According to the Complaint, Entegra Financial Corp. is the holding company of Entegra Bank. Entegra Bank operates a total of eighteen branches located throughout the Western North Carolina counties of Cherokee, Haywood, Henderson, Jackson, Macon, Polk, and Transylvania; the Upstate South Carolina counties of Anderson, Greenville, and Spartanburg; and the North Georgia counties of Pickens and Hall.
This action stems from a proposed transaction announced on April 24, 2019, pursuant to which of Entegra Financial Corp. will be acquired by First Citizens BancShares, Inc.
On April 23, 2019, Entegra’s Board of Directors caused the Company to enter into an agreement and plan of merger with First Citizens. Pursuant to the terms of the Merger Agreement, shareholders of Entegra will receive $30.18 in cash for each share of Entegra they own.
On May 24, 2019, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction.
The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.
This case was voluntarily dismissed on July 31, 2019.