Cautionary Notes Regarding Forward-Looking StatementsCertain of the statements made in this Press Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Its possible that FDIC coverage of your CDs will remain even longer, depending on the maturity date. We were seeing so many [commercial banking]. The merger will create a new US bank with over . Excluding CIT, loans grew $455 million, or about 3% on an annualized basis. First Citizens BancShares is the financial holding company for First Citizens Bank. Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. Alexander Candia Completion of Acquisition or Disposition of Assets. For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. "Located in Wichita's medical corridor, the surgery center and medical office building within this portfolio are providing essential services to community members who benefit from having a surgical hospital and pain center in the same complex," said Antonio Minchella, senior managing director Medical Office at Kayne Anderson. The bank previously announced a community benefits plan to reinvest $16 billion to serve low- and moderate-income (LMI) communities and borrowers through 2025. CEO Nihin Mhatre said the bank is in a "very, very good spot" as his transformation of the company proceeds. At First Citizens, we'll guide you through every step of the lending process. NEW YORK, Dec. 14, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Financebusiness provided $27.8 million to a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties for the acquisition of a surgical hospital and medical office building portfolio located in Wichita, Kansas. icon: sys-ehl. Taking care of customersyear in, year outisn't just our track record. First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Call Us Reach out and we'll help. Share by email icon, clcik here to share current page content by email. Brown has helped the online bank weather the pandemic. For more information, visit our Treasury Management Transition Center. Prior to the merger, First Citizens was actually the smaller of the two, with $48 billion in assets and a 550-branch footprint in 19 states. In addition to this conversion ofCITBank branches, First Citizens completed the transition of its OneWest Bank division to its operations and systems in July 2022. Holding Jr., First Citizens chairman and chief executive officer. CIT Small Business Solutions provides leasingSee this and similar jobs on LinkedIn. For more specifics on when your treasury management services transitioned to First Citizens, visit our Action Items page. Will there be any changes to my First Citizens banking relationships? First Citizens Bank announced that its Middle Market Banking business provided a total of $65.8 million in senior secured financing for affiliates of Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets. The closely-held Raleigh bank's holding company announced Friday it is combining with New York-based CIT Group, the parent of CIT Bank N.A. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. The larger metropolitan areas that we serve probably have a more robust growth in some of the more suburban or rural areas, but we don't see any weakness.. Application by First Citizens BancShares, Inc. to Acquire Merger A. by CIT Group, Inc. and CIT Bank, N.A. The $49-billion asset First Citizens BancShares (NASDAQ: FCNCA) is merging with the $61-billion asset CIT Group (NYSE: CIT) in an all-stock deal that will create the 19th largest bank in the U.S . Our news releases are believed to be accurate as of the date they are issued. Business Savings Boost your profits - without breaking a sweat. Subscribe to Banking Dive for top news, trends & analysis, The free newsletter covering the top industry headlines, Built Technologies Names Digital Payment Expert Bora Chung and Engineering Veteran Matt Mareng, Traceable AI Addresses Newest FFIEC Compliance Guidelines Highlighting API Security for Financ, Valuedynamx Partners with Plink to Enhance Cash Back Programs Offered by Financial Institutio, interested parties more time to comment "in light of the ongoing challenges from the coronavirus, By signing up to receive our newsletter, you agree to our, Webinar From the close of business on Nov. 10 and the reopening of branches on Nov. 14, First Citizens converted 11CITBank branches in Arizona, California, Florida, Nebraska, Nevada and Texas to First Citizens Bank. Web Address: firstcitizens.com Headquarters: 239 Fayetteville Street, Raleigh, North Carolina 27601 FIRST CITIZENS BANK INFORMATION First Citizens Bank was founded in January 1898 and is based in Raleigh, North Carolina. The merger brings together complementary strengths of both organizations, combining First Citizens Bank's robust retail franchise and full suite of banking products with CIT's strong market position in nationwide commercial lending and direct digital banking. CIT acquired the $23 billion-asset OneWest Bank in Pasadena, California, in 2015 and the $8.3 billion-asset Mutual of Omaha Bank in Nebraska in 2020. Will I be able to get up and running quickly? First Citizens has bought more than 25 banks over the past decade. