Key Developments For First Citizens Bancshares, Inc.
First Citizens Bancshares, Inc. (FCNCA.O) (Nasdaq)
First Citizens Bank Declares Dividend
First Citizens Bank announced that it has declared a quarterly dividend of $0.30 per share on the Class A and Class B common stock. The dividend is payable January 4, 2010, to shareholders of record December 21, 2009.
U.S. Bancorp Announces To Acquire The Bond Trustee Business From First Citizens Bank's First Citizens Bank
U.S. Bancorp announced that its lead bank, U.S. Bank National Association, has entered into a definitive agreement to purchase the bond trustee business of First Citizens Bank, a subsidiary of First Citizens Bank. Terms of the agreement are not being disclosed. Upon completion of this transaction, U.S. Bank`s corporate trust division will have $2.4 trillion in assets under administration, 725,000 bondholders and more than 114,000 client issuances.
First Citizens Bank Acquires Venture Bank of Washington
First Citizens Bank, the primary subsidiary of First Citizens BancShares, announced that it has acquired the banking operations of Venture Bank, which was headquartered in Lacey, Wash., with main administrative offices in DuPont, Wash. First Citizens Bank has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) effective September 11, 2009, to purchase substantially all of Venture Bank's assets and assume the majority of its liabilities. The FDIC serves as Receiver of the institution. Deposits will be assumed by First Citizens Bank with no losses to any depositor. Venture Bank branches that offer Saturday drive-through service will open on Saturday, September 12, at their usual times as branches of First Citizens Bank. All Venture Bank branches will operate as First Citizens branches on September 14. Under the terms of the agreement, First Citizens Bank has the option to purchase any owned bank premises or to assume the leases on any or all of the banking offices. The loans and other real estate owned by Venture Bank purchased by First Citizens are covered by a loss share agreement between the FDIC and First Citizens which provides protection against losses to First Citizens Bank. The agreement only covers the assets and liabilities of Venture Bank. Assets, liabilities and common stock of Venture Bank's former parent company, Venture Financial Group Inc., have not been purchased or assumed by First Citizens Bank.
First Citizens Bank Declares Dividend
First Citizens Bank announced that its Board of Directors declared a quarterly dividend of $0.30 per share on the Class A and Class B common stock. The dividend is payable October 5, 2009, to shareholders of record September 21, 2009.
First Citizens Bank Acquires Temecula Valley Bank-Global Banking News
Global Banking News reported that the main subsidiary of First Citizens BancShares, has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase all the assets and assume the majority of the liabilities of Temecula Valley Bank of Temecula, California. The FDIC serves as receiver of the institution. Deposits will be assumed by First Citizens Bank with no losses to any depositor. Temecula Valley Bank’s 11 full-service branches in Southern California will open as branches of First Citizens Bank from July 20. Terms of the transaction were not disclosed.
