First Citizens Bank of North Carolina is buying First Citizens Bank and Trust in South Carolina.
First Citizens will become the sixth-largest bank headquartered in the Southeast with 575 branches in 18 states and the District of Columbia.
The agreement by the Raleigh bank and the Columbia, South Carolina, bank is technically a merger. It's valued between $637 million and $676 million.
The combined banks will have nearly $31 billion in total assets. They will have $26 billion in deposits and $18 billion in loans.
Raleigh's First Citizens is a publicly traded bank, but the Holding family owns a controlling interest. The Holding family also owns a controlling interest in the South Carolina bank.
The Raleigh bank's Chairman and CEO Frank Holding Jr. will lead the combined operations.