First Citizens BancShares, the parent company of First-Citizens Bank & Trust, and CIT Group, the parent company of CIT Bank, agreed to extend their merger agreement from Oct. 15, 2021, to March 1, 2022.
The merger already received approval from the Office of the North Carolina Commissioner of Banks and the Federal Deposit Insurance Corporation. Action by the Federal Reserve Board is the remaining regulatory approval required to complete the merger, and both companies are committed to continuing to seek such approval.
The companies have responded to all questions issued by the staff of the Federal Reserve Board, which informed the two companies that they did not currently have further questions. The companies have been informed that the application is presently at the governor level. The board of governors has not provided a timeframe for its decision on the application.
When completed, the combined company will operate under the First Citizens name and establish a top 20 bank based on assets among U.S.-headquartered banks.