If you have accounts at more than one of these banks as of January 4, 2022, FDIC coverage of your deposits will remain separate through July 4, 2022. Member FDIC and an Equal Housing Lender. Cision Distribution 888-776-0942 919-716-2716. The combined company now operates under the First Citizens Bank name. Now that we've merged our talents, systems and resources, you'll discover an even stronger financial partner by your side. 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.. The merger brings together complementary strengths of both organizations, combining First Citizens Bank's robust retail franchise and full suite of banking products with CIT's strong market position in nationwide commercial lending and direct digital banking. Share by email icon, clcik here to share current page content by email. 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. First Citizens, CIT Receive FDIC Approval Of Proposed Merger. As the largest family-controlled bank in the United States, First Citizens is continuing a unique legacy of strength, stability, and long-term thinking that has spanned generations. RSS icon, click here to subscribe to RSS. Arizona 4 locations; California 121 locations; Colorado 6 locations; Florida 31 locations; Georgia 54 locations; Kansas 1 location; In January 2022, BancShares and CIT Group Inc. mergedcreating one of the top 20 U.S. financial institutions, with more than $100 billion in assets. Yes. First Citizens announced the acquisition of CIT Group in October 2020 for an implied value of $21.91 per share, valuing CIT Group at just 44% of tangible book value (TBV), which is a bank's equity . Get important transition details to help you take full advantage of the tools and resources available with your treasury management services. First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. RALEIGH, N.C. and NEW YORK, July 14, 2021 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), the . Corporate Communications Contact your Treasury Management Sales Officer or Relationship Manager with any questions or concerns. If you had accounts at both banks as of January 4, 2022, FDIC coverage of your deposits will remain separate through July 4, 2022. 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 read more. This plan expands on the two companies' work to support affordable home ownership, small business lending and community development. Our merger allows you to maintain your existing banking relationships while also providing you with greater convenience and access to enhanced banking services. The two companies announced the $2.2 billion deal in October 2020 and had planned to complete it by Oct. 15 of last year. We have lots of experience helping large companies expand, mitigate risks, plan for the future and navigate uncertainty. "For CIT clients, First Citizens brings its proven record of safety, security and focus on long-term relationships while maintaining the expertise and agility that they have come to expect," Holding said. Harney previously served as executive vice president and chief credit officer with CIT. Your current day-to-day banking will stay the same as always, and your local branches will continue to operate as usual. 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. Kansas Spine & Specialty Hospital is a regional center for diagnosing and treating disorders of the spine, neck and joints, and is recognized as one of America's 100 best hospitals for spine surgery by Becker's Hospital Review. As a family-controlled bank, we have a tradition of staying true to the businesses and communities who depend on us. Holding Jr., First Citizens chairman and chief executive officer. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website. The portfolio includes Kansas Spine & Specialty Hospital and Abay Medical Plaza. The Fed said the extension is meant to give interested parties more time to comment "in light of the ongoing challenges from the coronavirus.". We'll notify you of any important details. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money and make more of their future. Bank deposit products are offered by First Citizens Bank. A CIT spokeswoman told American Banker to direct all questions to First Citizens, which did not immediately respond to a request for comment Friday. Your accounts became First Citizens accounts. Please enable Javascript to proceed. CITBank previously operated as a division ofCIT, which merged with and became a division of First Citizens Bank in January 2022. For more specifics on when your treasury management services transitioned to First Citizens, visit our Action Items page. Its possible that FDIC coverage of your CDs will remain even longer, depending on the maturity date. Your transaction processes may now be slightly different, and we'll help you achieve the same result with a different feature or capability wherever possible. Frank Holding Jr., First Citizens' chairman and CEO, will serve as chairman and CEO of the combined company. What you'll gain from our partnership is a new level of financial strength and opportunity. 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. 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. Forever First, Barbara Thompson CIT Bank is now a division of First Citizens Bank. Forever First means the name on our door will stay the same for years to come. Fitch has withdrawn CIT's and CIT Bank's ratings as the entities no longer exist. Mutual of Omaha's mortgage business was not included in the deal. All First Citizens Bank Branch & ATM Locations. 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. 6,578. Member FDIC and an Equal Housing Lender. First Citizens Bank. 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. 919-716-2137. The contents of any website referenced in this communication are not incorporated by reference herein. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. 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. 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. News releases on this website are for archival purposes. 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. The all-stock transaction will create. 2023 First-Citizens Bank & Trust Company. Your company received a mail package from us with all the necessary details to transition your data. First Citizens BancShares Inc. and CIT Group Inc. recently merged, creating a top 20 US financial institution with more than $100 billion in assets. Investor Relations Holding Jr., First Citizens chairman and chief executive officer. Over the coming months, a series of conversions to First Citizens' systems and operations will take place. The merger brings together complementary strengths of both organizations, combining First Citizens Bank's robust retail franchise and full suite of banking products with CIT's strong market position in nationwide commercial lending and direct digital banking. 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. This conversion integratesCITBank branch customer accounts into First Citizens products and services. Completion of Acquisition or Disposition of Assets. CIT Bank is now a division of First Citizens Bank. Member FDIC and an Equal Housing Lender. icon: sys-ehl. Revenue. CAREER Why you should consider a career path in banking. First Citizens has bought more than 25 banks over the past decade. 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. RALEIGH, N.C.First Citizens BancShares, Inc. ("BancShares") (Nasdaq: FCNCA ) reported earnings for the third quarter and year-to-date period ended September 30, 2022. The loans supported a joint venture managed by Montecito Medical Real Estate in . Barbara Thompson Excluding CIT, loans grew $455 million, or about 3% on an annualized basis. First Citizens Bank is positioned to be a one-stop financial services destination for customers across the country, providing a full suite of retail, business, commercial and wealth products and services. Citizens M&A Advisory served as the exclusive financial advisor to The Acacia Group, an independent sponsor specializing in digital transformation, on its acquisition of Isos Technology, an award-winning Atlassian Platinum and Enterprise Solution Partner with customers across the public and private sectors. (Member FDIC, Equal Housing Lender). 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. Open Doors Fellowship Program. 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. CIT, a division of First Citizens Bank From our partnership is a new level of financial strength that lasts the combined company Bank brings together personal and. 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