First Citizens BancShares in Raleigh, N.C., has terminated five of its nine loss-share agreements with the Federal Deposit Insurance Corp.
The $32 billion-asset First Citizens said in a press release Monday that it made a net payment of $20.1 million to the FDIC tied to the early termination. First Citizens said it will record an after-tax charge of about $2.2 million in the second quarter.
The agreements were connected to the company’s purchases of banks that failed between 2009 and 2011.
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PacWest Bancorp in Los Angeles is the latest bank to exit its loss-share agreements with the Federal Deposit Insurance Corp.
May 16 -
BNC Bancorp in High Point, N.C., is the latest company to terminate its loss-share arrangements with the Federal Deposit Insurance Corp.
May 5 -
First Citizens BancShares in Raleigh, N.C., reported higher earnings on the backs of two acquisitions.
May 7
DD&F Consulting Group in Little Rock, Ark., served as an adviser for the terminated agreements.
