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public meeting on the proposal for CIT Group, Inc., Livingston, New Jersey, to acquire IMB Holdco LLC and its subsidiary, OneWest Bank. Casimir Saintcyr, Relationship Specialist, Florida, USA, sxxxxxxxxxxxxxxr@cit.com. Ishaq Penbelli, Assistant Vice President, New Jersey, USA. CIT Bank logo CIT Bank, N.A. is an online bank that offers some of the highest-paying interest rates on both Livingston, NJ 07039.

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First Citizens BancShares, Inc. and CIT Group Inc. Announce Transformational Partnership to Create a Top-Performing Commercial Bank

  • Merger creates a Top 20 U.S. bank with over $100 billion in assets
  • Creates greater scale to drive growth, improve profitability and enhance stockholder value

  • Financially compelling transaction with targeted earnings per share accretion of +50% with fully phased in cost synergies and targeted tangible book value per share accretion of ~30%

  • Brings together complementary strengths with First Citizens’ low-cost retail deposit franchise and full suite of banking products and CIT’s national commercial lending cit bank new jersey and strong market positions
  • Creates diversified deposit strategy with First Citizens’ 550+ retail banking locations in key growth MSAs, including throughout the Southeast, and CIT’s rapidly growing homeowner association business, leading direct bank and complementary Southern California retail branch network

  • The combined company expects to be well-positioned to leverage its product portfolio and technology across the franchises and make additional investments in technology to enhance the customer experience

  • Combines experienced management teams with significant integration experience and a shared commitment to a strong culture that serves customers and communities

  • Conservative credit mark and strong capital levels are expected to facilitate additional growth and stockholder-enhancing capital management strategies

RALEIGH, N.C. and NEW YORK, Oct. 16, 2020 (GLOBE NEWSWIRE) -- First Citizens BancShares, Inc. (NASDAQ: FCNCA) (“First Citizens”), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (“CIT”), the parent company of CIT Bank, N.A., jointly announced today that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals to create the 19th largest bank in the United States based on assets.

The transformational partnership will create greater scale to drive growth, improve profitability and enhance stockholder value. The transaction brings together the complementary strengths of First Citizens’ low-cost retail deposit franchise and full suite of banking products with CIT’s national commercial lending expertise and strong market positions. In addition, it creates a more diversified deposit strategy with First Citizens’ 550+ full-service retail banking locations in key growth MSAs, including across the Southeast, and CIT’s rapidly growing homeowner association business, leading direct bank and complementary Southern California retail branch network.

Under the terms of the definitive merger agreement, which was unanimously approved by the Boards of Directors of both companies, CIT stockholders will receive 0.0620 shares of First Citizens class A common stock for each share of CIT common stock they own. First Citizens stockholders will own approximately 61% and CIT stockholders will own approximately 39% of the combined company.

The combined company will operate under the First Citizens name and will trade under the First Citizens ticker symbol FCNCA on the Nasdaq stock market. The combined company will be headquartered in Raleigh, N.C., and will maintain significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations.

Frank Holding, Jr., Chairman and CEO of First Citizens, will retain the same cit bank new jersey at the combined company. Ellen R. Alemany, Chairwoman and CEO of CIT, will assume the role of Vice Chairwoman and play a key role in the merger integration. In addition, she will serve on the Board of Directors of the combined company.

The Board of Directors of the combined company will consist of 14 directors, the current 11 First Citizens Board members and three CIT Board members, including Ms. Alemany.

“This is a transformational partnership for First Citizens and CIT designed to create long-term value for all of our constituents including our stockholders, our customers, our associates and our communities,” said Frank Holding, Jr. “We have long admired CIT’s market-leading commercial business, including their strong market position across multiple asset cit bank new jersey. Under Ellen’s leadership, CIT has made tremendous progress in reducing its cost of funds, enhancing risk management processes and retaining key talent. First Citizens has a long history of delivering strong returns to our stockholders, gathering low-cost deposits and driving strong earnings, which are all supported by an exceptional credit culture, strong capital and excellent risk management. Together, First Citizens and CIT will be able to leverage both companies’ unique attributes to create the 19th largest bank in the country, well-positioned to compete across the United States.”

Ellen R. Alemany, Chairwoman and CEO of CIT, said, “Frank and I have long respected each other’s companies and believe this transaction will accelerate our strategic goals by bringing together the expertise of both banks to create scale, strength and value. I'm proud of the work we have done to transform CIT in recent years to a leading, national commercial bank. This transaction will build on those efforts and more fully unlock the potential in our core franchises. In addition, the strength that is created as a larger U.S. bank will enable greater opportunities for our team, our customers and our communities.”

