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Regulators approve First-Citizens Bank & Trust/Entegra Financial deal

First-Citizens Bank & Trust Co.'s proposal to acquire by merger Franklin, N.C.-based Entegra Financial Corp. and Entegra Bank has received the required regulatory approvals from the Federal Reserve Board, the Federal Deposit Insurance Corp. and the Office of the North Carolina Commissioner of Banks.

No further regulatory approvals are required to complete the transaction, which is expected to close on or about Dec. 31.

After the legal close of the deal, Entegra Bank will operate as a division of First-Citizens Bank & Trust.

Raleigh, N.C.-based First-Citizens Bank & Trust is a subsidiary of First Citizens BancShares Inc.