% Consumer, $370 mm, 3% Leases/Other, $752 mm, 6% Construction, $196 mm,
Slide 9: Deposit Composition
Deposit Composition 9 Noninterest - bearing DDA, $5,628 mm, 30% Interest - bearing DDA/NOW, $2,184 mm, 12% MMDA/Savings, $7,861 mm, 42% Retail Time, $1,665 mm, 9% Jumbo Time, $1,425 mm, 7% FCNCA FCBN Pro Forma ¹ Noninterest - bearing DDA, $7,737 mm, 30% Interest - bearing DDA/NOW, $4,103 mm, 16% MMD
Slide 10: FCNCA Acquisition Experience
FCNCA Acquisition Experience 10 Bank & Thrift Company Transactions Target / Seller State Announcement Date Status Deal Value Target Assets 1st Financial Services Corporation NC 08/28/13 Completed on 01/01/14 $2.0 $683 Avery County Bank NC 05/28/03 Completed on 10/20/03 -- $72 First Savings Financial
Slide 11: Benefits To Our Stakeholders
Benefits To Our Stakeholders 11 • Creates financial benefits for both sets of shareholders • Diversifies revenue stream • Increased organic and acquisitive growth opportunities Shareholders • Unites the First Citizens brands into one franchise • Significantly increases ability to serve larger custom
Slide 12: First Citizens BancShares
# FirstCitizens BancShares
First Citizens Bancshares — Merger or Acquisition (June 2014) on 6ix