Citizens Bank Expands Reach by Acquiring Laurinburg Branch from First Capital Bank

In a significant move aimed at strengthening its presence in the southeastern United States, Citizens Bancshares Corporation has announced that it will acquire the Laurinburg, North Carolina branch of First Capital Bank. This acquisition, formalized through a Purchase and Assumption Agreement, is poised to enhance the community banking landscape in the region, reinforcing Citizens Bank’s commitment to customer service and local economic support.

The agreement, unveiled on May 28, 2025, means that The Citizens Bank will assume specific deposit liabilities, along with acquiring loans, cash, and various fixed assets from the First Capital Bank location. Once the transaction is completed, the Laurinburg branch will operate under The Citizens Bank branding, continuing its dedication to serve customers within Laurinburg and surrounding communities, a commitment that has been a hallmark of First Capital Bank’s local operations.

A Legacy of Community Focus

The President of The Citizens Bank, Thomas Bouchette, expressed enthusiasm for this strategic expansion, emphasizing the bank’s responsibility to uphold the legacy of being a hometown community bank. The Citizens Bank has a storied history of over 80 years in similar markets and boasts a robust operational framework with over $1 billion in assets and 24 branches throughout South Carolina. This experience uniquely positions it to address the banking needs of First Capital Bank's customers effectively.

“This transaction aligns perfectly with our community banking mission, providing us the opportunity to deepen our footprint in North Carolina,” Bouchette stated. “We are excited to welcome the Laurinburg community into the Citizens Bank family and to continue fostering local relationships.”

Commitment to Local Growth

Harvey Glick, the Executive Chairman of First Capital Bank, praised the transaction, highlighting Citizens Bank’s established track record in customer service. He mentioned that this acquisition represents not just a financial move but also the continuation of efforts to support the residents of Scotland County. “Citizens Bank’s investment in Laurinburg signals a renewed commitment to the local economy,” Glick noted.

The acquisition is expected to facilitate a seamless transition for both employees of the Laurinburg branch and its customers. With an emphasis on maintaining the quality of financial products and services, customers can anticipate the same personal touch, which has characterized First Capital Bank. Both Banks are dedicated to ensuring that this transition is smooth and beneficial for all stakeholders involved.

Pending regulatory approvals, the transaction is slated for closure in the fourth quarter of 2025. Customers at the Laurinburg branch will receive detailed communications regarding the transition in the upcoming weeks, ensuring they are well-informed of future service offerings.

The Road Ahead

As Citizens Bank prepares for this expansion, it remains committed to its foundational principles of community banking. Through this acquisition, the bank aims not only to strengthen its operations but also to invigorate the local economy in Laurinburg – a goal that resonates deeply with its community-focused mission. The Citizens Bank looks forward to growing its legacy of service and contributing actively to the prosperity of the Laurinburg area.

With the backing of Performance Trust Capital Partners, LLC as financial advisor and Wyrick Robbins Yates & Ponton LLP as legal counsel, Citizens Bank is strategically positioned to navigate the complexities of the acquisition process. Furthermore, Piper Sandler & Co. provided financial advisory services to First Capital Bank, reinforcing the professional guidance behind this substantial transaction.

As Citizens Bancshares Corporation embarks on this new chapter, local residents and businesses can expect an incoming wave of enhanced banking services designed to promote financial stability and growth in their community. The transition holds promise not just for The Citizens Bank but for the entire region, setting the stage for continued progress and community enrichment in North Carolina.