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First-Citizens Bank & Trust pays FDIC to end Venture Bank loss-share agreement

First-Citizens Bank & Trust Co. on March 28 paid $286,000 to the Federal Deposit Insurance Corporation to allow for early termination of the bank's loss-share agreement for failed Venture Bank, according to a Form 8-K filed April 3.

On Sept. 11, 2009, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank to assume all deposits of Venture Bank, which was closed by the Washington Department of Financial Institutions. In connection with that failure, the bank also entered into a loss-share agreement with the FDIC on roughly $715 million of Venture Bank's assets.

The Raleigh, N.C.-based bank is a unit of First Citizens BancShares Inc.