FIRST CITIZENS BANCSHARES, INC. First Citizens Bancshares, Incorporated has elected Floyd Keels, Robert Hoppe and Peter Bristow to its board of directors. Their election is effective upon completion of the proposed merger of Columbia, S.C.- based First Citizens Bancorporation into Raleigh, N.C.- headquartered BancShares. The pending merger has received all regulatory approvals and is expected to become effective October 1, 2014.
Shareholders of each company voted to approve the proposed merger on September 16, 2014. The combined company's board of directors will be comprised of members from both organizations; Keels, Hoppe and Bristow have each served on Bancorporation's board of directors. Each of these directors will also serve as a director of BancShares' First Citizens Bank subsidiary.
The merger of the two bank subsidiaries - Bancorporation's First Citizens Bank and Trust Company, Inc. into BancShares' First Citizens Bank - will follow at a later time. Floyd L. Keels is president and CEO for Santee Electric Cooperative, Inc. Robert R. Hoppe retired as partner from PricewaterhouseCoopers LLP in 2007 after thirty-four years of service. Peter M. Bristow, 48, is currently executive vice president of Bancorporation and president and COO of First Citizens Bank of Columbia, S.C.
