Under this merger, the IronStone Bank will merge with and become a division of First Citizens Bank, a North Carolina-chartered commercial bank. Prior to the merger, IronStone has operated under a federal savings association charter.
Following the merger, IronStone branches will continue to operate under the IronStone name as a division of First Citizens Bank. Hope Holding Connell will continue to lead the IronStone division as its president.
The merger has received approval of state and federal banking regulators.
First Citizens BancShares chairman Frank Holding said that this is a positive business move that offers greater value to the clients, shareholders and associates.
"In addition to the benefits of bringing together the best qualities and strengths of both organizations, this merger will give us significant opportunities for improved efficiencies and growth. As one company, First Citizens Bank, with its IronStone division, is in a strong position for the future," Holding said.
Connell said that the customers will continue to bank at the same locations, with the same associates.
With the IronStone merger, First Citizens Bank will serve clients at 435 offices in 17 states and the District of Columbia. The bank will operate 58 offices under the IronStone name in Arizona, California, Colorado, Florida, Georgia, Kansas, Missouri, New Mexico, Oklahoma, Oregon, Texas and Washington. First Citizens Bank also has 377 offices in California, the District of Columbia, Florida, Maryland, North Carolina, Tennessee, Virginia, Washington and West Virginia.