Financially Compelling Transaction for All Stockholders

Significant Earnings Per Share Accretion and Tangible Book Value Per Share Accretion: The transaction is targeted to deliver in excess of 50% EPS accretion once cost savings are fully phased in. The tangible book value per share accretion is targeted to be in excess of 30% at closing.

Cost Synergies: The companies have identified approximately 10% in targeted pro forma combined noninterest expense savings.

Long-term Stockholder Value Creation and Tangible Book Value Per Share Growth Focus: The combined company expects to continue to emphasize tangible book value growth over time. On a pro forma basis, the combined company targets delivering top-tier operating performance, with a ROTCE of approximately 13%.

Strong Capital and Credit Reserve Levels: The combined company is expected to have in excess of 9.4% Tier I Common Equity at closing. The combined allowance for credit losses will be approximately $1.8 billion in aggregate, representing approximately 2.4% of the loan portfolio. The combined company’s targeted strong capital ratios are designed to support organic growth, additional acquisitions and capital management strategies to enhance stockholder value.

Strategically Compelling for Both Organizations

Enhanced Scale to Drive Growth, Improve Profitability and Enhance Stockholder Value: The pro forma organization, with over $100 billion in assets and over $80 billion in deposits, combines two high-quality companies focused on driving strong, consistent growth and profitability. First Citizens stockholders have enjoyed stock price performance that has exceeded the Nasdaq Bank Index over the last 5- 10- and 20-year periods. This transaction provides a platform for growth and profitability that is expected to drive stockholder returns for many years into the future.

Combines First Citizens’ Lower Cost Deposit Franchises and CIT’s Market-Leading Nationwide Commercial Franchise: The combined company expects to benefit from the combination of First Citizens’ strong, low-cost deposit base and CIT’s leading nationwide lending platform. CIT’s industry, asset class and capital markets expertise can deliver financing solutions to First Citizens’ strong client base. First Citizens brings a full suite of banking products and services to CIT commercial and retail customers, including deposit, mortgage, auto financing, merchant services, credit and debit cards, wealth management and trust solutions. First Citizens’ strong deposit suite and low-cost funding is targeted to enable the pro forma company to expand its business and compete more effectively with larger competitors. CIT’s HOA business is also expected to continue to be an important low-cost funding source.

Experienced Management Teams with Significant Integration Experience: This merger combines two highly respected management teams operating complementary business lines. Both companies have significant merger integration experience and proven track records of successfully integrating acquisitions to drive stockholder value. First Citizens has been in a continuous merger and integration cycle for the last 10+ years acquiring over 25 companies resulting in superior business performance and stock price performance over this time period. CIT’s three acquisitions since 2014 represent over $30 billion in acquired and integrated assets.

Combined Company Poised For Long-Term Growth: Several of the combined companies’ business lines will be enhanced through this combination. The combined Southern Californian branch and deposit-gathering footprint will be substantially enhanced. The mortgage business is targeted to double in size with attractive growth prospects. Complementary SBA business lines are targeted to significantly increase in scale and present additional opportunities for growth.

Significant Opportunity to Optimize the Balance Sheet and Earnings: Lower funding costs are targeted to enable CIT’s commercial lines to compete more effectively, and a diversified funding mix should enable the combined company to reduce financing costs through improved credit ratings for CIT’s businesses and additional scale and diversification.

Combined Company Laser-Focused on Credit Quality, Capital Adequacy and Risk Management: First Citizens has a long track record of significantly below peer Non-Performing Asset ratios and Net Charge-Off ratios. Both companies have completed extensive due diligence. This transaction provides immediate product and geographic diversification.

Strong Reputation, Robust Customer Relationships and Similar Cultures Reduce Integration Risk: The combined company is designed to leverage the strong reputation of both companies with the goal of delivering strong performance and results for customers, colleagues and communities.

Company Well Positioned for Long-Term Value Creation Due to Stable Low-Cost Deposits, Strong Presence in High-Growth MSAs Nationwide and Online Platform, Providing Diverse Funding Mix: First Citizens’ deposit costs are cit bank new jersey 0.13% and have historically been consistently below peer funding costs. CIT’s direct banking deposit platform offers a unique opportunity to scale online deposits in a cost-efficient manner and teco account pay bill leading homeowner association deposit channel offers additional growth and diversification.

