Bank / Credit Union

First Citizens, CIT receive approval for merger

July 16, 2021

First Citizens BancShares Inc., the parent company of First Citizens Bank & Trust Company and CIT Group Inc., which is also the parent company of CIT Bank N.A., has received approval from the Federal Deposit Insurance Corp. for a merger. Upon completion, the combined company will operate under the First Citizens' name, according to a press release.

The board of governors of the Federal Reserve System must approve the merger, with closing expected in the third quarter of 2021.

"We're pleased to receive FDIC approval as we continue to work together toward the successful combination of our two companies," Ellen R. Alemany, chairwoman and CEO, CIT, said in the release.