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First Citizens Bank Closes Merger With 1st Financial Services, Mountain 1st Bank

First Citizens BancShares Inc. (FCNCA: Quote) announced that the previously announced merger of 1st Financial Services Corp. and its subsidiary, Mountain 1st Bank & Trust Co., into First Citizens BancShares's subsidiary First-Citizens Bank & Trust Company was completed on Wednesday, January 1.

The former Mountain 1st branches in western North Carolina opened today (Thursday, Jan. 2) as First Citizens Bank locations.

In December, the shareholders of Hendersonville, N.C.-based 1st Financial voted to approve the merger agreement with Raleigh, N.C.-headquartered First Citizens. The merger was also approved by the Federal Deposit Insurance Corp. and the North Carolina Commissioner of Banks.

The bank noted that Customers should bank as they normally do at their existing branches. Mountain 1st customer accounts are expected to be converted to First Citizens' systems in spring 2014. Customers will be notified in writing of the transition.

In the meantime, customers should continue to use their Mountain 1st Bank checks, ATM, debit and credit cards. They will still have online access to their accounts. Mountain 1st customers already can use any First Citizens ATM with no surcharge fees on cash withdrawals, the bank noted.

by RTT Staff Writer

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