Hunton Andrews Kurth Represents Entegra Financial Corp. in Merger with First Citizens BancShares, Inc.

Hunton Andrews Kurth LLP represented Entegra Financial Corp. (Nasdaq: ENFC), the parent company of Entegra Bank, a North Carolina-chartered bank (collectively, “Entegra”), in a merger with First Citizens BancShares, Inc. (Nasdaq: FCNCA) and certain of its subsidiaries (collectively, “First Citizens”). The definitive agreement and plan of merger with First Citizens was executed April 23, 2019, after Entegra terminated an earlier merger-of-equals transaction with a different buyer (on which Hunton Andrews Kurth also represented Entegra). Entegra shareholders will receive $30.18 per share in cash in consideration of their shares in the merger with First Citizens. The $219 million merger closed at 11:59 p.m. on December 31, 2019.

Financial institution practice chair Peter Weinstock and corporate partner Eric Markus led the transaction with assistance from partners Steven Haas, Brian Marek and Beth Whitaker and associates Candace Moss, Zachary Silvers and Chelsea Lomprey. Partner Anthony Eppert and associate David Branham handled employment and benefit matters; partner Ed Fuhr and counsel Johnathon Schronce handled the plaintiffs’ lawsuits that sought changes to Entegra’s proxy statement; partner Jeff Blair and Caitlin Sawyer handled tax issues; and partner Eric Murdoch handled environmental issues.