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Community Financial Holding shareholders OK First-Citizens Bank & Trust deal

Shareholders of Duluth, Ga.-based Community Financial Holding Co. Inc. approved the company's merger agreement with Raleigh, N.C.-based First-Citizens Bank & Trust Co.

The transaction is expected to become effective in the first quarter of 2020 or as soon thereafter as practicable.

Gwinnett Community Bank, a subsidiary of Community Financial Holding, will initially operate as a division of First-Citizens Bank & Trust after the merger. Gwinnett Community Bank's customer accounts will be converted to First-Citizens Bank & Trust's systems and operations at a later date, according to a news release.

First-Citizens Bank & Trust is a unit of First Citizens BancShares Inc.