Approval and Timing

The merger is expected to close in the first half of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the stockholders of each company.

Transaction Advisors

Piper Sandler & Co. served as financial advisor to First Citizens, with Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. serving as legal advisor. Keefe, Bruyette & Woods, A Stifel Company, and Morgan Stanley & Co. LLC served as financial advisor to CIT, with Sullivan & Cromwell LLP serving as legal advisor.

Joint Investor Conference Call

There will be a joint conference call to discuss the transaction at 8 a.m. Eastern time today. To listen to the live call, please dial 1-888-317-6003 (U.S.), 1-866-284-3684 (Canada) or 1-412-317-6061 (international) and enter the participant code 7110614.

A link to the live webcast, along with the related presentations, will be available on the investor relations section of each company’s website at ir.cit.com/CorporateProfile and firstcitizens.com/investor-relations.

An audio replay will be available an hour after the conclusion of the call. To access the replay, dial 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada) or 1-412-317-0088 (international) and use access number 10149208. This replay will be available through November 30, 2020.

About First Citizens

First Citizens is the financial holding company for Raleigh, North Carolina-headquartered First Citizens Bank & Trust Company. First-Citizens Bank & Trust Company provides a broad range of financial services to individuals, businesses, professionals and the medical community through branch offices in 19 states, including digital banking, mobile banking, ATMs and telephone banking. As of June 30, 2020, First Citizens had total assets of $47.9 billion. For more information, visit First Citizens’ website at firstcitizens.com. First Citizens Bank. Forever First®.

About CIT

CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). CIT’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset pnc branch locations chicago. CIT's consumer banking segment includes a national direct bank and regional branch network. As of June 30, 2020, CIT had total assets of $61.7 billion. Discover more at cit.com/about.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of First Citizens and CIT. Words such as “anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," “targets,” “designed,” "could," "may," "should," "will" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on First Citizens’ and CIT's current expectations and assumptions regarding First Citizens’ and CIT’s businesses, the economy, and other future conditions.

Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect First Citizens’ and/or CIT’s future financial results and performance and could cause the actual results, performance or achievements of First Citizens and/or CIT to differ materially from any anticipated results expressed or implied by such forward-looking statements.

Except to the extent required by applicable law or regulation, each of First Citizens and CIT disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect cit bank new jersey events or developments. Further information regarding First Citizens, CIT and factors which could affect the forward-looking statements contained herein can be found in First Citizens’ Annual Report on Form 10-K for the fiscal year ended December north texas orthopedics keller tx, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020 and June 30, 2020, and its other filings with the Securities and Exchange Commission (the “SEC”), and in CIT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020 and June 30, 2020, and its other filings with the SEC.

Important Information about the Merger and Where to Find It

First Citizens intends to file a registration statement on Form S-4 with the SEC to register the shares of First Citizens’ capital stock that will be issued to CIT’s stockholders in connection with the proposed transaction. The registration statement will include a joint proxy statement of First Citizens and CIT that also constitutes a prospectus of First Citizens. The definitive joint proxy statement/prospectus will be sent to the stockholders of First Citizens and CIT seeking their approval of the proposed merger and the issuance of First Citizens shares in the proposed merger.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 WHEN THEY BECOME AVAILABLE (AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING FIRST CITIZENS, CIT, THE PROPOSED MERGER AND RELATED MATTERS.

Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by First Citizens or CIT through the website maintained by the SEC at http://www.sec.gov or from First Citizens at its website, www.firstcitizens.com, or from CIT at its website, www.cit.com. Documents filed with the SEC by First Citizens will be available free of charge by accessing the “Newsroom” page of First Citizens’ website at www.firstcitizens.com or, alternatively, by directing a request by cit bank new jersey or mail to First Citizens BancShares, Inc., Mail Code: FCC-22, PO Box 27131, Raleigh, North Carolina 27611-7131, (919) 716-7000, and documents filed with the SEC by CIT will be available free of charge by accessing CIT’s website at www.cit.com under the tab “About Us,” first united bank okc locations then under the heading “Investor Relations” or, alternatively, by directing a request by telephone or mail to CIT Group Inc., One CIT Drive, Livingston, New Jersey 07039, (866) 542-4847.

