RALEIGH, NC and NEW YORK, July 14, 2021 (GLOBE NEWSWIRE) – 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, NA, jointly announced that the proposed merger of the two companies has received regulatory approval from the Federal Deposit Insurance Corporation (“FDIC”).
The merger has already received approval from the North Carolina Banking Commissioner’s office.
Completion of the proposed merger remains subject to the approval of the Board of Governors of the Federal Reserve System, and is expected to close in the third quarter, subject to such approval and the satisfaction or waiver of other customary closing conditions. .
Frank B. Holding Jr., President and CEO of First Citizens, said, “This key milestone brings us closer to finalizing our proposed merger transaction, and we remain excited about the future opportunities ahead.
Ellen R. Alemany, President and CEO of CIT, said, “We are delighted to receive FDIC approval as we continue to work together towards the successful merger of our two companies.
Once completed, the combined company will operate as First Citizens and establish one of the top 20 banks in the United States based on its assets. The merger will bring together the complementary strengths of the two organizations with First Citizens Bank’s strong retail franchise and full range of banking products and CIT’s strong market positions, nation-wide commercial loan franchise and bank in direct line.
About the first citizens
First Citizens BancShares, Inc. is the financial holding company of First-Citizens Bank & Trust Company, headquartered in Raleigh, North Carolina (“First Citizens Bank”). As one of the largest family banks in the United States, First Citizens Bank (FDIC member, Equal Housing Lender) is known to strengthen the financial strength of its personal, business, business and wealth management clients. Founded in 1898, the bank offers a wide range of financial products and operates a network of branches in 19 states which include many high growth markets. For more information, visit the First Citizens website at firstcitizens.com. First citizens’ bank. Forever first®.
About the CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to achieve their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a primary banking subsidiary, CIT Bank, NA (FDIC member, Equal Housing Lender). CIT’s commercial banking segment includes trade finance, community association banking, middle market banking, equipment and vendor finance, factoring, railcar finance, treasury services and payments, as well as capital markets and asset management. CIT’s personal banking segment includes a national direct bank and a network of regional branches. Find out more at cit.com/about.
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the financial condition, results of operations, business plans and future performance of First Citizens and CIT. Words such as “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends”, “plans”, “projects”, “targets”, “designed” , “Could”, “could,” “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on First Citizens and CIT’s current expectations and assumptions about First Citizens and CIT’s business, the economy and other future conditions.
Because forward-looking statements relate to future results and events, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect the future financial results and performance of First Citizens and / or CIT and could cause the actual results, performance or achievements of First Citizens and / or CIT to differ materially from the anticipated results expressed or implied by these futures. staring statements. These risks and uncertainties include, among others, (1) the risk that the cost savings, revenue synergies and other benefits expected from the proposed merger will not materialize or take longer than expected to materialize, including by due to the impact or problems resulting from the integration of the two companies or due to the state of the economy and competitive factors in the areas where First Citizens and CIT do business, (2) a disruption activities of the parties due to the announcement and expectation of the proposed merger and the distraction of management’s attention from ongoing business operations and opportunities, (3) the occurrence of any event, change or other circumstances which could give rise to the right of one or both parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of the operations of First Citizens and CIT will be materially delayed, or either more costly or more difficult than expected or that First Citizens and CIT are otherwise unable to successfully integrate their businesses, (5) the outcome of any legal proceedings that may be or have been brought against First Citizens and / or CIT, (6) failure to obtain government approvals (and the risk that such approvals could result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), (7) risk of reputation and potential negative reactions of First Citizens and / or CIT customers, suppliers, employees or other business partners, including those resulting from the completion of the proposed merger, (8) the failure of any of the closing conditions of the ‘definitive merger agreement to be fulfilled on time or not at all, (9) delays in closing the proposed merger, (10) the possibility that the proposed merger will be more costly to complete than expected, including due to unforeseen factors or events, (11) dilution caused by the issuance by First Citizens of additional shares of its share capital as part of the proposed merger, (12) competitive terms and conditions , economic, political and market, (13) other factors that may affect CIT’s and / or First Citizens’ future results, including changes in asset quality and credit risk, failure to sustain growth in income and profits, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, impact, extent and timing of changes in technology, capital management activities and other Federal Reserve Board actions and legislative and regulatory actions and reforms, and (14) the impact of the global COVID-19 pandemic on First Citizens’ businesses and / or C IT, the ability to complete the proposed merger and / or any of the other risks mentioned above.
Except to the extent required by applicable law or regulation, First Citizens and CIT disclaim any obligation to update these factors or publicly announce the results of any revision of any of the forward-looking statements included herein to reflect future events or developments. Further information regarding First Citizens, CIT and factors that could affect the forward-looking statements contained herein can be found in First Citizens’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its reports quarterly on Form 10-Q for the period ended March 31, 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 by Form 10-K / A, its quarterly reports on Form 10-Q for the period ended March 31, 2021 and its other documents filed with the SEC. The content of any website referenced in this communication is not incorporated by reference herein.
SVP and Head of Investor Relations