Press Release -- The Exchange Bank of South Carolina, Inc. and First Citizens Bank And Trust Company, Inc., both wholly-owned subsidiaries of First Citizens Bancorporation, Inc., today announced they have executed a definitive agreement to merge. The transaction, approved by the Board of Directors of both companies, is subject to approvals by regulatory agencies. The transaction is expected to close in July 2011.

"This proposed merger would be very positive for our community and would give our customers additional banking locations throughout the state and in Georgia," stated John Martin, president and chief executive officer of The Exchange Bank of South Carolina, Inc. "First Citizens prides itself on creating unrivaled relationships with its customers, and the bank's conservative banking philosophy has served it well throughout periods of economic uncertainty. First Citizens has already established itself as a strong community partner, and we look forward to growing with them."

First Citizens Bank and Trust Company, Inc. acquired the banking operations and five branch locations of Williamsburg First National Bank, headquartered in Kingstree, S.C., from the FDIC on July 23, 2010. The Exchange Bank of South Carolina, Inc. operates three branches in Kingstree and one branch in Andrews, S.C.

"This merger facilitates our responsible growth plan in the eastern portion of South Carolina, and allows us to operate more efficiently," said First Citizens President and Chief Operating Officer Peter Bristow. "Our similar styles of banking, along with a deep understanding of customer service and accountability, will ensure a seamless transition for associates and customers of The Exchange Bank of South Carolina, Inc. We look forward to enhancing our existing valuable relationships within the market, and as always, welcome the opportunity to demonstrate our high standard of customer service to those now with increased access to our convenient locations."