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July 26, 2018

Nelson Mullins Team Represents Palmetto Heritage in First Citizens Merger

Nelson Mullins represented Palmetto Heritage Bancshares, Inc., holding company for Palmetto Heritage Bank & Trust, in a $30.1 million merger announced on July 25, 2018 with First Citizens Bank & Trust Company. First Citizens Bank is a wholly owned subsidiary of First Citizens BancShares, Inc. (Nasdaq:FCNCA), which has $34 billion in assets. Nelson Mullins’ representation of Palmetto Heritage Bancshares was led by Ben Barnhill and Eva Bateman, with assistance from Maurice Holloway, Wendy Parker, and Kathy Solley. The merger is expected to occur in the fourth quarter of 2018 following receipt of shareholder and regulatory approvals. Banks Street Partners, LLC, with Gary McNorrill as lead advisor, acted as financial advisor and rendered a fairness opinion to the Board of Directors of Palmetto Heritage Bancshares in connection with this transaction. Ward and Smith, P.A., represented First Citizens in the transaction.

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