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First-Citizens Bank & Trust Company and Palmetto Heritage Bancshares Inc. announced the signing of a definitive merger agreement.

Palmetto Heritage Bancshares provides personal and business banking products and services in South Carolina coastal markets through its subsidiary, Palmetto Heritage Bank & Trust.

The agreement provides for the acquisition of Pawleys Island-based Palmetto Heritage Bancshares 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 C. Ronald Christmas, vice chairman and chief executive officer of Palmetto Heritage Bancshares.

The agreement has been approved by the boards of directors of both companies. The transaction is anticipated to close during the fourth quarter of 2018, subject to the receipt of regulatory approvals and the approval of Palmetto Heritage Bancshares shareholders. Under the terms of the agreement, cash consideration of $135 per share will be paid to the shareholders of Palmetto Heritage Bancshares for each share of its common stock.

As of June 30, 2018, Palmetto Heritage Bancshares reported $168 million in consolidated assets, $126 million in deposits and $138 million in loans.

Palmetto Heritage Bank opened in 2005 and provides banking services in coastal South Carolina through three locations in Pawleys Island, Mount Pleasant and Murrells Inlet.

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 Bank operates 137 branches in South Carolina – with 18 locations in Georgetown, Horry and Charleston counties, where Palmetto Heritage Bank has a presence.

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