First Citizens and CIT announce receipt of regulatory approvals for merger
RALEIGH, North Carolina and NEW YORK, December 17, 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 its previous proposal to merge the two companies has received approval from the Federal Reserve Board of Governors today. hui. The merger has already received approvals from the Federal Deposit Insurance Corporation and the North Carolina Office of the Banking Commissioner.
Completion of the proposed merger remains subject to a 15-day waiting period and the satisfaction or waiver of other customary closing conditions and is expected to take place as soon as possible in early January 2022. The combined company will operate under the name of First Citizens and will establish one of the top 20 banks in the United States in terms of 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 direct lender loans franchise and bank in direct line.
Frank B. Holding Jr., Chairman and CEO of First Citizens, said, “We are very pleased to have received regulatory approvals as we continue to prepare for this transformational merger. We look forward to combining the capabilities of the two banks to serve a wider range of businesses and individuals, while providing even greater convenience, scale and value. ”
Ellen R. Alemany, President and CEO of CIT, said: “This marks another key step in our journey to build on the vast expertise of CIT and First Citizens and leverage the best of both companies to deliver more. great opportunities to our clients and supporting the needs of our communities.
Upon completion of the merger, there will be no immediate changes to clients’ checking accounts, and they will be able to continue to access their accounts as they do today – through their current websites, mobile apps and branches. Customers will be notified in advance of any future account changes.
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-owned 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 regarding 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 expected benefits of the proposed merger will not materialize or take longer than expected to materialize, including 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 of the 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 e either more costly or more difficult than expected or that First Citizens and CIT are otherwise unable to successfully integrate their businesses, (5) the result of any legal proceedings that may be or have been brought against First Citizens and / or CIT, (6) the reputational risk and reactions of customers, suppliers, employees or other business partners of First Citizens and / or CIT, including those resulting from the completion of the proposed merger, (7) non-compliance any of the conditions for closing the definitive merger agreement on time or not at all, (8) delays in closing the proposed merger, (9) the possibility that the proposed merger will be more costly to achieve than expected, including due to unforeseen factors or events, (10) the dilution caused by the issuance by First Citizens of additional shares of its share capital as part of the proposed merger, (11) the competitive terms and conditions, econom ical, political and market, (12) other factors that may affect the future results of CIT and / or First Citizens, including changes in asset quality and credit risk, failure to maintain income and profit growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, impact, extent and the timing of technological changes, capital management activities and other Federal Reserve Board actions and legislative and regulatory actions and reforms, and (13) the impact of the global COVID-19 pandemic on First’s business Citizens and / or CIT, 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 year ended December 31, 2020, its reports quarterly on Form 10- Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other documents filed with the Securities and Exchange Commission (the “SEC”), and in the annual report of CIT 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 periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other documents filed with SECOND. The content of any website referenced in this communication is not incorporated by reference herein.
Contact information for first citizens
Director of Corporate Communications and Brand Marketing
Senior Vice President, Investor Relations
CIT contact details
Executive Vice President, Director of Marketing and Communications
SVP and Head of Investor Relations