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ENFC

Entegra Financial

$23.72

0.04 (0.17%)

, FCNCA

First Citizens

$442.54

10.08 (2.33%)

08:59
04/24/19
04/24
08:59
04/24/19
08:59

Entegra Financial, First Citizens announce merger agreement

First-Citizens Bank & Trust Company (FCNCA) and Entegra Financial Corp. (ENFC) announced the signing of a definitive merger agreement. Entegra provides deposit and loan services through its subsidiary, Entegra Bank. The agreement provides for the acquisition of Franklin, N.C.-based Entegra Financial Corp. by First Citizens Bank, which is headquartered in Raleigh, N.C. The announcement was made jointly by Frank B. Holding Jr., chairman and CEO of First Citizens Bank, and Roger Plemens, president and CEO of Entegra. The agreement has been approved by the boards of directors of both companies. The transaction is anticipated to close during the second half of 2019, subject to the receipt of regulatory approvals, the approval of Entegra's shareholders and the satisfaction of other customary closing conditions. Under the terms of the agreement, (1) cash consideration of $30.18 per share will be paid to the shareholders of Entegra for each share of its common stock and for each restricted stock unit after conversion to common stock, (2) each Entegra option will be canceled and each option holder will receive a cash payment and (3) no consideration will be paid to First Citizens Bank or its affiliates as a result of their ownership of shares of Entegra's common stock. As of April 24, First Citizens Bank and/or its affiliates own approximately 1.56% of Entegra's outstanding common stock. The total transaction value, including termination fee, is anticipated to be approximately $219.8M. On January 15, 2019, Entegra announced it had entered into a definitive agreement to combine with SmartFinancial (SMBK) in a strategic merger of equals, in which each share of Entegra common stock would be converted into 1.215 shares of SmartFinancial common stock. Based on the closing price of SmartFinancial's common stock of $18.40 on January 14, 2019, this implied a transaction value of $22.36 per share, or approximately $158.2 million. Sandler O'Neill + Partners, L.P. acted as financial advisor to Entegra in connection with this transaction. Raleigh-based Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP represented First Citizens in the transaction; Hunton Andrews Kurth LLP represented Entegra.

ENFC

Entegra Financial

$23.72

0.04 (0.17%)

FCNCA

First Citizens

$442.54

10.08 (2.33%)

SMBK

SmartFinancial

$19.80

0.11 (0.56%)

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    Jun

ENFC Entegra Financial
$23.72

0.04 (0.17%)

01/16/19
COMP
01/16/19
DOWNGRADE
COMP
Neutral
Entegra Financial downgraded to Neutral from Buy at Compass Point
01/18/19
SDLR
01/18/19
DOWNGRADE
SDLR
Hold
Entegra Financial downgraded to Hold from Buy at Sandler O'Neill
01/18/19
01/18/19
DOWNGRADE
Target $22

Hold
Sandler O'Neill downgrades Entegra Financial to Hold after SmartFinancial deal
As previously reported, Sandler O'Neill analyst Peter Ruiz downgraded Entegra Financial (ENFC) to Hold from Buy after the company's announcement Tuesday of a deal to merge with SmartFinancial (SMBK). He was "somewhat surprised" that the buyout price was a modest discount to Entegra last trade prior to announcement, as he thought the scarcity value of the franchise might have justified a more significant premium, Ruiz tells investors. However, he can see the long-term strategic benefits of the combination, which will create a sizeable Southeast community franchise, he added. He lowered his price target on Entegra shares to $22 from $27.
02/25/19
FIGP
02/25/19
UPGRADE
FIGP
Outperform
Entegra Financial upgraded to Outperform from Market Perform at Fig Partners
FCNCA First Citizens
$442.54

10.08 (2.33%)

SMBK SmartFinancial
$19.80

0.11 (0.56%)

06/26/18
06/26/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Netflix (NFLX) initiated with an Outperform at Imperial Capital. 2. Eloxx Pharmaceuticals (ELOX) initiated with a Buy at SunTrust. 3. Spotify (SPOT) initiated with an Overweight at Barclays. 4. SmartFinancial (SMBK) initiated with an Equal Weight at Stephens. 5. 21st Century Fox (FOXA) initiated with a Buy at Buckingham. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/22/19
FIGP
02/22/19
INITIATION
Target $23
FIGP
Outperform
SmartFinancial initiated with an Outperform at Fig Partners
Fig Partners initiated SmartFinancial with an Outperform and $23 price target.
03/04/19
SDLR
03/04/19
INITIATION
Target $23
SDLR
Buy
SmartFinancial initiated with a Buy at Sandler ONeill
Sandler O'Neill initiated Smart Financial with a Buy and $23 price target.

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