First Citizens, CIT Proposed Merger Receives FDIC Approval - Quick Facts

(RTTNews) - First Citizens BancShares Inc. (FCNCA), the parent company of First-Citizens Bank & Trust Co., and CIT Group Inc. (CIT), the parent company of CIT Bank, N.A., jointly announced Wednesday that the proposal to merge the two companies has received regulatory approval from the Federal Deposit Insurance Corporation or FDIC.

The proposed merger has already received approval from the Office of the North Carolina Commissioner of Banks.

The completion of the proposed merger now remains subject to approval from the Board of Governors of the Federal Reserve System, and closing is expected in the third quarter, subject to such approval and the satisfaction or waiver of other customary closing conditions.

When completed, the combined company will operate under the First Citizens name and establish a top 20 bank in the United States based on assets.