Business
First Citizens, CIT Receive Stockholder Approval For Merger
RALEIGH, N.C. and NEW YORK, Feb. 9, 2021 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ: FCNCA) ("First Citizens"), the parent company of
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"RALEIGH, N.C. and NEW YORK, Feb. 9, 2021 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ: FCNCA) (\"First Citizens\"), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (\"CIT\"), the parent company of CIT Bank, N.A., jointly announced that, at their respective special meetings of stockholders held today, First Citizens and CIT received the stockholder approvals for the merger of the companies. \n\n \n \n \n \n \n \n\n \nBoth companies are preparing for anticipated completion of the transaction in the second quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. The combined company will create the 20th largest bank in the United States based on assets. \n\"Today marks an important milestone as we move closer to uniting our two companies,\" said Frank B. Holding, Jr., First Citizens Chairman and Chief Executive Officer. \"The combination of our companies will leverage our unique attributes, and we are excited about the opportunities it will provide for all of our constituents, including our stockholders, our customers, our associates and our communities.\"\n\"We are pleased to have crossed this key threshold as we work toward the merger of two complementary banks that will unlock greater potential for stakeholders,\" said Ellen R. Alemany, CIT Chairwoman and Chief Executive Officer.\nAbout First CitizensFirst Citizens BancShares, Inc. is the financial holding company for Raleigh, North Carolina-headquartered First-Citizens Bank & Trust Company (\"First Citizens Bank\"). As one of America's largest family-controlled banks, First Citizens Bank is known for building financial strength that lasts for personal, business, commercial and wealth management clients. Founded in 1898, the bank provides a broad range of financial products and operates a network of branches in 19 states that include many high-growth markets. For more information, visit First Citizens' website at firstcitizens.com. First Citizens Bank. Forever First®.\nAbout CITCIT 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 FD...