First-Citizens Bank & Trust Company (First Citizens Bank) has signed a definitive agreement to acquire Entegra Financial for nearly $219.8m.

The agreement was signed after Entegra Financial terminated its earlier $158.2m merger deal with SmartFinancial.

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As a result of the termination, Entegra will pay $6.4m to SmartFinancial. The termination fee will be paid by First Citizens Bank on behalf of Entegra.

Entegra Financial acquisition: Details

Under the terms of the new agreement, each Entegra shareholder will receive cash consideration of $30.18 per share for each share of its common stock.

Entegra Financial focuses on providing deposit and loan services through its subsidiary Entegra Bank. Currently, the bank has 18 offices and two loan production offices in North Carolina, South Carolina and Georgia.

All its bank branches will become part of First Citizens after the completion of the merger.

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Entegra had $1.6bn in consolidated assets, $1.2bn in deposits and $1.1bn in loans as of 31 December 2018.

First Citizens chairman and CEO Frank Holding Jr. said: “First Citizens has a long and proud history in nearly all of these communities. We also share many core attributes with Entegra, including a commitment to service excellence and relationship banking.

“We look forward to building on the solid foundations both banks have established so that, together, we can better serve even more individuals and business.”

The Entegra Financial acquisition is expected to complete in second half of this year. The completion is subject to regulatory and shareholders’ approvals.

Earlier this year, First Citizens Bank signed a $37.5m deal to acquire Spartanburg-based First South Bancorp.