First Citizens, CIT Group Merger Will Create $100B Bank
PYMNTS
OCTOBER 16, 2020
An approximate $2.2 billion all-stock merger deal between First Citizens and CIT Group will result in the creation of the 19 th biggest U.S. bank, with over $100 billion in assets, the companies announced on Friday (Oct. 16). The boards of directors at both companies voted unanimously for the agreement, which gives First Citizens stockholders about 61 percent ownership and CIT stockholders 39 percent of the combined company.
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