RALEIGH, N.C., and TAMPA, Fla., Dec. 18, 2017 (GLOBE NEWSWIRE) -- First-Citizens Bank & Trust Company (known as First Citizens Bank) and HomeBancorp, Inc. announced today the signing of a definitive merger agreement. HomeBancorp, Inc. provides retail banking, SBA, USDA and commercial mortgage loan products and services through its subsidiary, HomeBanc.The agreement provides for the acquisition of Tampa, Fla.
-based HomeBancorp by First Citizens Bank, which is headquartered in Raleigh, N.C. The announcement was made jointly by Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, and Jerry D. Campbell, chairman and chief executive officer of HomeBancorp.The agreement has been approved by the boards of directors of both companies. The transaction is expected to close no later than the second quarter of 2018, subject to the receipt of regulatory approvals and the approval of HomeBancorp shareholders.
Under the terms of the agreement, cash consideration of $15.03 will be paid to the shareholders of HomeBancorp for each share of HomeBancorp’s common stock.As of September 30, 2017, HomeBancorp reported $955 million in consolidated assets, $699 million in deposits and $637 million in loans.With headquarters in Tampa, HomeBanc has 13 retail branches in Lake Mary, Winter Park, Lakewood Ranch (Sarasota), Belleair Bluffs, Countryside (Clearwater), Dunedin, Kenneth City, Pinellas Park, Seminole, Largo, St.
Petersburg, and in Tampa on North Dale Mabry Highway and in Westchase.Customers should bank as they normally do at their existing branches, which will become part of First Citizens upon the completion of the merger. First Citizens currently operates 15 branches in Florida — northeast (Duval and St. Johns counties), southeast (Martin, Palm Beach, Broward and Dade counties) and southwest (Collier and Lee counties) — with a commercial/business banking office in Sarasota.
Frank B. Holding Jr., chairman and CEO of First Citizens, said: “This agreement is a significant opportunity to fill in our footprint in Florida and expand into two new markets for us —Tampa and Orlando — while creating value for shareholders and customers of both organizations. First Citizens has provided financial services for 119 years, and customers appreciate our personal service, our dedication to soundness and the comprehensive products we offer.
We look forward to building on the solid foundation put in place by HomeBanc.”Jerry D. Campbell, chairman and CEO of HomeBancorp, said: “We’re pleased to announce this transaction; merging into First Citizens will meet the objectives of our shareholders, employees and customers. It’s a good match. First Citizens has long prided itself on its strong commitment to its customers, a model that we have in common.
Our customers will benefit from First Citizens’ expanded services and lending capabilities. In addition, First Citizens’ sound financial condition and comprehensive business expertise make it an excellent choice for us.”Keefe Bruyette & Woods Inc. acted as financial advisor and rendered a fairness opinion to the Board of Directors of HomeBancorp, Inc. in connection with this transaction.
Ward and Smith, P.A., represented First Citizens in the transaction; Covington & Burling LLP represented HomeBancorp.Additional InformationIn connection with the proposed merger, HomeBancorp will prepare and send a proxy statement to each of its shareholders. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE MERGER WHEN IT BECOMES AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THAT DOCUMENT, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.
About First Citizens BankFounded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank serves customers at more than 500 branches in 21 states. First Citizens Bank is a wholly owned subsidiary of First Citizens BancShares, Inc. (FCNCA), which has $34 billion in assets. For more information, call toll free 1.888.FC DIRECT (1.888.323.4732) or visit firstcitizens.com. First Citizens Bank. Forever First®.
About HomeBancorp Inc. and HomeBancHomeBanc is a principal operating subsidiary of HomeBancorp, Inc., a Tampa-based holding company that was established in 2007. The bank operates 13 retail offices and offers a variety of retail deposit products, along with SBA, USDA and commercial mortgage loan products. For more information, visit www.homebanc.com.Story ContinuesContacts: Terry Haggerty Dana Cluckey Debra Hanses Novakoski919.
716.7459 813.549.7160 813.549.7158First Citizens Bank HomeBancorp HomeBancorpSee Also: Appliance Parts Billings Mt
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Home equity lines of credit are offered and originated by Citizens Bank, N.A. (NMLS ID# 433960) or Citizens Bank of Pennsylvania (NMLS ID# 522615). All loans are subject to approval. *Weighted average interest rate savings based on the difference in interest rate provided by 28,590 actual customers and the interest rate they received by refinancing their federal and private student loans through our Education Refinance Loan between August 1, 2016 and July 31, 2017.
