Member FDIC and an Equal Housing Lender. About First Citizens First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. FitLife Brands, a provider of nutritional supplements, entered into definitive documentation to acquire Mimi's Rock. 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 has bought more than 25 banks over the past decade. (Member FDIC, Equal Housing Lender). The CIT family of companies includes a direct bank, offering a full array of consumer and small business banking products via digital and telephone access. The merger will create a new US bank with over . Prior to the merger, First Citizens was actually the smaller of the two, with $48 billion in assets and a 550-branch footprint in 19 states. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.". icon: sys-ehl. What kind of user experience can I expect? Forever First means the name on our door will stay the same for years to come. Steven Mnuchin, now secretary of the Treasury, joined CIT as vice chairman in the 2015 acquisition. As of the firm's latest proxy filing, the Holding family retains a majority of voting power over First Citizens, and Christopher Marinac, director of research for Janney Montgomery Scott, reportedly estimates the family will have about 32% of the combined company's shares. CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Will there be any changes to my First Citizens banking relationships? Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.". 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Web Address: firstcitizens.com Headquarters: 239 Fayetteville Street, Raleigh, North Carolina 27601 FIRST CITIZENS BANK INFORMATION First Citizens Bank was founded in January 1898 and is based in Raleigh, North Carolina. | noon ET, Presented by studioID, Slalom and Salesforce, bought Pasadena, California-based OneWest Bank, 8 takeaways from the House committee hearing on FTX, JPMorgan shuts down college-aid site Frank amid legal dust-up, Why Citi expects to see more of its less productive workers, BNY Mellon to lay off 1,500 employees this year, Too-big-to-manage banks could be broken up, OCC says, CEO of bank software firm Temenos steps down, 5 Best Examples of Conversational Marketing, How Small Banks and Credit Unions Can Compete with Big Tech in 2023, How credit unions are progressing in the competitive landscape, The New Bankers to the World Arent on Wall Street, Goldman to exit personal loans as Marcus reshuffle continues, Epstein Victim Claims Staley Witnessed Abuse, 3 Quick Ways to Meet Your Customers Service Expectations in Financial Services, Humanizing the Digital Banking Experience: Robots dont build customer loyalty, Grasshopper, Ramp partner on small-business corporate card, Three Arrows, CoinFlex founders eye new exchange to help FTX victims, Raleigh, North Carolina-based First Citizens BancShares and New York City-based CIT Group are merging in a move that will create the nation's 19th-largest bank with nearly $110 billion in assets, the banks, Expected to close in the first half of 2021, the all-stock deal, which. "I'm proud of the work we have done to transform CIT in recent years to a leading, national commercial bank. First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens Bank We want you to retain your current relationships whenever possible. 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 in CIT'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 the SEC. The $49-billion asset First Citizens BancShares (FCNCA 4.25%) is merging with the $61-billion asset CIT Group in an all-stock deal that will create the 19th largest bank in the U.S., it was . Please enable Javascript to proceed. CIT'sHealthcare Financeunit provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital. As Seen on KLFY; Local News; Louisiana News; National News We're creating a better bank that delivers more value for all the constituents we serveincluding greater resources, new expertise and banking convenience for customers like you. Key Rating Drivers IDRs and Viability Ratings (VRs) 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. A free inside look at CIT salary trends based on 3 salaries wages for 4 jobs at CIT. As a family-controlled bank, we have a tradition of staying true to the businesses and communities who depend on us. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. RALEIGH, N.C. and NEW YORK, July 14, 2021 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), the . 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 move comes a week after the Federal Reserve extended a public comment period on the same merger through the same day. CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. CIT's outstanding preferred stock has been assumed by FCNCA. 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 . In its earnings release, the bank said it remains confident in its ability to execute on its previously communicated $250 million in total cost savings by the end of 2023.. The combined company has $110 billion of assets. in commercial banking, citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets The merger brings together complementary strengths of both organizations, combining First Citizens Bank's robust retail franchise and full suite of banking products with CIT's strong market position in nationwide commercial lending and direct digital banking. We're excited to tell you about an even wider range of digital tools that will deliver important new opportunities: Our customers give us high marks for the intuitive, easy-to-use design of our digital tools, including First Citizens Digital Banking Commercial Advantage, which offers the flexibility to access the widest possible range of features from any device. Visit firstcitizens.com. 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. "We are proud to help contribute value to their business plans alongside financing.". raleigh, n.c. and new york, july 14, 2021 / prnewswire / -- first citizens bancshares inc. (nasdaq: fcnca) ("first citizens"), the parent company of first-citizens bank & trust company, and cit group inc. (nyse: cit) ("cit"), the parent company of cit bank, n.a., jointly announced that the proposal to merge the two companies has received The deal more than doubles First Citizens' assets to over $100 billion, and the bank says it will keep the First Citizens name as well as its Nasdaq stock ticker and Raleigh, NC headquarters. First Citizens Bank operates as the holding company for First-Citizens Bank & Trust Company. The merger creates a company with more than $100 billion in assets and will operate under the First Citizens Bank name. First Citizens is committed to investing in the communities it serves. Pursuant to Section 3 (a) (3) of the Bank Holding Company Act and Section 225.15 of Regulation Y (December 7, 2020) (PDF) Last Update: May 18, 2022. If you have questions about your FDIC insurance, call the FDIC at 877-ASK-FDIC, or refer to the FDIC website for additional details. Authorities gained from Russian sanctions legislation helped law enforcement build the case against Hong Kong-based exchange. Holding Jr., chairman andCEOof First Citizens Bank. First Citizens' shareholders will own 61% of the combined firm and the remaining 39% will be owned by CIT Group's stockholders. Yes. It's our promise. Forever First, Barbara Thompson . The words "expect," "anticipate," "intend," "plan," "believe," "seek" and "estimate," and similar expressions, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. Kayne Anderson Real Estate ("KA Real Estate") is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. The $49-billion asset First Citizens BancShares (NASDAQ: FCNCA) is merging with the $61-billion asset CIT Group (NYSE: CIT) in an all-stock deal that will create the 19th largest bank in the U.S . What you'll gain from our partnership is a new level of financial strength and opportunity. 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. Our news releases are believed to be accurate as of the date they are issued. Your accounts became First Citizens accounts. Alexander Candia The larger metropolitan areas that we serve probably have a more robust growth in some of the more suburban or rural areas, but we don't see any weakness.. Primary Menu. But the merger was put through a long regulatory review process and ultimately closed in January of this year. We took special care in the transition of these critical functions to our powerful treasury management platforms. First Citizens is committed to investing in the communities it serves. During the conversion process, First Citizens Digital Banking was temporarily unavailable. Salaries posted anonymously by CIT employees. This transaction will build on those efforts and more fully unlock the potential in our core franchises. 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. 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