First Citizens Bank and Trust Co. seeks to enhance its presence in South Carolina with its acquisition of a bank in Spartanburg for $37.5 million, according to a press release.

The Raleigh, North Carolina-based commercial bank announced Thursday the approval of an agreement that will see First Citizens acquire First South Bancorp, Inc., which has four branches in South Carolina.

Those four branches will become part of First Citizens once the transaction closes, which is expected to finish as soon as the second quarter of 2019. Shareholders of First South will be paid cash of $1.15 per share.

The deal adds to First Citizens’ nationwide operation of more than 550 locations nationwide. It currently operates 138 branches in South Carolina.

Completing its first acquisition of 2019, deal-hungry First Citizens continued its run of bank acquisition. In 2018, First Citizens has already completed or announced mergers with four community banks, including a bank in South Carolina.

On Nov. 1 last year, First Citizens completed an acquisition of Pawleys Island, South Carolina-based Palmetto Heritage Bancshares Inc. that gave it three new branches in the state.

“First Citizens Bank has an extensive and proud history in the state, and we look forward to serving our new customers pending completion of this merger,” First Citizens CEO Frank B. Holding said in a statement.

Barry L. Slider, First South’s CEO, said that both banks shared similar philosophies of strong commitment to their customers.

“The proposed merger will allow us to continue to give a highly personalized banking experience to our clients, while providing them with an enhanced set of products and services in the months to come,” Slider said.

First South, which was founded in 1996, reported $237 million in total assets, $195 million in deposits and $173 million in loans as of Sept. 30, 2018.

As of that same date, First Citizens reported nearly $35 billion in total assets, $30.1 billion in deposits and $24.6 billion in loans.

After the market opened on early Friday, First Citizens’ parent company, First Citizens Bancshares Inc., was trading at $394.85, down slightly from previous day’s closing price.