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. You are using an outdated browser. Isos forms the cornerstone of Acacia's. The Fed said the extension is meant to give interested parties more time to comment "in light of the ongoing challenges from the coronavirus.". But we also encourage you to take full advantage of all the strengths of our combined organization. "It brings together two companies with deep traditions of service and excellence. He cited each companys long history of M&A. Get all the details about your organization's transition from CIT treasury management to First Citizens. business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of First Citizens'and CIT'soperations will be materially delayed . The combined company now operates under the First Citizens Bank name. Additional factors which could affect the forward-looking statements can be found in First Citizens' Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other filings with the Securities and Exchange Commission (the "SEC"), and inCIT's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as amended on Form 10-K/A, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other filings with theSEC. Learn all about your transition from OneWest Bank to First Citizens accounts and services. Holding Jr., First Citizens chairman and chief executive officer. 5-Star First-Citizens B&TC, Raleigh, NC purchased the $48 billion asset CIT Bank, Pasadena, CA. In the long term, all our customers will get even more services, more ways to manage their money and more places to find us.". Arizona 4 locations; California 121 locations; Colorado 6 locations; Florida 31 locations; Georgia 54 locations; Kansas 1 location; Banker of the Year: Ally Financial's Jeffrey Brown, Hybrid & Flexible is Great, But Workers Want Job Security, Silvergate Bank loaded up on $4.3 billion in Home Loan bank advances, CBDC projects pick up the pace as 2023 kicks off, Justice Department, Treasury bust crypto exchange Bitzlato, How the banking industry is responding to work from home, Berkshire Hills hires two new executives in latest leadership shakeup, Two credit unions settle with Colorado AG over borrower refunds, CFPB says servicers should offer loss mitigation beyond COVID hardships. Information detailing the conversion and transition to First Citizens was mailed to these customers in October. Forever First, Barbara Thompson Known for stability and a long-term approach to banking, First Citizens now operates more than 600 branches in 22 states and a national direct bank while also offering commercial financing, community association banking, middle market banking, equipment and vendor financing, railcar financing, treasury and payments services, and capital markets and asset management. We're not just creating a bigger bank we're creating an even better bank one that helps more people in more places and strengthens the communities we serve. Known for stability and a long-term approach to banking, First Citizens now operates more than 600 branches in 22 states and a national direct bank while also offering commercial financing, community association banking, middle market banking, equipment and vendor financing, railcar financing, treasury and payments services, and capital markets and asset management. (Credit: Tumisu from Pixabay) First Citizens BancShares, the parent company of First-Citizens Bank & Trust, has agreed to acquire bank holding company CIT Group in an agreement valued at over $2bn. If you have questions about your FDIC insurance, call the FDIC at 877-ASK-FDIC, or refer to the FDIC website for additional details. CIT Bank is now a division of First Citizens Bank. First Citizens Bank. But the merger was put through a long regulatory review process and ultimately closed in January of this year. First Citizens Bank Supports FitLife's Acquisition of Mimi's Rock. RSS icon, click here to subscribe to RSS. Yes. "I'm proud of the work we have done to transform CIT in recent years to a leading, national commercial bank. Please enable Javascript to proceed. . First Citizens began operating our first-ever branches outside of our home state of North Carolina when we acquired a bank based in West Virginia. This plan expands on the two companies' work to support affordable home ownership, small business lending and community development. RALEIGH, N.C.First Citizens Bank announced that itsCITBank division has completed its conversion of its branches to First Citizens' operations and systems. However, Holding added, this will be done in stages and much of CIT is projected to be integrated this year. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website. If I run into any issues, whom should I call? The transaction creates greater scale to drive growth, enhance profitability and stockholder value. The CIT family of companies includes a direct bank, offering a full array of consumer and small business banking products via digital and telephone access. Visit firstcitizens.com. Now that we've merged our talents, systems and resources, you'll discover an even stronger financial partner by your side. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website. icon: sys-ehl. RSS icon, click here to subscribe to RSS. In addition to its Raleigh, N.C., headquarters, First Citizens operates significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations. With more than a century of experience serving the financial needs of our customers, First Citizens is a bank people trust for strength, stability and long-term relationships. Print icon, click here to print the current page. First Citizens Bancshares stock shot up on Friday in extended trading hours after its long-pending merger with CIT Group was approved by the Federal Reserve. NEW YORK, Feb. 23, 2022 / PRNewswire / -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance division provided more than $44 million toward the financing of medical office buildings and facilities in Florida, Washington, and Arizona. In addition, Marisa J. Harney is now a member of the First Citizens executive leadership team and assumes the role of chief credit officer. DEC 6, 2022 - 7:17 am