First Citizens completes merger with CIT Group
Frank B. Holding, president and CEO of First Citizens. Image: First Citizens
First Citizens BancShares Inc. merged with CIT Group Inc.creating one of America’s top 20 financial institutions and the nation’s largest family-owned bank.
The merger brought together the strengths of both organizations, combining First Citizens Bank’s retail franchise and full range of banking products with CIT’s strong market position. The combined company operates as First Citizens Bank. TIC, CIT Bank and West Bank will operate as divisions of First Citizens Bank as a series of conversions to First Citizens continue to take place.
“This is a transformational step in our 124-year history,” said Frank B. Holding Jr., President and CEO of First Citizens. “It brings together two companies with deep traditions of service and excellence. We’re not just building a bigger bank, we’re building an even better bank, a bank that helps more people in more places and strengthens the communities we serve. The completion of the merger is a testament to the many associates on our teams who have worked so diligently to bring us here.
Ellen R. Alemany, formerly President and CEO of CIT, is now Vice Chair of the Board of First Citizens. Marisa J. Harney is now a member of the First Citizens leadership team and also as Director of Credit.
First Citizens recently announced that it will eliminate its insufficient funds fee, reduce its overdraft fee from $36 to $10, and continue to help customers avoid overdrafts. The changes should be in place by the middle of the year. There will be no changes for CIT Division customers at this time, but they will be able to see the changes when their accounts are converted.