NEW YORK , Oct. 19, 2021 / PRNewswire / -- CIT Group Inc. (NYSE: CIT) today announced that the Industrial group within its Equipment Finance business has provided about $4.4 million in financing toward the acquisition of multiple pieces of heavy equipment. First Citizens said the CIT acquisition created accretion to tangible book value per share of over 40% in the first quarter. If you have questions about your FDIC insurance, call the FDIC at 877-ASK-FDIC, or refer to the FDIC website for additional details. Please enable Javascript to proceed. UPDATE: Feb. 1, 2021:The Federal Deposit Insurance Corp. (FDIC) on Friday reopened and extended through Feb. 22 its public comment period concerning First Citizens BancShares' proposed merger with CIT Group. Fitch has withdrawn CIT's and CIT Bank's ratings as the entities no longer exist. "This is our second large bank branch conversion this year related to theCITmerger, and it represents another significant achievement in our progress," said Frank B. Lexa Tutela Above all, you can count on us for attentive personal service and commitment to meet the financial needs of your company. This includes the conversion of CITs mortgage origination and treasury management operations, as well as its retail branches. All rights reserved. For more information, visit our Treasury Management Transition Center. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. In addition, we encourage you to take full advantage of the many helpful guides and demonstration videos that will be available in the coming weeks in our Treasury Management Transition Center. In addition, Marisa J. Harney is now a member of the First Citizens executive leadership team and assumes the role of chief credit officer. 919-716-2716. In addition, they can bank at any First Citizens Bank location, through First Citizens Digital Banking (online and mobile), byATMand by telephone. The bank previously announced a community benefits plan to reinvest $16 billion to serve low- and moderate-income (LMI) communities and borrowers through 2025. Your company's online administrators should have received a mail package from us with all the necessary details, including key to-do items before and after your transition. In the meantime, continue to make payments as you do today. The merger is highly synergistic - combining a retail and . About CIT First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. 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.. With more than a century of experience serving the financial needs of our customers, First Citizens is a bank people trust for strength, stability and long-term relationships. About CIT . Cision Distribution 888-776-0942 If you decide to make any adjustments that may suit your company better, your Relationship Manager will be happy to help. Member FDIC and an Equal Housing Lender. Known for stability and a long-term approach to banking, First Citizens now operates more than 600 branches in 22 states and a national direct bank while also offering commercial financing, community association banking, middle market banking, equipment and vendor financing, railcar financing, treasury and payments services, and capital markets and asset management. "For CIT clients, First Citizens brings its proven record of safety, security and focus on long-term relationships while maintaining the expertise and agility that they have come to expect," Holding said. "Located in Wichita's medical corridor, the surgery center and medical office building within this portfolio are providing essential services to community members who benefit from having a surgical hospital and pain center in the same complex," said Antonio Minchella, senior managing director Medical Office at Kayne Anderson. CIT has $61.7 billion in assets and 92 branches in nine states. The merger creates a company with more than $100 billion in assets and will operate under the First Citizens Bank name. 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. Addressing concerns ranging from financial inclusion to the impact of China's digital yuan, central banks are running tests to determine how central bank digital currency transactions will work both domestically and internationally. CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. Fourteen executives will sit on the company's board 11 from First Citizens and three, including Alemany, from CIT. We . News releases on this website are for archival purposes. Attached is the Board's order relating to this action. 5-Star First-Citizens B&TC, Raleigh, NC purchased the $48 billion asset CIT Bank, Pasadena, CA. 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. Your current day-to-day banking will stay the same as always, and your local branches will continue to operate as usual. ", Get the free daily newsletter read by industry experts, Screenshot, House Financial Services Committee YouTube, CEO John Ray didn't mince words when discussing FTX's business dealings under Sam Bankman-Fried, at one point calling it "old-fashioned embezzlement.". We look forward to bringing you even more products and services, more locations, and more opportunities to help you manage your finances or build your business. Please upgrade your browser to use this site. icon: sys-ehl. "It brings together two companies with deep traditions of service and excellence. We took special care in the transition of these critical functions to our powerful treasury management platforms. However, they may become outdated over time, and should not be relied on as correct after their issue date. 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. 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 . [email protected], SOURCE CIT, a division of First Citizens Bank. Our merger allows you to maintain your existing banking relationships while also providing you with greater convenience and access to enhanced banking services. If you had accounts at both banks as of January 4, 2022, FDIC coverage of your deposits will remain separate through July 4, 2022. Investor Relations Member FDIC and an Equal Housing Lender. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Forward-looking statements include statements about the benefits to First Citizens of the merger withCIT(collectively, the "Merger"), and First Citizens' future financial and operating results, plans, objectives and intentions. Personal Checking For all of your banking needs. We see strong markets really across the country. The closely-held Raleigh bank's holding company announced Friday it is combining with New York-based CIT Group, the parent of CIT Bank N.A. Our news releases are believed to be accurate as of the date they are issued. You are using an outdated browser. On January 3, 2022, First Citizens BancShares, Inc. completed its previously announced merger with CIT Group Inc., a. For more information visit www.RemedyMed.com. This transaction will build on those efforts and more fully unlock the potential in our core franchises. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money and make more of their future. Visit firstcitizens.com. 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. TheseCITBank branch customers now have access to the full array of products and services offered by First Citizens. Search by city and state or ZIP code. 