Banking

Raleigh-based First Citizens completes merger with South Carolina’s First Citizens

Raleigh-based First Citizens BancShares said Friday that it has completed its previously announced merger with Columbia, S.C.-based First Citizens Bank and Trust.

The Holding family that controls the North Carolina-based First Citizens also had a controlling interest in the South Carolina bank. The merger creates the largest family-controlled bank in the nation and the sixth-largest bank headquartered in the Southeast with more than $30 billion in assets.

The bank said customers should continue to bank as they normally do, until operating systems are combined in the second half of 2015.

First Citizens is the fifth-biggest bank by deposits in the Charlotte area, with 0.74 percent market share.

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