First Citizens Bank to buy assets of Capitol City Bank & Trust Company
Staff writer ▼ | February 18, 2015
First Citizens Bank, a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc., has entered into an agreement with the Federal Deposit Insurance Corp. (FDIC) to purchase certain assets and assume certain liabilities of Capitol City Bank & Trust Company of Atlanta, Ga.Article continues below
The Georgia Department of Banking and Finance closed Capitol City Bank & Trust Company today and appointed the FDIC as receiver. On Saturday, Feb. 14, Capitol City Bank & Trust Company branches will begin operating as Capitol City Bank & Trust, a division of First-Citizens Bank & Trust Company (First Citizens Bank).
Depositors will not sustain any losses with respect to those deposits assumed by First Citizens Bank.
This transaction includes all eight Capitol City Bank & Trust Company branch locations in Georgia: Lee Street main office, Cascade Road, Hartsfield-Jackson International Airport and Peachtree in Atlanta; and Stone Mountain, Albany, Augusta and Savannah.
Customer deposits are safe, accessible and still protected by FDIC insurance. Customers should bank as they normally do at their existing branches. They can continue to use their checks and cards and will still have online access to their accounts.
As of Jan. 30, 2015, Capitol City Bank & Trust Company reported total assets of $275 million, including total loans and leases of $192 million, and total deposits of $264 million.
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. First Citizens Bank was selected to complete this transaction through a competitive bidding process.
The agreement only covers the assets and liabilities of Capitol City Bank & Trust Company. Assets, liabilities and common stock of Capitol City Bank & Trust Company's former parent company, Capitol City Bancshares, Inc. have not been purchased or assumed by First Citizens Bank. ■ What to read next
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