Biscayne Bancshares stockholders approve acquisition by First Citizens Bank
Written by Miami Today on January 17, 2019
Shareholders of Coconut Grove-based Biscayne Bancshares Inc. meeting on Thursday approved the pending acquisition of the company and its Biscayne Bank subsidiary by First-Citizens Bank & Trust Co. of Raleigh, NC
The deal is expected to become effective during the second quarter of the year. Biscayne branch offices after the merger are to initially operate as Biscayne Bank, a division of First Citizens Bank. Customers’ accounts later will be converted to First Citizens Bank’s systems and operations.
“Today’s vote represents an affirmation that this is an outstanding opportunity for our customers, our company and shareholders,” said Lorie Yarchin, chief executive officer of Biscayne Bank. “We’re very excited about moving forward and joining with an excellent company like First Citizens.”
As of Sept. 30, 2018, Biscayne Bancshares reported $990 million in consolidated assets, $746 million in deposits and $834 million in loans.
Biscayne Bank opened in 2005 and is a state-chartered, full-service commercial bank with four offices, two in Coconut Grove, one in Doral and one in South Miami.
First Citizens Bank currently operates 26 branches in the state, with seven branches in Martin, Palm Beach, Broward and Miami-Dade counties, including a branch in Coral Gables.