North Carolina-headquartered First Citizens is now a top 20 U.S. financial institution (based on assets), with more than $100 billion in assets, and the largest family-controlled bank in the nation. Your credit relationships will eventually transfer to First Citizens, including loans, lines of credit and leasing relationships. 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. Fitch has withdrawn CIT's and CIT Bank's ratings as the entities no longer exist. Certain 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. "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. Frank Holding Jr., First Citizens' chairman and CEO, will serve as chairman and CEO of the combined company. "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 transaction creates greater scale to drive growth, enhance profitability and stockholder value. Closing out a week of big bank earnings hits and misses, two mid-sized banks announced they're merging in a dealvalued at about $2.2 billionthat will create the nation's 19th-largest bank by assets upon close. "This is a transformational milestone in our 124-year history," said Frank B. During the conversion process, First Citizens Digital Banking was temporarily unavailable. 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. In addition, Marisa J. Harney is now a member of the First Citizens executive leadership team and assumes the role of chief credit officer. The combined company now operates under the First Citizens Bank name. CIT Group is a highly respected financial services company that provides an array of sophisticated financial tools, including treasury management, loans and specialized leasing, as well as advisory services to middle-market companies and small businesses nationwide. in commercial banking, citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets NEW YORK, Feb. 24, 2022 / PRNewswire / -- CIT, a division of First Citizens Bank, today announced that its Real Estate Finance business provided $51 million in financing for the acquisition of the Oceana Apartments in Avondale, Arizona. For now, they will be served through their current branches, websites, mobile apps, bankers and advisors. CITBank previously operated as a division ofCIT, which merged with and became a division of First Citizens Bank in January 2022. First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Primary Menu. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Learn more about OneWest Bank transitioning. DEAL STATS. First Citizens has confirmed the completion of its merger with CIT Group, which was first announced in October 2020. We . As of the firm's latest proxy filing, the Holding family retains a majority of voting power over First Citizens, and Christopher Marinac, director of research for Janney Montgomery Scott, reportedly estimates the family will have about 32% of the combined company's shares. is a division of First Citizens Bank, the largest family-controlled bank in, ) is a top 20 U.S. financial institution with more than, 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. Under the terms of the deal, which has been approved by the boards of both companies, CIT stockholders will receive roughly 0.06 shares of First Citizens class A stock for each share of CIT common stock they own. Bank deposit products are offered by First Citizens Bank. (Member FDIC, Equal Housing Lender). Citizens, CIT (a division of First Citizens Bank), and Webster Bank acted as lead arrangers on the debt financing, with Citizens also acting as financial advisor to Antin. We're creating a better bank that delivers more value for all the constituents we serveincluding greater resources, new expertise and banking convenience for customers like you. KA Real Estate manages, (as of 10/31/2022) across opportunistic equity, core equity and real estate debt. Visit the Treasury Management Transition Center. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website. RALEIGH, N.C., Jan. 4, 2022 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), parent company of First-Citizens Bank & Trust Company ("First Citizens Bank"), today announced completion of its previously announced merger with CIT Group Inc. ("CIT"). First Citizens has bought more than 25 banks over the past decade. "Over the past 10 months, we've executed adeptly on our integration plans, expanded our footprint and transitioned the vast majority of ourCITconsumer customers to First Citizens. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. City, State/Province, Zip or City & Country Submit a search. NEW YORK, Jan. 18, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt financing for Navios Maritime Partners L.P. ("Navios Partners"). Authorities gained from Russian sanctions legislation helped law enforcement build the case against Hong Kong-based exchange. Here's a look back at the key dates for your transition. . Operating together as First Citizens, we're now the largest family-controlled bank in the nation. We're not just creating a bigger bank we're creating an even better bankone that helps more people in more places and strengthens the communities we serve. The bank previously announced a community benefits plan to reinvest $16 billion to serve low- and moderate-income (LMI) communities and borrowers through 2025. The financing was used for Morningstar's acquisition of three new self-storage properties that will operate . Holding, Jr. on third quarter results, "We are pleased with our financial performance during the third quarter and reported net income of $315 million, a 23.5% increase over the prior quarter. 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. Visitfirstcitizens.com. We'll continue the unique legacy of strength, stability and long-term thinking that's spanned generations. CIT Bank is now a division of First Citizens Bank. Raleigh's First Citizens Bank to merge with CIT Group (Triangle Business Journal), This is a BETA experience. Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. 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. Citizens, CIT (a division of First Citizens Bank), and Webster Bank acted as lead arrangers on the debt financing, with Citizens also acting as financial advisor to Antin. Call Us Reach out and we'll help. (CIT). 1997 Thrift Subsidiary Paves the Way We chartered and launched a federal thrift subsidiary, Atlantic States Bank, to serve the Atlanta market. When First Citizens BancShares (ticker: FCNCA) announced that it would buy CIT Group (CIT) for $2.2 billion in October of last year, it seemed like a run-of-the-mill acquisition. RALEIGH, N.C., Jan. 4, 2022 /PRNewswire/ -- First Citizens BancShares Inc. (NASDAQ: FCNCA) ("First Citizens"), parent company of First-Citizens Bank & Trust Company ("First. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. The combined company, which will now operate under the First Citizens name, has more than $100 billion in assets, serving more than 600 branches in 22 states and a national direct bank. The tough ap . Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients. First Citizens Bank is providing more than $16 million in financing to support the acquisition. Ellen R. Alemany, former chairwoman and chief executive officer ofCIT, 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. 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 . What kind of user experience can I expect? Personal Savings From rainy days to retirement, we have you covered. Member FDIC and an Equal Housing Lender. 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. First Citizens (ticker:. The loans supported a joint venture managed by Montecito Medical Real Estate in . It is on the list of largest banks in the United States.. As of December 31, 2019, the company operated 574 branches in 19 states; however, 72% of the bank's deposits were in North Carolina and South Carolina.. For three generations, the bank has been led by . His next challenge: a looming economic downturn. Completion of the merger is a testament to the many associates on our teams who have worked so diligently to get us here.". Over the coming months, a series of conversions to First Citizens' systems and operations will take place. Now that we've merged our talents, systems and resources, you'll discover an even stronger financial partner by your side. About First Citizens First Citizens BancShares Inc. is the financial holding company for First Citizens Bank. Excluding CIT, loans grew $455 million, or about 3% on an annualized basis. The two companies announced the $2.2 billion deal in October 2020 and had planned to complete it by Oct. 15 of last year. The merger brings together complementary strengths of both organizations, combining First Citizens Bank's robust retail franchise and full suite of banking products withCIT's strong market position in nationwide commercial lending and direct digital banking. TheseCITBank branch customers now have access to the full array of products and services offered by First Citizens. "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. Your accounts became First Citizens accounts. Join Our Talent Community. First Citizens Bank is positioned to be a one-stop financial services destination for customers across the country, providing a full suite of retail, business, commercial and wealth products and services. 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