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Biscayne Bancshares stockholders OK First-Citizens Bank deal

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Biscayne Bancshares stockholders OK First-Citizens Bank deal

Biscayne Bancshares Inc. stockholders approved First-Citizens Bank & Trust Co.'s pending acquisition of the Coconut Grove, Fla.-based company and subsidiary Biscayne Bank.

The merger is anticipated to take effect during the second quarter, after which Biscayne branch offices will initially operate as Biscayne Bank, a division of First-Citizens Bank. Biscayne's customer accounts will be converted to First-Citizens Bank's systems and operations later.

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