The board of governors of the Federal Reserve approved the previously proposed merger of First Citizens BancShares, the parent company of First-Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank. The merger previously received approvals from the Federal Deposit Insurance Corporation and the Office of the North Carolina Commissioner of Banks.
Completion of the proposed merger remains subject to a 15-day waiting period and the satisfaction or waiver of other customary closing conditions and is expected to occur as soon as practicable in early January. The combined company will operate under the First Citizens name and establish a top 20 bank in the United States based on assets.
“We’re very pleased to have received regulatory approvals as we continue our preparations for completing this transformational merger,” Frank B. Holding Jr., chairman and CEO of First Citizens, said. “We look forward to combining the capabilities of both banks to serve a broader spectrum of businesses and individuals while offering even more convenience, scale and value.”
“This marks another key milestone in our journey to build on the extensive expertise of CIT and First Citizens and leverage the best of both companies to deliver greater opportunities for our clients and support the needs of our communities,” Ellen R. Alemany, chairwoman and CEO of CIT, said.
As previously reported in October, First Citizens and CIT agreed to extend their merger agreement.