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First Citizens to buy CIT for $2.2 billion

Oct 19, 2020 - American Banker
Mergers and Acquisitions

First Citizens BancShares in Raleigh, N.C., and CIT Group in New York announced an agreement to merge Friday, creating what would become the country's 19th-largest bank holding company with roughly $110 billion of assets and a branch network stretching from coast to coast.

The deal would combine two of the industry's most acquisitive companies in recent years. First Citizens, the parent of First Citizens Bank & Trust, has acquired more than 25 community banks over the past decade and now h...