Franklin, N.C.-based Entegra Financial Corp. shareholders approved the company's merger with Raleigh, N.C.-based First-Citizens Bank & Trust Co.
The deal is expected to close in the fourth quarter. Upon closing, Entegra Bank will initially operate as an independent brand division of First-Citizens. All customer accounts will eventually be converted to First-Citizens' systems.
Entegra and Knoxville, Tenn.-based SmartFinancial Inc. were originally slated to combine in a merger of equals valued at $158.2 million, but the deal was called off for the $219.8 million deal with First-Citizens, which agreed to pay a $6.4 million termination fee to SmartFinancial on behalf of Entegra.