Participants in Solicitation

First Citizens, CIT, and certain of their respective directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of First Citizens and CIT in connection with the proposed merger under the rules of the SEC. Certain information regarding the interests of the directors and executive officers of First Citizens and CIT and other persons who may be deemed participants in the solicitation of the stockholders of First Citizens or of CIT in connection with the proposed merger and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the joint proxy statement/prospectus related to the proposed merger, which will be filed with the SEC. Additional information about First Citizens, the directors and executive officers of First Citizens and their ownership of First Citizens common stock can also be found in First Citizens’ definitive proxy statement in connection with its 2020 annual meeting of stockholders, as filed with the SEC on February 26, 2020, and other documents subsequently filed by First Citizens with the SEC. Additional information about CIT, the directors and executive officers of CIT and their ownership of CIT common stock can also be found in CIT’s definitive proxy statement in connection with its 2020 annual meeting of stockholders, as filed with the SEC on April 2, 2020, and other documents subsequently filed by CIT with the SEC. These documents can be obtained free of charge from the sources described above.

First Citizens Contact Information

Barbara Thompson
Director of Corporate Communications and Brand Marketing
(919) 716-2716
barbara.thompson@firstcitizens.com

Tom Heath
Director of Investor Relations
(919) 716-4565
tom.heathIII@firstcitizens.com

CIT Contact Information

Gina Proia
EVP, Chief Marketing and Communications Officer
212-771-6008
gina.proia@cit.com

Barbara Callahan
SVP and Head of Investor Relations
973-740-5058
barbara.callahan@cit.com


Источник: https://www.globenewswire.com/en/news-release/2020/10/16/2109745/8743/en/First-Citizens-BancShares-Inc-and-CIT-Group-Inc-Announce-Transformational-Partnership-to-Create-a-Top-Performing-Commercial-Bank.html

CIT Bank 2021 Review

Sponsored Content Disclosure: This content was commissioned and paid for by the bank advertiser. The content was reviewed and approved by the advertiser prior to publication.

CIT Bank is among the largest 50 U.S. banks and it also happens to be one of the biggest online banks (based on domestic deposits). Yet, many consumers have never heard of the bank. They may be missing out given that CIT Bank is quietly offering some very attractive products that have competitive deposit rates and very low fees. 

Here’s an overview of CIT Bank’s most notable offerings and how it may be a better bank for your money.

CIT Bank Pros and Cons

ProsCons
Offers market-leading savings ratesNo ATM access for Savings Build and Money Market Account
No monthly fees on deposit accountsNo physical branch locations
Mobile banking apps available with remote check depositNo check-writing on its eChecking account

Product Spotlights

As consumers, the push to research a new bank often comes from the need of a new account or financial service. CIT Bank offers an online checking account, online savings accounts, certificates of deposit (CDs), a money market account, and mortgages.

Of those options, these are the most noteworthy:

CIT Bank eChecking

Why we like it: You get up to $30 per month in ATM fee reimbursements.

The eChecking account is an online checking account with no monthly fees and balances earn interest. It comes with a debit card and online bill payment capabilities. 

With up to $30 per month in ATM fee refunds, you have the freedom to use any ATM that is most convenient for you -- without worrying too much about ATM fees. Typically, with a checking account from a brick-and-mortar bank, you’ll lose roughly $5 per out-of-network ATM transaction.

For some, the biggest drawback of the eChecking is the lack of check-writing. Rather, you can use online bill payments to send checks to billers. Or, use Zelle® to send and receive money.1 If you rarely ever write checks anyway, you won’t notice much of a difference.

CIT Bank Savings Builder

Why we like it: This savings account fosters better savings habits with market-leading savings rates.

The Savings Builder account is worth mentioning because of the high savings rate, which competes cit bank new jersey the top savings rates available from banks nationwide. Compared to the appalling savings rates at brick-and-mortar banks, your money will likely grow significantly faster with the Savings Builder account.

That said, the account has two rate tiers. And, in order to earn the cit bank new jersey APY available, one of the following requirements must be met:

  • Maintain a balance of $25,000 or more
  • Or, make at least one monthly deposit of $100 or more

For many, direct deposits (or partial direct deposits) of paychecks will likely be the easiest method of fulfilling the criteria. Another tip is to set up recurring transfers into the account to ensure that you earn the highest savings rate possible.

The Savings Builder account is most suitable for staying focused on building savings as the only way to retrieve the funds is to transfer it out to another account (such as a checking account).

CIT Bank Money Market Account

Why we like it: Earn one of the nation’s top money market rates with no monthly fees.

