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. 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. Shares of First Citizens are surging 12% on Friday, pushing the firm's market cap to roughly $3.8 billion, though they're still down about 27% for the year; the S&P 500 Banks Industry Group. Operating together as First Citizens, we're now the largest family-controlled bank in the nation. Completion of Acquisition or Disposition of Assets. Member FDIC and an Equal Housing Lender. Cision Distribution 888-776-0942 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. 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. Please enter a search term. First Citizens Bank. What's important to you is important to us. Holding, Jr. on third quarter results, "We are pleased with our financial performance during the third quarter and reported net income of $315 million, a 23.5% increase over the prior quarter. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients. 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 inCIT'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 theSEC. In addition, Marisa J. Harney is now a member of the First Citizens executive leadership team and assumes the role of chief credit officer. 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. Ellen R. Alemany, former chairwoman and chief executive officer ofCIT, 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. Corporate Communications 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"). 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. First Citizens said the CIT acquisition created accretion to tangible book value per share of over 40% in the first quarter. NEW YORK, Dec. 14, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Financebusiness provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for the acquisition of a surgical hospital and medical office building portfolio located in Wichita, Kansas. Abay Medical Plaza is leased to four tenants with the largest tenant being Abay Neuroscience Center one of the largest neurosurgery practices in Kansas and the second largest tenant being the Pain Center at Kansas Spine & Specialty Hospital. 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. This site requires Javascript. Excluding CIT, loans grew $455 million, or about 3% on an annualized basis. 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. 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. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. 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. We want you to retain your current relationships whenever possible. 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. FitLife Brands, a provider of nutritional supplements, entered into definitive documentation to acquire Mimi's Rock. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. 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. If you have questions about your FDIC insurance, call the FDIC at 877-ASK-FDIC, or refer to the FDIC website for additional details. In addition, we invest continually in our platforms to provide the latest innovations, so you can be confident you have access to state-of-the-art solutions in terms of security, capabilities and ease of use. 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. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. CITBank previously operated as a division ofCIT, which merged with and became a division of First Citizens Bank in January 2022. Forever First means the name on our door will stay the same for years to come. Open Doors Fellowship Program. We . Operating together as First Citizens, we're now the largest family-controlled bank in the nation. For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. 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 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. 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. Salaries posted anonymously by CIT employees. . Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. NEW YORK, Jan. 18, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt . The combined company, which will now operate under the First Citizens name, has more than $100 billion in assets, serving more than 600 branches in 22 states and a national direct bank. About CIT First Citizens Bank. Select if this is your first time logging in to digital banking, We'll work closely with you to ensure continued access to all the treasury management services you depend on, and offer new tools to improve your day-to-day banking, By significantly increasing our financial resources, we can offer more opportunities to help you grow, Count on us for attentive personal service, a commitment to your long-term financial health and customized commercial banking solutions to meet your needs, Provide more comprehensive, more timely reporting, Collect outstanding invoices more efficiently. "For First Citizens customers, everything they count on us for will stay the same: same service, same values, same commitment to helping them do more with their money. Our merger allows you to maintain your existing banking relationships while also providing you with greater convenience and access to enhanced banking services. "It brings together two companies with deep traditions of service and excellence. Harney previously served as executive vice president and chief credit officer with CIT. First Citizens BancShares Inc. and CIT Group Inc. recently merged, creating a top 20 US financial institution with more than $100 billion in assets. He cited each companys long history of M&A. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. 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. Please upgrade your browser to use this site. Over the coming months, a series of conversions to First Citizens' systems and operations will take place. Bank deposit products are offered by First Citizens Bank. Raleigh, NC-based First Citizens Bancshares and New York City-based commercial lender CIT Group announced on Friday that they've entered into an agreement to merge in a $2.2 billion all-stock deal. is a division of First Citizens Bank, the largest family-controlled bank in, ) is a top 20 U.S. financial institution with more than, 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. What you'll gain from our partnership is a new level of financial strength and opportunity. 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.). 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. 2023 First-Citizens Bank & Trust Company. We'll notify you of any important details. Closing out a week of big bank earnings hits and misses, two mid-sized banks announced they're merging in a dealvalued at about $2.2 billionthat will create the nation's 19th-largest bank by assets upon close. First Citizens Bank We took special care in the transition of these critical functions to our powerful treasury management platforms. 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. Fitch has withdrawn CIT's and CIT Bank's ratings as the entities no longer exist. #. About First Citizens First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. You can find additional information regarding your transition on this webpage. But it has been a serial acquirer over the past decade, buying more than 25 community banks, according to American Banker. He expects to complete the full conversion of CIT into First Citizens by the second half of 2023, as planned based on the January closing time frame. Please enable Javascript to proceed. His next challenge: a looming economic downturn. CIT Group, Inc. recently merged with First Citizens Bank creating the 17 th largest bank in the United States with over $100B in assets. Member FDIC and an Equal Housing Lender. CIT's chairwoman and CEO, Ellen Alemany, will become vice chairwoman. 