first citizens bank acquires cit

The combined company, which will now operate under the First Citizens name, has more than $100 billion in assets, serving more than 600 branches in 22 states and a national direct bank. Visit firstcitizens.com. This includes the conversion of CITs mortgage origination and treasury management operations, as well as its retail branches. Will there be any changes to my First Citizens banking relationships? CIT has $61.7 billion in assets and 92 branches in nine states. Many bank CEOs see the end of work from home coming soon, but other industry leaders are not so sure. First Citizens BancShares Inc. agreed to buy CIT Group Inc. in a deal valued at more than $2 billion, this year's second-biggest regional bank merger. Kansas Spine & Specialty Hospital is a regional center for diagnosing and treating disorders of the spine, neck and joints, and is recognized as one of America's 100 best hospitals for spine surgery by Becker's Hospital Review. Forward-looking statements include statements about the benefits to First Citizens of the merger with CIT (collectively, the "Merger"), and First Citizens' future financial and operating results, plans, objectives and intentions. Holding Jr., First Citizens chairman and chief executive officer. Cautionary Notes Regarding Forward-Looking StatementsCertain of the statements made in this Press Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CIT has $61.7 billion in assets and 92 branches in nine states. First Citizens BancShares Inc. and CIT Group Inc. recently merged, creating a top 20 US financial institution with more than $100 billion in assets. Please enable Javascript to proceed. Member FDIC and an Equal Housing Lender. Follow this author to stay notified about their latest stories. icon: sys-ehl. Search by city and state or ZIP code. The initial merger announcement anticipated that the transaction would receive all regulatory approvals by mid-2021.Whilst the merger has received approval from the Office of the North Carolina Commissioner of Banks and the Federal Deposit Insurance Corporation, the Fed is yet to approve the merger. First Citizens Bank is positioned to be a one-stop financial services destination for customers across the country, providing a full suite of retail, business, commercial and wealth products and services. lexa.tutela@firstcitizens.com, Kayne Anderson Capital Advisors The contents of any website referenced in this communication are not incorporated by reference herein. As the largest family-controlled bank in the U.S., First Citizens is. Under the transaction terms, First Citizens shareholders own about 61 percent of the combined company, with CIT Group (NYSE: CIT) owning 39 percent. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. NEW YORK, Jan. 2, 2020 / PRNewswire / -- CIT Group Inc. (NYSE: CIT) today announced that its banking subsidiary, CIT Bank, N.A., completed the acquisition of Mutual of Omaha Bank on Jan. 1, 2020. During the conversion process, First Citizens Digital Banking was temporarily unavailable. FitLife Brands, a provider of nutritional supplements, entered into definitive documentation to acquire Mimi's Rock. For more information, visit our Treasury Management Transition Center. The contents of any website referenced in this communication are not incorporated by reference herein. All forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements, including, among others, (1) disruption from the Merger, or recently completed mergers, with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities, (3) reputational risk and the reaction of the parties customers to the Merger, (4) the risk that the cost savings and any revenue synergies from the Merger may not be realized or take longer than anticipated to be realized, (5) general competitive, economic, political and market conditions, and (6) difficulties experienced in the integration of the businesses. Share by email icon, clcik here to share current page content by email. As Seen on KLFY; Local News; Louisiana News; National News CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group is a highly respected financial services company that provides an array of sophisticated financial tools, including treasury management, loans and specialized leasing, as well as advisory services to middle-market companies and small businesses nationwide. "For First Citizens customers, everything they count on us for will stay the same: same service, same values, same commitment to helping them do more with their money. Operating together as First Citizens, we're now the largest family-controlled bank in the nation. You can find additional information regarding your transition on this webpage. Application by First Citizens BancShares, Inc. to Acquire Merger A. by CIT Group, Inc. and CIT Bank, N.A. We're well positioned to continue to increase value for our customers and shareholders. Personal Checking For all of your banking needs. Citizens, CIT (a division of First Citizens Bank), and Webster Bank acted as lead arrangers on the debt financing, with Citizens also acting as financial advisor to Antin. This transaction will build on those efforts and more fully unlock the potential in our core franchises. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. "We appreciate working with the knowledgeable and efficient team at CIT Healthcare Finance to arrange financing for our acquisition of this valuable portfolio. Additional factors which could affect the forward-looking statements can be found in First Citizens' Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other filings with the Securities and Exchange Commission (the "SEC"), and inCIT's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as amended on Form 10-K/A, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other filings with theSEC. Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. RALEIGH, N.C.First Citizens BancShares Inc. (NASDAQ:FCNCA) ("First Citizens"), parent company of First-Citizens Bank & Trust Company ("First Citizens Bank"), today announced completion of its previously announced merger withCITGroup Inc. ("CIT"). We took special care in the transition of these critical functions to our powerful treasury management platforms. Qualify and Close business opportunities to meet or exceed monthly origination targets and acquisition goals; Advise customers on . Citizens M&A Advisory served as the exclusive financial advisor to The Acacia Group, an independent sponsor specializing in digital transformation, on its acquisition of Isos Technology, an award-winning Atlassian Platinum and Enterprise Solution Partner with customers across the public and private sectors. In the long term, all our customers will get even more services, more ways to manage their money and more places to find us.". First Citizens Bank is positioned to be a one-stop financial services destination for customers across the country, providing a full suite of retail, business, commercial and wealth products and services. The board now consists of 11 current First Citizens directors and three formerCITboard membersAlemany, Michael A. Carpenter and Vice Admiral John R. Ryan,USN(Ret.). The authors argue . Holding Jr., First Citizens chairman and chief executive officer. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.". Will I be able to get up and running quickly? CIT Bank is now a division of First Citizens Bank. First Citizens Bank 5-Star First-Citizens B&TC, Raleigh, NC purchased the $48 billion asset CIT Bank, Pasadena, CA. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money and make more of their future. Select if this is your first time logging in to digital banking, Enjoy greater banking convenience from any location and an even larger network of First Citizens branches across 19 states coast to coast, Count on a wider network of specialists in specific industries and financial disciplines who can deliver custom strategies for growing your business or managing your personal assets, Our commercial banking enhancements will bring a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses. What about my loan and credit relationships? This plan expands on the two companies' work to support affordable home ownership, small business lending and community development. He cited each companys long history of M&A. According to the firms, First Citizens stockholders will own approximately 61% and CIT stockholders will own approximately 39% of the combined company. You may opt-out by. to create an institution with more than $100 billion . "We are proud to help contribute value to their business plans alongside financing.". 919-716-2716, Deanna Hart For media inquiries, please email [email protected] or call 202-452-2955. It is on the list of largest banks in the United States.. As of December 31, 2019, the company operated 574 branches in 19 states; however, 72% of the bank's deposits were in North Carolina and South Carolina.. For three generations, the bank has been led by . The Consumer Financial Protection Bureau expects mortgage servicers to offer streamlined loss mitigation options to borrowers experiencing financial hardship even if it's not related to COVID-19. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Share by email icon, clcik here to share current page content by email. This merger preserves all the things you value about us. (Member FDIC, Equal Housing Lender). First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. Call Us Reach out and we'll help. As the largest family-controlled bank in the United States, First Citizens Bank is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations.. A CIT spokeswoman told American Banker to direct all questions to First Citizens, which did not immediately respond to a request for comment Friday. Founded in a rural North Carolina town in 1898, First Citizens has operated under the leadership of the North Carolina-based Holding family since 1935, surpassing $1 billion in assets by 1974 and opening its first branches outside of the state in 1994. First Citizens BancShares in Raleigh, North Carolina, said its long-awaited integration of CIT Group in New York is progressing smoothly after the deal was delayed for several months last year amid heightened regulatory scrutiny. RALEIGH, N.C., Jan. 4, 2022 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), parent company of First-Citizens Bank & Trust Company ("First. His next challenge: a looming economic downturn. In addition to its Raleigh, N.C., headquarters, First Citizens operates significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations. First Citizens reported first-quarter net income of $264 million, or $16.70 per share, up from $142 million, or $14.53 per share, a year earlier. First Citizens announced the acquisition of CIT Group in October 2020 for an implied value of $21.91 per share, valuing CIT Group at just 44% of tangible book value (TBV), which is a bank's equity . North Carolina-headquartered First Citizens is now a top 20 U.S. financial institution (based on assets), with more than $100 billion in assets, and the largest family-controlled bank in the nation. 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