The borrower's Interest rate savings might vary based on the interest rates they qualify for, chosen terms and previous interest rate of the loans they are seeking to refinance. The borrower's overall interest rate may be higher than the interest rate on the loans they are refinancing even if their monthly payments are lower. 1Average savings based on 28,590 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between August 1, 2016 and July 31, 2017.
The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower. 2 Average savings of $643 are calculated using the 2016/2017 Award Year Federal Direct PLUS Loan program reporting (as of 5/03/2017 for quarter ending December 31, 2016 not including Grad PLUS) of originations of ~$11.
1 billion to 740,097 borrowers through 769,597 loans with an average loan size of $15,035.30. Average fee savings is possible with either private student loan option we offer, including the Citizens Bank Student Loan® or the Citizens Bank Student Loan® for Parents. 3 Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month.
As of #ProductLine=Edfi|Brand=citizensbank|ProductAttribute=libor::liborAsOfDate#, the one-month LIBOR rate is #ProductLine=Edfi|Brand=citizensbank|ProductAttribute=libor::libor#%. Variable interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|productName=ERL|rateType=Variable|repaymentType=Immediate|loanType=Undergraduate|term=5|basedOn=50,000|ProductAttribute=loanOptions::repaymentExample::min::rate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|productName=ERL|rateType=Variable|repaymentType=Immediate|loanType=Undergraduate|term=20|basedOn=50,000|ProductAttribute=loanOptions::repaymentExample::max::rate# (#ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|productName=ERL|rateType=Variable|repaymentType=Immediate|loanType=Undergraduate|term=5|basedOn=50,000|ProductAttribute=loanOptions::repaymentExample::min::APR# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|productName=ERL|rateType=Variable|repaymentType=Immediate|loanType=Undergraduate|term=20|basedOn=50,000|ProductAttribute=loanOptions::repaymentExample::max::APR# APR) and will fluctuate over the term of the borrower's loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer.
Fixed interest rates range from #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|productName=ERL|rateType=Fixed|repaymentType=Immediate|loanType=Undergraduate|term=5|basedOn=50,000|ProductAttribute=loanOptions::repaymentExample::min::rate# - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|productName=ERL|rateType=Fixed|repaymentType=Immediate|loanType=Undergraduate|term=20|basedOn=50,000|ProductAttribute=loanOptions::repaymentExample::max::rate# (4.
74% - #ProductLine=Edfi|Brand=citizensbank|ProductSet=erlProductSet|productName=ERL|rateType=Fixed|repaymentType=Immediate|loanType=Undergraduate|term=20|basedOn=50,000|ProductAttribute=loanOptions::repaymentExample::max::APR# APR) based on applicable terms ,level of degree earned and presence of a co-signer. Lowest rates shown are for eligible applicants, require a 5-year repayment team and include our Loyalty and Automatic Payment discounts of 0.
25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate Plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. 4 U.S. Dept. of Education. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement.
For Loans first disbursed between October 1, 2017 and September 30, 2018 the origination fee is 4.264%. The investment products and financial strategies suggested herein are subject to investment risk, including possible loss of principal amount invested. There can be no guarantee the suggested strategies will lead to successful outcomes. Investment decisions should be based on each individual’s goals, time horizon and tolerance for risk.
Securities, Insurance and Investment Advisory Services offered through Citizens Securities, Inc. (“CSI”), also referred to as Citizens Investment Services. Citizens Securities, Inc. is an SEC registered investment adviser and Member - FINRA and SIPC. 770 Legacy Place, MLP240, Dedham, MA 02026. (800) 942-8300. Citizens Securities, Inc. is an affiliate of Citizens Bank, N.A. and Citizens Bank of Pennsylvania.
SpeciFi ℠ is made available through CSI. Portfolio management services are sub-advised by SigFig Wealth Management, LLC (“SigFig”), an SEC registered investment adviser. SigFig is not an affiliate of CSI, Citizens Bank, N.A., or Citizens Bank of Pennsylvania. Securities are:● NOT FDIC INSURED ● NOT BANK GUARANTEED ● MAY LOSE VALUE ● NOT A DEPOSIT ● NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Banking products are offered through Citizens Bank.
Citizens Bank is a brand name of Citizens Bank, N.A. and Citizens Bank of Pennsylvania. Deposit accounts held at Citizens Bank, N.A. and Citizens Bank of Pennsylvania are separately insured. Member FDIC Wireless carrier, text and/or charges may apply.