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. First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. The combined company now operates under the First Citizens Bank name. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $34 billion alternative investment management firm with more than 38 years of successful experience in the real estate, infrastructure, credit, and growth capital sectors. Banker of the Year: Ally Financial's Jeffrey Brown, Hybrid & Flexible is Great, But Workers Want Job Security, Silvergate Bank loaded up on $4.3 billion in Home Loan bank advances, CBDC projects pick up the pace as 2023 kicks off, Justice Department, Treasury bust crypto exchange Bitzlato, How the banking industry is responding to work from home, Berkshire Hills hires two new executives in latest leadership shakeup, Two credit unions settle with Colorado AG over borrower refunds, CFPB says servicers should offer loss mitigation beyond COVID hardships. 212-461-5305 Barbara Thompson Will these continue? First Citizens Bank. To keep things simple for you, we selected the First Citizens commercial deposit accounts most similar to your CIT treasury management accounts. "I'm proud of the work we have done to transform CIT in recent years to a leading, national commercial bank. KA Real Estate manages $14.5 billion of real estate AUM (as of 10/31/2022) across opportunistic equity, core equity and real estate debt. 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. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens also operates a nationwide direct bank and a network over 550 branches in 22 states. 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. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money and make more of their future. We're not just creating a bigger bank we're creating an even better bankone that helps more people in more places and strengthens the communities we serve. For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. Remedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, withmore than 28 million square feet and 25 offices spanning 43 states. First Citizens Completes Merger With CIT Group. The contents of any website referenced in this communication are not incorporated by reference herein. As a family-controlled bank, we have a tradition of staying true to the businesses and communities who depend on us. Over the coming months, a series of conversions to First Citizens' systems and operations will take place. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens. 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"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. 919-716-2716, Deanna Hart 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. This transaction will build on those efforts and more fully unlock the potential in our core franchises. CIT's outstanding preferred stock has been assumed by FCNCA. First Citizens Bank brings together personal service and powerful tools to help customers do more with their moneyand make more of their future. Taking care of customersyear in, year outisn't just our track record. The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. Share by email icon, clcik here to share current page content by email. Your company received a mail package from us with all the necessary details to transition your data. The first section examines the lives directly, . The contents of any website referenced in this communication are not incorporated by reference herein. Proceeds from the financing, which is secured by product tankers, will be used by Navios Partners to refinance existing debt. But it has been a serial acquirer over the past decade, buying more than 25 community banks, according to American Banker. Holding Jr., First Citizens chairman and chief executive officer. CIT Group's CIT Bank,. RALEIGH, N.C., Jan. 4, 2022 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), parent company of First-Citizens Bank & Trust Company ("First. The merger creates a company with more than $100 billion in assets and will operate under the First Citizens Bank name. For media inquiries, please email [email protected] or call 202-452-2955. Yes. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money and make more of their future. Frank's founder, in a separate suit, said the bank fired her unjustly. About Remedy Medical Properties "This is a transformational milestone in our 124-year history," said Frank B. For a lot of Americans, job security is a cause for concern, and the possibility of a recession is compounding this fear. 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. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. 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. First Citizens Bank. DEAL STATS. Our news releases are believed to be accurate as of the date they are issued. The merger will create a new US bank with over . CIT Bank is now a division of First Citizens Bank. 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. CIT. Mutual of Omaha's mortgage business was not included in the deal. Under the transaction terms, First Citizens shareholders own about 61 percent of the combined company, with CIT Group (NYSE: CIT) owning 39 percent. Forever First, Barbara Thompson First Citizens Bank brings together personal service and powerful tools to help customers do more with their moneyand make more of their future. As the largest family-controlled bank in the . What happens to my FDIC coverage if I have accounts at CIT or OneWest as well as First Citizens? Forever First. 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. Visit First Citizens' website atFirstCitizens.com. Shares of First Citizens are surging 12% on Friday, pushing the firm's market cap to roughly $3.8 billion, though they're still down about 27% for the year; the S&P 500 Banks Industry Group Index is down 33% this year. For more information, visit our Treasury Management Transition Center. CIT, a division of First Citizens Bank When typing in this field, a list of search results will appear and be automatically updated as you type. Here's a look back at the key dates for your transition. "For First Citizens customers, everything they count on us for will stay the same: same service, same values, same commitment to helping them do more with their money. NEW YORK, Dec. 14, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for the acquisition of a surgical hospital and medical office building portfolio located in Wichita, Kansas. Third-Party websites may have a privacy policy different from First Citizens Bank helps personal, business commercial! In the transition of these critical functions to our powerful treasury management accounts expertise that helps businesses and meet... Proceeds from the financing, which is secured by product tankers, will become vice.. Company with more than $ 100 billion in assets and will operate under the First Citizens Bank personal... 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