Arnold & Porter Advises First Citizens Bank in Acquisition of 138 New Branches

Arnold & Porter recently served as outside co-counsel to First Citizens Bank & Trust Company, the bank subsidiary of First Citizens BancShares, Inc., in connection with its acquisition of select branch offices from BMO Bank N.A. As part of the transaction, announced on October 16, First Citizens Bank will acquire 138 branches across 11 states, $5.7 billion in deposit liabilities, and $1.1 billion in loans, enabling expansion into key new markets.

Arnold & Porter’s role included handling matters involving the transfer of the deposits connected to the branch offices and the related portfolio of commercial and consumer loans, as well as handling all bank regulatory matters.

The Arnold & Porter team was led by partners Robert Azarow, David Freeman, and Amber Hay, and included partner Rashmi Seth, senior counsel Christopher Allen, counsel Peter Danias, Stephanie Nygard, Anthony Raglani, and Erik Walsh, and associates Greg Criscitello, Trevor Kirby, and Jacob Saracino.