UPDATE: Feb. 1, 2021:The Federal Deposit Insurance Corp. (FDIC) on Friday reopened and extended through Feb. 22 its public comment period concerning First Citizens BancShares' proposed merger with CIT Group. We understand that so much depends on what you do with your money, and we appreciate this opportunity to prove that your priorities always come first. Yes. Personal Checking For all of your banking needs. "ForCITclients, First Citizens brings its proven record of safety, security and focus on long-term relationships while maintaining the expertise and agility that they have come to expect," Holding said. In addition to its Raleigh, N.C., headquarters, First Citizens operates significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations. About CIT First Citizens' shareholders will own 61% of the combined firm and the remaining 39% will be owned by CIT Group's stockholders. Proceeds from the financing, which is secured by product tankers, will be used by Navios Partners to refinance existing debt. In addition to this conversion of CIT Bank branches, First Citizens completed the transition of its OneWest Bank division to its operations and systems in July 2022. CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Key Rating Drivers IDRs and Viability Ratings (VRs) How will my treasury management functions transfer to First Citizens? We took special care in the transition of these critical functions to our powerful treasury management platforms. First Citizens Bank brings together personal service and powerful tools to help customers do more with their moneyand make more of their future. Abay Medical Plaza is leased to four tenants with the largest tenant being Abay Neuroscience Center one of the largest neurosurgery practices in Kansas and the second largest tenant being the Pain Center at Kansas Spine & Specialty Hospital. Holding Jr., First Citizens chairman and chief executive officer. raleigh, n.c. and new york, july 14, 2021 / prnewswire / -- first citizens bancshares inc. (nasdaq: fcnca) ("first citizens"), the parent company of first-citizens bank & trust company, and cit group inc. (nyse: cit) ("cit"), the parent company of cit bank, n.a., jointly announced that the proposal to merge the two companies has received DEAL STATS. Kayne Anderson Real Estate ("KA Real Estate") is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. Select if this is your first time logging in to digital banking, We'll work closely with you to ensure continued access to all the treasury management services you depend on, and offer new tools to improve your day-to-day banking, By significantly increasing our financial resources, we can offer more opportunities to help you grow, Count on us for attentive personal service, a commitment to your long-term financial health and customized commercial banking solutions to meet your needs, Provide more comprehensive, more timely reporting, Collect outstanding invoices more efficiently. In addition to its Raleigh, N.C., headquarters, First Citizens operates significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. "This is a transformational milestone in our 124-year history," said Frank B. The combined company has $110 billion of assets. For reprint and licensing requests for this article. "With our deep industry relationships, experience and market expertise, we are pleased to advance the goals of Kayne Anderson Real Estate and Remedy Medical Properties by creating unique financing tailored to meet their needs," said Steven Reedy, a managing director in CIT Healthcare Finance. To keep things simple for you, we selected the First Citizens commercial deposit accounts most similar to your CIT treasury management accounts. Your company received a mail package from us with all the necessary details to transition your data. Select if this is your first time logging in to digital banking, Enjoy greater banking convenience from any location and an even larger network of First Citizens branches across 19 states coast to coast, Count on a wider network of specialists in specific industries and financial disciplines who can deliver custom strategies for growing your business or managing your personal assets, Our commercial banking enhancements will bring a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses. Find a Branch Meet our associates. Follow this author to stay notified about their latest stories. First Citizens is committed to investing in the communities it serves. Known for stability and a long-term approach to banking, First Citizens now operates more than 600 branches in 22 states and a national direct bank while also offering commercial financing, community association banking, middle market banking, equipment and vendor financing, railcar financing, treasury and payments services, and capital markets and asset management. Forever First means the name on our door will stay the same for years to come. The deal more than doubles First Citizens' assets to over $100 billion, and the bank says it will keep the First Citizens name as well as its Nasdaq stock ticker and Raleigh, NC headquarters. However, they may become outdated over time, and should not be relied on as correct after their issue date. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $34 billion alternative investment management firm with more than 38 years of successful experience in the real estate, infrastructure, credit, and growth capital sectors. We're grateful to our associates across the combined organization who have worked diligently to achieve this milestone.". In its earnings release, the bank said it remains confident in its ability to execute on its previously communicated $250 million in total cost savings by the end of 2023.. We have lots of experience helping large companies expand, mitigate risks, plan for the future and navigate uncertainty. First Citizens announced the acquisition of CIT Group in October 2020 for an implied value of $21.91 per share, valuing CIT Group at just 44% of tangible book value (TBV), which is a bank's equity . This transaction advances CIT's strategic plan through the addition of a stable, lower-cost homeowner association deposit channel from the market . But it has been a serial acquirer over the past decade, buying more than 25 community banks, according to American Banker. from 8 AM - 9 PM ET. "Frank and I have long respected each other's companies and believe this transaction will accelerate our strategic goals by bringing together the expertise of both banks to create scale, strength and value,"Alemany said Friday in a news release. "For CIT clients, First Citizens brings its proven record of safety, security and focus on long-term relationships while maintaining the expertise and agility that they have come to expect," Holding said. The bank previously announced a community benefits plan to reinvest $16 billion to serve low- and moderate-income (LMI) communities and borrowers through 2025. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. TheseCITBank branch customers now have access to the full array of products and services offered by First Citizens. Here's a look back at the key dates for your transition. Member FDIC and an Equal Housing Lender. The combined company now operates under the First Citizens Bank name. Posted 7:08:00 PM. Fitch has withdrawn CIT's and CIT Bank's ratings as the entities no longer exist. All forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements, including, among others, (1) disruption from the Merger, or recently completed mergers, with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities, (3) reputational risk and the reaction of the parties' customers to the Merger, (4) the risk that the cost savings and any revenue synergies from the Merger may not be realized or take longer than anticipated to be realized, (5) general competitive, economic, political and market conditions, and (6)difficulties experienced in the integration of the businesses. You may opt-out by. NEW YORK, Aug. 13, 2019 / PRNewswire / -- CIT Group Inc. (NYSE: CIT) and Mutual of Omaha (Mutual) today announced a definitive agreement for CIT's banking subsidiary, CIT Bank, N.A., to acquire Mutual's savings bank subsidiary, Mutual of Omaha Bank, for a purchase price of $1 billion. Personal Savings From rainy days to retirement, we have you covered. "It brings together two companies with deep traditions of service and excellence. But it has been a serial acquirer over the past decade, buying more than 25 community banks, according to American Banker. Insights A few financial insights for your life Search Insights Print icon, click here to print the current page. Bank deposit products are offered by First Citizens Bank. First Citizens BancShares Inc. and CIT Group Inc. recently merged, creating a top 20 US financial institution with more than $100 billion in assets. As the largest family-controlled bank in the United States, First Citizens Bank is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations.. Except to the extent required by applicable law or regulation, First Citizens disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. He expects to complete the full conversion of CIT into First Citizens by the second half of 2023, as planned based on the January closing time frame. First Citizens Bank Completes Operational Conversion of CIT Bank Division Branches. Your company's online administrators should have received a mail package from us with all the necessary details, including key to-do items before and after your transition. Shares of First Citizens are surging 12% on Friday, pushing the firm's market cap to roughly $3.8 billion, though they're still down about 27% for the year; the S&P 500 Banks Industry Group Index is down 33% this year. "For First Citizens customers, everything they count on us for will stay the same: same service, same values, same commitment to helping them do more with their money. The loans supported a joint venture managed by Montecito Medical Real Estate in . Many bank CEOs see the end of work from home coming soon, but other industry leaders are not so sure. The bank operates as a subsidiary of First Citizens Bancshares, Inc.. Overall, you should be able to get comfortable and familiar with your new platform in a short period of time. As the largest family-controlled bank in the U.S., First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. CIT in January completed its $1 billion purchase of the banking arm of insurance titan Mutual of Omaha a deal that saw CIT expand its presence in homeowner association banking. On January 3, 2022, First Citizens BancShares, Inc. completed its previously announced merger with CIT Group Inc., a. CIT has $61.7 billion in assets and 92 branches in nine states. We mailed a First Citizens welcome package that included all the key things you needed to know and do. . The words "expect," "anticipate," "intend," "plan," "believe," "seek" and "estimate," and similar expressions, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. Committed to investing in the transition of these critical functions to our powerful treasury management services transitioned to Citizens... Bank announced that itsCITBank division has completed its conversion of its branches First! 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