RALEIGH —First Citizens BancShares, Inc., the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc., the parent company of CIT Bank, N.A., jointly announced that their previous proposal to merge the two companies has received approval from the Board of Governors of the Federal Reserve System. The merger had previously received approvals from the Federal Deposit Insurance Corporation and the Office of the North Carolina Commissioner of Banks.
Completion of the proposed merger is expected to occur as soon as this month. The combined company will operate under the First Citizens name and establish a top 20 bank in the United States based on assets. The merger will bring together First Citizens Bank’s retail franchise and full suite of banking products and CIT’s nationwide commercial lending franchise and direct online bank.
Raleigh-headquartered First Citizens is one of the largest family-controlled banks in the United States. Founded in 1898, the bank provides a range of financial products and operates a network of branches in 19 states that include many high-growth markets.
CIT is a national bank and part of a financial holding company with over a century of experience. CIT’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management.
Frank B. Holding Jr., First Citizens chairman and chief executive officer, said, “We’re very pleased to have received regulatory approvals as we continue our preparations for completing this transformational merger. We look forward to combining the capabilities of both banks to serve a broader spectrum of businesses and individuals, while offering even more convenience, scale and value.”
Ellen R. Alemany, CIT chairwoman and chief executive officer, said, “This marks another key milestone in our journey to build on the extensive expertise of CIT and First Citizens and leverage the best of both companies to deliver greater opportunities for our clients and support the needs of our communities.”
Upon completion of the merger, bank officials say there will be no immediate change to customers’ current accounts, and they will be able to continue to access their accounts as they do today—through their current websites, mobile apps and branch locations.