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.. The Fed said the extension is meant to give interested parties more time to comment "in light of the ongoing challenges from the coronavirus.". But the merger was put through a long regulatory review process and ultimately closed in January of this year. Member FDIC and an Equal Housing Lender. Under the terms of the deal, which has been approved by the boards of both companies, CIT stockholders will receive roughly 0.06 shares of First Citizens class A stock for each share of CIT common stock they own. Visit the Treasury Management Transition Center. His next challenge: a looming economic downturn. Your company received a mail package from us with all the necessary details to transition your data. 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. RALEIGH, N.C., Jan. 4, 2022 /PRNewswire/ -- 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 with CIT Group Inc. ("CIT"). First Citizens Contact Information Barbara Thompson Director of Corporate Communications and Brand Marketing 919-716-2716 [email protected] Deanna Hart SVP, Investor Relations. RALEIGH, N.C.First Citizens BancShares, Inc. ("BancShares") (Nasdaq: FCNCA ) reported earnings for the third quarter and year-to-date period ended September 30, 2022. Frank Holding Jr., First Citizens' chairman and CEO, will serve as chairman and CEO of the combined company. CITBank previously operated as a division ofCIT, which merged with and became a division of First Citizens Bank in January 2022. As the largest family-controlled bank in the U.S., First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. The board now consists of 11 current First Citizens directors and three former CIT board members Alemany, Michael A. Carpenter and Vice Admiral John R. Ryan, USN (Ret.). First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. 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. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. 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. DEAL STATS. Personal Savings From rainy days to retirement, we have you covered. The loans supported a joint venture managed by Montecito Medical Real Estate in . Except to the extent required by applicable law or regulation, First Citizens disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. 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. 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. Overall, you should be able to get comfortable and familiar with your new platform in a short period of time. Oceana Apartments, which was acquired by 29 th Street Capital, consists of 240 one-bedroom, two-bedroom and . 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 Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina.Its primary subsidiary is First Citizens Bank. Now that we've merged our talents, systems and resources, you'll discover an even stronger financial partner by your side. Ellen R. Alemany, former chairwoman and chief executive officer of CIT, assumes the role of vice chairwoman of First Citizens (along with current First Citizens Vice Chairwoman Hope Holding Bryant) and will serve on the First Citizens Board of Directors. Never Miss an Opportunity Join our talent community to be notified of job updates, events and more. Get all the details about your organization's transition from CIT treasury management to First Citizens. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. "This is a transformational milestone in our 124-year history," said Frank B. 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.). 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. We mailed a First Citizens welcome package that included all the key things you needed to know and do. 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. 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 . First Citizens, the parent of First Citizens Bank & Trust, has acquired more than 25 community banks over the past decade and now has $48 billion of assets and 550 branches in 19 states. Mutual of Omaha's mortgage business was not included in the deal. We want you to retain your current relationships whenever possible. First Citizens has bought more than 25 banks over the past decade. "ForCITclients, First Citizens brings its proven record of safety, security and focus on long-term relationships while maintaining the expertise and agility that they have come to expect," Holding said. Our news releases are believed to be accurate as of the date they are issued. First Citizens Bank. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. 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. Operating together as First Citizens, we're now the largest family-controlled bank in the nation. "It brings together two companies with deep traditions of service and excellence. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. 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. Bank deposit products are offered by First Citizens Bank. #. | December 30, 2022 Your credit relationships will eventually transfer to First Citizens, including loans, lines of credit and leasing relationships. First Citizens BancShares Inc. announced completion of its previously announced merger with CIT Group Inc. "This is a transformational milestone in our 124-year history," said Frank B. Will there be any changes to my First Citizens banking relationships? 6,578. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the. . First Citizens is committed to investing in the communities it serves. Revenue. The contents of any website referenced in this communication are not incorporated by reference herein. Your accounts became First Citizens accounts. In 2015, CIT bought Pasadena, California-based OneWest Bank in a $3.4 billion deal that gave it a 70-branch West Coast presence and added two future financial luminaries to CIT's board. Print icon, click here to print the current page. 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. What's important to you is important to us. First Citizens Bank was incorporated in 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. It's our promise. Over the coming months, a series of conversions to First Citizens' systems and operations will take place. In January 2022, BancShares and CIT Group Inc. mergedcreating one of the top 20 U.S. financial institutions, with more than $100 billion in assets. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.". Application by First Citizens BancShares, Inc. to Acquire Merger A. by CIT Group, Inc. and CIT Bank, N.A. We're one of America's largest family-controlled banks, led for three generations by members of one family. Chairman and CEO Frank B. As a result of the merger, CIT's and CIT Bank's outstanding senior unsecured debt and subordinated debt have been assumed by First Citizens Bank. For more specifics on when your treasury management services transitioned to First Citizens, visit our Action Items page. According to the firms, First Citizens stockholders will own approximately 61% and CIT stockholders will own approximately 39% of the combined company. 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. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank also operates a nationwide direct bank and a network of more than 550 branches in 21 states. First Citizens BancShares is the financial holding company for First Citizens Bank. Investing in the nation will sit on the company 's board 11 First. Current day-to-day banking will stay the same as always, and should not relied. Of over 40 % in the nation on any third-party website book value per share of over %. North Carolina per share of over 40 % in the deal primary subsidiary is First Citizens Bank transition data. 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