First Citizens BancShares, parent company of First Citizens Bank, completed its previously announced merger with CIT.
CIT, CIT Bank and OneWest Bank will initially operate as divisions of First Citizens Bank, and customers will be able to continue to bank as they normally do. For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. Over the coming months, a series of conversions to First Citizens’ systems and operations will take place.
Ellen R. Alemany, former chairwoman and CEO of CIT, will assume the role of vice chairwoman of First Citizens (along with Hope Holding Bryant, First Citizens’ current vice chairwoman) and will serve on the First Citizens board of directors. The board now consists of 11 current First Citizens directors and three former CIT board members: Alemany, Michael A. Carpenter and Vice Admiral John R. Ryan, USN (Ret.).
In addition, Marisa J. Harney is now a member of the First Citizens executive leadership team, assuming the role of chief credit officer. Harney previously served as executive vice president and chief credit officer with CIT.
