A total merger of approximately $ 2.2 billion between First Citizens and CIT Group will result in the creation of the 19elargest U.S. bank, with more than $ 100 billion in assets, companies ad Friday (October 16).
The boards of directors of the two companies voted unanimously for the agreement, which gives First citizens shareholders approximately 61 percent ownership and CIT shareholders 39 percent of the combined company.
This is a transformational partnership for First Citizens and CIT, designed to create long-term value for all of our constituents, including our shareholders, clients, associates and communities, said Frank Holding Jr., Chairman and CEO of First Citizens, roles he will retain in the company resulting from the merger.
Ellen R. Alemany, President and CEO of CIT, is a key player in the merger and will assume the role of vice president and sit on the 14-member board of directors of the new company. The new board will be made up of the current 11 members of the First Citizens board and three members of the CIT board, including Alemany.
Frank and I have long respected businesses and believe this transaction will accelerate our strategic goals by bringing together the expertise of both banks to create scale, strength and value, Alemany said.
She added that this larger combined endeavor will translate into greater opportunities for our team, our customers and our communities.
The amalgamated company will be headquartered in Raleigh, North Carolina and operate under the First Citizens name and the NASDAQ FCNCA ticker symbol. Among other sites, the operations centers will be located in New York, New Jersey, California, Nebraska, Arizona, Florida and South Carolina.
Since the start of the global COVID-19 pandemic in March, US banks said in July they saw a record increase in deposits, totaling over $ 2 trillion. The gains were fueled by governments giving billions of dollars to support taxpayers.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]