First Citizens BancShares, the parent company of First Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank, jointly received stockholder approval to merge companies.

The companies are preparing for completion of the transaction in Q2/21, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.

The combined company will create the 20^th largest bank in the United States based on assets.

“Today marks an important milestone as we move closer to uniting our two companies,” Frank B. Holding Jr., CEO and chairman of First Citizens, said. “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.”

“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,” Ellen R. Alemany, CEO and chairwoman of CIT, said.