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. Harney previously served as executive vice president and chief credit officer with 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 Bank and its affiliates are not responsible for the products, services and content on any third-party website. First Citizens Bank is providing more than $16 million in financing to support the acquisition. "We are proud to help contribute value to their business plans alongside financing.". In addition, Marisa J. Harney is now a member of the First Citizens executive leadership team and assumes the role of chief credit officer. Cision Distribution 888-776-0942 The combined company now operates under the First Citizens Bank name. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website. raleigh, n.c. and new york, july 14, 2021 / prnewswire / -- 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, n.a., jointly announced that the proposal to merge the two companies has received 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. At First Citizens, we'll guide you through every step of the lending process. He cited each companys long history of M&A. What kind of user experience can I expect? Find a Branch Meet our associates. There are no weak spots that we see, Holding said. Now that we've merged our talents, systems and resources, you'll discover an even stronger financial partner by your side. Joseph Otting, who, until May, led the Office of the Comptroller of the Currency, became co-president of CIT Group and chief executive of CIT Bank in the 2015 move after serving as chief executive at OneWest. 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 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. First Citizens BancShares is the financial holding company for First Citizens 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. Frank's founder, in a separate suit, said the bank fired her unjustly. The bank previously announced a community benefits plan to reinvest $16 billion to serve low- and moderate-income (LMI) communities and borrowers through 2025. 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. Get all the details about your organization's transition from CIT treasury management to First Citizens. Forward-looking statements include statements about the benefits to First Citizens of the merger with CIT (collectively, the "Merger"), and First Citizens' future financial and operating results, plans, objectives and intentions. However, they may become outdated over time, and should not be relied on as correct after their issue date. 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. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. acandia@kaynecapital.com, SOURCE CIT, a division of First Citizens Bank. Application Materials. In addition to its Raleigh, N.C., headquarters, First Citizens operates significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations. RALEIGH, N.C. and NEW YORK, July 14, 2021 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), the . 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. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.". This site requires Javascript. His next challenge: a looming economic downturn. Harney previously served as executive vice president and chief credit officer with CIT. "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. 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.). Your accounts became First Citizens accounts. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Visit firstcitizens.com. Most customers using treasury management functions were transitioned to First Citizens Digital Banking Commercial Advantage, a full-service commercial online platform from First Citizens. As a family-controlled bank, we have a tradition of staying true to the businesses and communities who depend on us. "This is a transformational milestone in our 124-year history," said Frank B. 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. The contents of any website referenced in this communication are not incorporated by reference herein. 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. Business Savings Boost your profits - without breaking a sweat. International Plant Biotechnology Outreach (IPBO) The Open Doors Fellowship Program (ODFP) is now open for women researchers in Africa, a holistic p What's important to you is important to us. First Citizens (ticker:. First Citizens is committed to investing in the communities it serves. 919-716-2137. 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. Welcome to the First Citizens Bank family! 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. About CIT 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. 2023 First-Citizens Bank & Trust Company. 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. I'm pleased to say we are exactly where we expected to be at this point in time. First Citizens, CIT Receive FDIC Approval Of Proposed Merger. RSS icon, click here to subscribe to RSS. "We appreciate working with the knowledgeable and efficient team at CIT Healthcare Finance to arrange financing for our acquisition of this valuable portfolio. The outsized gain was driven by the acquisition. Call Us Reach out and we'll help. business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of First Citizens'and CIT'soperations will be materially delayed . This plan expands on the two companies' work to support affordable home ownership, small business lending and community development. First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. First Citizens' shareholders will own 61% of the combined firm and the remaining 39% will be owned by CIT Group's stockholders. 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. Learn all about your transition from OneWest Bank to First Citizens accounts and services. 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. The $49-billion asset First Citizens BancShares (FCNCA 4.25%) is merging with the $61-billion asset CIT Group in an all-stock deal that will create the 19th largest bank in the U.S., it was . This includes the conversion of CITs mortgage origination and treasury management operations, as well as its retail branches. 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. 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. 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. 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 Bank brings together personal service and powerful tools to help customers do more with their money and make more of their future. Will there be any changes to my First Citizens banking relationships? 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. First Citizens Bank Completes Operational Conversion of CIT Bank Division Branches. Discover more at cit.com/firstcitizens. According to the firms, First Citizens stockholders will own approximately 61% and CIT stockholders will own approximately 39% of the combined company. Now that we've merged our talents, systems and resources, you'll discover an even stronger financial partner by your side. Will I still work with my current banking team? Barbara Thompson "This is a transformational milestone in our 124-year history," said Frank B. 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. 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. CIT has $61.7 billion in assets and 92 branches in nine states. DEC 6, 2022 - 7:17 am However, they may become outdated over time, and should not be relied on as correct after their issue date. In its earnings release, the bank said it remains confident in its ability to execute on its previously communicated $250 million in total cost savings by the end of 2023.. Holding Jr., chairman andCEOof First Citizens Bank. CIT and the CIT logo are registered trademarks of First-Citizens Bank & Trust Company. Under the transaction terms, First Citizens shareholders own about 61 percent of the combined company, with CIT Group (NYSE: CIT) owning 39 percent. read more. We'll notify you of any important details. 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. The combined company has $110 billion of assets. The equipment consists primarily of yard loaders and articulated dump trucks, which the . The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. What you'll gain from our partnership is a new level of financial strength and opportunity. Personal Checking For all of your banking needs. Its possible that FDIC coverage of your CDs will remain even longer, depending on the maturity date. For more information, visit our Treasury Management Transition Center. 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. CIT Group's CIT Bank,. The bank previously announced a community benefits plan to reinvest $16 billion to serve low- and moderate-income (LMI) communities and borrowers through 2025. 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. Over the coming months, a series of conversions to First Citizens' systems and operations will take place. Raleigh's First Citizens Bank to merge with CIT Group (Triangle Business Journal), This is a BETA experience. 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. Member FDIC and an Equal Housing Lender. We want you to retain your current relationships whenever possible. Alexander Candia The Fed said the extension is meant to give interested parties more time to comment "in light of the ongoing challenges from the coronavirus.". CIT Small Business Solutions provides leasing and equipment financing solutions to thousands of small businesses, across various industries, nationwide. About First Citizens Bank on Customer Service Open an Account Today Open an Account See all we have to offer. Yes. 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. 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