First Citizens rebrands CIT businesses, Discover launches new campaign

First Citizens Bank, whose parent company acquired New York-based CIT Group in 2022 after a lengthy wait, is rebranding certain CIT business lines to better reflect a unified company. The First Citizens name and logo will be adopted by nearly all of the businesses within CIT's commercial finance group, including energy; commercial real estate; healthcare finance; technology, media and telecommunications; aerospace, defense and government and capital equipment finance, Raleigh, North Carolina-based First Citizens said in a press release. Each of those businesses, and others, are now "fully integrated into the bank as a whole," Jim Hudak, president of First Citizens' commercial finance group, said in the release. The switchover will be complete by the end of the year and it will leave just a few CIT names in the mix, including CIT rail division, CIT commercial services and the CIT Bank online bank, First Citizens said. — Allissa Kline

Discover Financial Services on Thursday launched a national advertising campaign for its Cashback Debit account featuring actress Jennifer Coolidge touting Discover's 1% cash-back rewards on up to $3,000 in monthly debit card purchases. The effort, with the tagline "Especially for Everyone," includes a TV spot and online and social media ads, and marks the Riverwoods, Illinois-based financial services firm's first marketing push for a banking product, according to a press release. Discover initially launched the Cashback Debit account in April 2022, but shortly afterward halted its rollout due to a spate of fraud. Prior to his unexpected exit in July, Discover's former CEO Roger Hochschild said the company's relaunch this year of its cash-back debit card would be the centerpiece of the firm's goal of becoming a leading U.S. digital bank. Discover on Monday said it has reached a consent agreement with the Federal Deposit Insurance Corp. to ensure the firm has a robust framework in place to comply with federal consumer protection rules, including safeguards around risks to customers, risks from third-party vendors and an appropriate path for managing consumer complaints. Discover said it recently hired more than 200 people in its compliance department. —Kate Fitzgerald

Southern Michigan Bancorp said its CEO John Castle and President Kurt Miller are planning to retire from the company. The $1.4 billion-asset company in Coldwater, Michigan, appointed John Waldron to serve as president and CEO effective Oct. 3. Waldron, who joined Southern in May 2022 to serve as president of the bank's Jackson market, brings nearly three decades of commercial banking and leadership experience to the position. Castle will continue to serve as chairman of the Southern board, while Miller will transition to the vice chairman role, Southern said in a press release. Until their respective retirements in June 2024, Castle and Miller will support Waldron in managing the day-to-day operations of Southern. — Jim Dobbs