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First Citizens, CIT Group to create $ 100 billion bank

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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.

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