Find a Branch Meet our associates. We're not just creating a bigger bank we're creating an even better bank one that helps more people in more places and strengthens the communities we serve. But it has been a serial acquirer over the past decade, buying more than 25 community banks, according to American Banker. The Federal Reserve Board on Friday announced its unanimous approval of the application by First Citizens BancShares, Inc., Raleigh, North Carolina, to acquire CIT Group, Inc., New York, New York. "I'm proud of the work we have done to transform CIT in recent years to a leading, national commercial bank. The merger brings together complementary strengths of both organizations, combining First Citizens Bank's robust retail franchise and full suite of banking products withCIT's strong market position in nationwide commercial lending and direct digital banking. Brown has helped the online bank weather the pandemic. This site requires Javascript. The first section examines the lives directly, . Now that we've merged our talents, systems and resources, you'll discover an even stronger financial partner by your side. First Citizens Bancshares stock shot up on Friday in extended trading hours after its long-pending merger with CIT Group was approved by the Federal Reserve. Open Doors Fellowship Program. 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. Print icon, click here to print the current page. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. 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. This plan expands on the two companies' work to support affordable home ownership, small business lending and community development. News releases on this website are for archival purposes. When First Citizens BancShares (ticker: FCNCA) announced that it would buy CIT Group (CIT) for $2.2 billion in October of last year, it seemed like a run-of-the-mill acquisition. 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. RSS icon, click here to subscribe to RSS. 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 . Operating together as First Citizens, we're now the largest family-controlled bank in the nation. Frank Holding Jr., First Citizens' chairman and CEO, will serve as chairman and CEO of the combined company. 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. First Citizens began operating our first-ever branches outside of our home state of North Carolina when we acquired a bank based in West Virginia. ABOUT FIRST CITIZENS 100+ years of history. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Most customers using treasury management functions were transitioned to First Citizens Digital Banking Commercial Advantage, a full-service commercial online platform from First Citizens. The state of Colorado has reached a $4 million settlement with Canvas Credit Union and Bellco Credit Union after the companies were accused of failing to pay refunds of guaranteed automobile protection fees due to borrowers. For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. Revenue. The merger creates a company with more than $100 billion in assets and will operate under the First Citizens Bank name. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. 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 . For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. What happens to my FDIC coverage if I have business accounts at both CIT and First Citizens? Visit the Treasury Management Transition Center. Bank deposit products are offered by First Citizens Bank. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. FREE EBOOK Join our Talent Community for a free ebook. We're well positioned to continue to increase value for our customers and shareholders. Current CEO Holding Jr. was elected chairman in 2009 amid the Great Recession and, with the help of sister and Vice Chair Hope Holding Bryant, grew First Citizens through serial acquisition of failed bank assets. However, Holding added, this will be done in stages and much of CIT is projected to be integrated this year. In addition to this conversion ofCITBank branches, First Citizens completed the transition of its OneWest Bank division to its operations and systems in July 2022. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. However, they may become outdated over time, and should not be relied on as correct after their issue date. First Citizens (ticker:. First Citizens said the CIT acquisition created accretion to tangible book value per share of over 40% in the first quarter. 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. 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 . In addition to this conversion of CIT Bank branches, First Citizens completed the transition of its OneWest Bank division to its operations and systems in July 2022. 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. 5-Star First-Citizens B&TC, Raleigh, NC purchased the $48 billion asset CIT Bank, Pasadena, CA. Posted 7:08:00 PM. Forever First. Alexander Candia Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the. News releases on this website are for archival purposes. NEW YORK, Aug. 13, 2019 / PRNewswire / -- CIT Group Inc. (NYSE: CIT) and Mutual of Omaha (Mutual) today announced a definitive agreement for CIT's banking subsidiary, CIT Bank, N.A., to acquire Mutual's savings bank subsidiary, Mutual of Omaha Bank, for a purchase price of $1 billion. Steven Mnuchin, now secretary of the Treasury, joined CIT as vice chairman in the 2015 acquisition. 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. All First Citizens Bank Branch & ATM Locations. About CIT . All of us are focused on ensuring our teams are coordinated and meeting our integration timeline, First Citizens CEO Frank Holding said on the companys first-quarter earnings call Thursday. For more specifics on when your treasury management services transitioned to First Citizens, visit our Action Items page. RSS icon, click here to subscribe to RSS. 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 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. 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. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. First Citizens has bought more than 25 banks over the past decade. Visitfirstcitizens.com. Visit firstcitizens.com. The move comes a week after the Federal Reserve extended a public comment period on the same merger through the same day. 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. Online and mobile access became available beginning July 18. Many bank CEOs see the end of work from home coming soon, but other industry leaders are not so sure. Get important transition details to help you take full advantage of the tools and resources available with your treasury management services. 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. 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. The two companies announced the $2.2 billion deal in October 2020 and had planned to complete it by Oct. 15 of last year. 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. 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. Will I still work with my current banking team? Fitch has withdrawn CIT's and CIT Bank's ratings as the entities no longer exist. Your transaction processes may now be slightly different, and we'll help you achieve the same result with a different feature or capability wherever possible. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. The combined company now operates under the First Citizens Bank name. E*Trade Bank, Arlington, VA with its $79 billion in assets, which was acquired by 4-Star Morgan Stanley Private Bank, NY; The $63 billion asset People's United Bank, Bridgeport, CT merged into 4-Star Manufacturers and Traders TC, Buffalo, NY; and. 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.. In addition, they can bank at any First Citizens Bank location, through First Citizens Digital Banking (online and mobile), byATMand by telephone. Yes. His next challenge: a looming economic downturn. 2023 First-Citizens Bank & Trust Company. CIT in January completed its $1 billion purchase of the banking arm of insurance titan Mutual of Omaha a deal that saw CIT expand its presence in homeowner association banking. RALEIGH, N.C.First Citizens Bank announced that itsCITBank division has completed its conversion of its branches to First Citizens' operations and systems. CIT, CIT Bank and OneWest Bank will initially operate as divisions of First Citizens Bank, and these customers will be able to continue to bank as they normally do. The embattled crypto-service bank got a lifeline of liquidity in the fourth quarter of 2022 from the Federal Home Loan Bank System, raising new questions about both the Home Loan banks' purpose and crypto contagion. Primary Menu. Business Savings Boost your profits - without breaking a sweat. 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. 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"). This plan expands on the two companies' work to support affordable home ownership, small business lending and community development. First Citizens Bank announced that its Middle Market Banking business provided a total of $65.8 million in senior secured financing for affiliates of Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets. Item 2.01. I'm pleased to say we are exactly where we expected to be at this point in time. Harney previously served as executive vice president and chief credit officer withCIT. First. 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. "It brings together two companies with deep traditions of service and excellence. First Citizens is committed to investing in the communities it serves. Application Materials. Share by email icon, clcik here to share current page content by email. 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