The Money Market Account has no monthly fees and the interest rate on the account is among the best in the market. Again, it’s a big incentive to save when you see your money growing so fast.

Additional features include online bill pay, Zelle payments and PayPal payments.

With no monthly fee and no minimum balance requirement, the Money Market Account is a great option for general savings and, better yet, an ideal place to hold your emergency fund.

Online & Mobile Banking

Since there are no physical branches, digital banking tools are crucial to helping customers access and manage their CIT Bank accounts.

With online banking, customers can:

  • Manage CIT Bank accounts and account information online
  • View and download account statements and activity
  • Perform and schedule transfers
  • Create banking reports
  • Communicate with customer support via secure messages
  • Set up account alerts

Additionally, mobile banking apps are available for Apple iOS and Android platforms, what is account number on 1099 also includes these features:

  • Check your balances and account activity
  • Make transfers to and from your CIT Bank accounts and accounts at other institutions
  • Pay bills with eChecking and Money Market accounts
  • Deposit checks
  • Send and receive money with Zelle using eChecking and Money Market accounts
  • Manage account alerts
  • View and download statements

Overall, these are the standard digital banking features that are expected from banks. And, they should be more than enough to handle the majority of everyday banking transactions.

Can CIT Bank Replace Your Bank?

It’s understandable to be hesitant to switch banks. Some consider it a major hassle to move their finances cit bank new jersey others like the safety of being able to step into a branch. 

The reality is:

Your banking habits may show that you can already manage your finances without ever going to a branch.

Even better, because CIT Bank accounts have no monthly fees, you can open them and use them alongside your existing bank accounts to see how you like it. More likely than not, you won’t notice a difference in how you bank and you’ll complete the transition entirely -- minimizing the likelihood of fees and maximizing the growth of your money.


1 Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

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Источник: https://www.mybanktracker.com
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CIT Bank

CIT Bank logoCIT Bank, N.A. is an online bank that offers some of the highest-paying interest rates on both savings accounts and CDs. CIT Bank is a part of CIT Group Inc., a Fortune 1000 company. CIT provides financing, leasing and advisory services to small and middle market businesses.

The Bank offers a suite of banking products designed to help customers achieve a range of financial goals through internet bank and the 70 Retail Banking Centers of our OneWest Bank division located in Southern California.

Routing number: #124084834.
Member FDIC (each depositor insured to at least USD 250,000).
These ads are not affiliated with CIT Bank
HeadquarterLivingston, USA
Key PeopleEllen R. Alemany (Chairwoman, CEO and President)
ID: 2419. Updated: 12.07.2019

Disclaimer

Regulators OK CIT-OneWest Deal

Just shy of a year after the deal was first announced, federal banking regulators have signed off on New Jersey lender CIT Group Inc.’s purchase of Pasadena’s OneWest Bank.

The Office of Comptroller cit bank new jersey the Currency, the nation’s primary bank regulator, and the Federal Reserve on Tuesday announced they have approved the deal, which the companies first announced on July 22 last year.

The merger is one of L.A.’s biggest recent bank deals – topped only by the planned acquisition of top local bank City National by Toronto’s Royal Bank of Canada – and one that has drawn the ire of community groups whose objections helped string out the approval process.

While regulators in February took the relatively rare step of holding a public hearing on the deal, almost every banking observer the Business Journal has spoken with about the merger expected the deal to eventually go through.

Opponents of the deal have slammed CIT and OneWest as beneficiaries of huge public subsidies.

CIT went bankrupt after receiving more than $2 billion in TARP funds – money that wasn’t paid back after the bankruptcy. OneWest, meanwhile, was built from the wreckage of failed lender IndyMac Bank by a team including hedge fund manager George Soros; computer tycoon Michael Dell; and another hedge funder, Steven Mnuchin, who would become the bank’s chairman.

In a crucial part of that deal – which came together during the depths of the financial crisis – the Federal Deposit Insurance Corp. agreed to absorb much of the former thrift’s bad debt under a loss-share agreement that will continue to benefit the merged bank should the deal go through.

Since the loss-share deal was struck, OneWest’s original investors have pulled more than $2 billion in dividends out of the bank, and should make almost that much again through the sale the bank of new york mellon foreclosure properties CIT, which plans to combine OneWest with its CIT Bank unit. Though CIT will remain in New Jersey, the combined banks will be headquartered in Pasadena.

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Источник: https://labusinessjournal.com/news/2015/jul/21/regulators-ok-cit-onewest-deal/
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