FinancialBuzz.com’s latest The Buzz Show: Featuring Our Corporate News Recap on “CIT Group to Merge with First Citizens BancShares”
CIT Group (NYSE: CIT) is up nearly 25% from previous close in midday trading after it was announced the company will combine with First Citizens BancShares, Inc. (NASDAQ: FCNCA) in an all-stock merger of equals.
The merger is expected to close in the first half of 2021, after which the combined company will operate under the First Citizens name and trade on NASDAQ under its current ticker symbol, FCNCA.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). CIT’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT’s consumer banking segment includes a national direct bank and regional branch network. As of June 30, 2020, CIT had total assets of $61.7 billion.
First Citizens is the financial holding company for Raleigh, North Carolina-headquartered First Citizens Bank & Trust Company. First-Citizens Bank & Trust Company provides a broad range of financial services to individuals, businesses, professionals and the medical community through branch offices in 19 states, including digital banking, mobile banking, ATMs and telephone banking. As of June 30, 2020, First Citizens had total assets of $47.9 billion.
For more information, please visit: CIT Group, Inc.
For more information, please visit: First Citizens BancShares, Inc.
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