Milwaukee-based Capital Commerce Bancorp has completed its merger with First-Citizens Bank & Trust Co. of Raleigh, N.C.
The businesses announced the move Tuesday and said the change will enhance First Citizens Bank’s operations in Wisconsin, particularly in the Milwaukee area.
Four branch offices of Securant Bank & Trust, a subsidiary of Capital Commerce, will initially operate as a division of First Citizens Bank. Customers’ accounts will convert to First Citizens Bank’s systems at a later date.
Frank Holding Jr., the chairman and chief executive officer of First Citizens Bank, said in a news release that the merger allows his company to grow its Milwaukee-area presence.
Capital Commerce shareholders voted Sept. 6 to approve the merger agreement. The Federal Deposit Insurance Corp., the North Carolina Commissioner of Banks, and the Wisconsin Department of Financial Institutions also signed off on the transaction, the release says.
Read more in the Milwaukee Business Journal.