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.
First Citizens BancShares, the parent company of First-Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank, will combine in an all-stock merger of equals to create the 19th largest bank in the United States based on assets.
Ellen R. Alemany, chairwoman and CEO of CIT, received the Leadership Legacy Award from the Center for Executive Succession at the University of South Carolina’s Darla Moore School of Business Center.
FirstSun Capital Bancorp, through its subsidiary Sunflower Bank, acquired CIT’s trust and wealth advisory business, effective Sept. 1.
CIT Group won three Stevie American Business Awards for business excellence. The awards included a gold award for achievement in management – banking and silver awards for fintech solution and corporate social responsibility program of the year.
CIT Group named James R. Hubbard its general counsel and corporate secretary, effective March 18, 2019. Hubbard will join CIT’s Executive Management Committee and report to Chairwoman and CEO Ellen R. Alemany.
CIT Group revealed a simplified and refreshed brand identity aimed at presenting a more cohesive market presence following a multi-year transformation of the company. The effort includes a new marketing campaign, tagline and website reflecting CIT’s consumer and commercial businesses.
Khanh T. Tran was appointed to the CIT board of directors. He will also serve on the board of CIT Bank. Tran’s background includes senior executive positions with Pacific Life, Aviation Capital and Flying Tiger Line.
CIT Group completed the sale of its Canadian equipment finance and corporate finance businesses (CIT Canada), with assets of approximately $700 million, to Laurentian Bank of Canada.
CIT Group appointed Stuart Alderoty executive vice president, general counsel and corporate secretary. Alderoty previously served as general counsel for HSBC North America Holdings.