Last updated on May 14th, 2019 at 05:05 am
The transaction is expected to close by the fourth quarter, pending regulatory and shareholder approvals. First-Citizens has agreed to pay out $4.75 per share to Capital Commerce shareholders, but did not disclose the total acquisition price.
Established in 1914, Menomonee Falls-based Securant has branches in Menomonee Falls, Hartland, Slinger and on Milwaukee’s northwest side. It has $216 million in total assets, $171 million in deposits and $181 million in gross loans.
It is business as usual for Securant customers until the transaction closes. The bank will eventually join First-Citizens operations.
“Like Securant, First Citizens has a long and illustrious history, and we share a similar foundation of core values,” said David Davis, president and chief executive officer of Capital Commerce. “The two companies are very well suited for one another. We believe this merger is in the best interests of our shareholders, customers and employees. Our customers will benefit from First Citizens’ wide offering of retail products and services and their deep business and commercial banking experience.”
First-Citizens last year acquired Brown Deer-based Guaranty Bank after it was shut down by federal regulators. First-Citizens now operates 11 Milwaukee-area branches, one of which is from a previous acquisition. The other 10 branches are still under the Guaranty Bank name, but will undergo a name change and systems conversion in early August. First-Citizens has more than 500 branches in 19 states and its parent company First Citizens BancShares has $34 billion in assets.
“This agreement will allow us to expand our presence and enhance our banking efforts — especially our business and commercial focus — in the Greater Milwaukee area,” said Frank Holding Jr., chairman and CEO of First-Citizens. “Combining with a bank like Securant that has a similar history, mission and purpose is a natural fit and will create value for shareholders and customers alike. Securant has a tremendous banking heritage, and we look forward to building on what they’ve accomplished.”