First Citizens, the parent company of First-Citizens Bank & Trust, announces the completion of its merger with CIT Group Inc. (CIT). The combined company now operates under the First Citizens Bank name.
According to the companies, the merger brings together complementary strengths of both organizations, combining First Citizens Bank’s retail franchise and suite of banking products with CIT’s market position in commercial lending and direct digital banking.
“This is a transformational milestone in our 124-year history,” says Frank B. Holding Jr., First Citizens chairman and chief executive officer. “It brings together two companies with deep traditions of service. 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. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.”
CIT, CIT Bank, and OneWest Bank will initially operate as divisions of First Citizens Bank, and these 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.
“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 states. “For First Citizens customers, everything they count on us for will stay the same: same service, same values, and the same commitment to helping them do more with their money. In the long term, all our customers will get even more services, more ways to manage their money, and more places to find us.”
Ellen R. Alemany, former chairwoman and CEO of CIT, assumes the role of vice chairwoman of First Citizens (along with current First Citizens Vice Chairwoman Hope Holding Bryant) 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 and assumes the role of chief credit officer. Harney previously served as executive vice president and chief credit officer with CIT.