The stockholder of First Citizens BancShares and CIT Group have approved the merger of the two companies, which would create the 20th largest bank in the US based on assets.
The deal, which was first announced in October last year, is expected to complete in the second quarter of this year, subject to receipt of all regulatory approvals.
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First Citizens chairman and CEO Frank Holding, Jr. said: “Today marks an important milestone as we move closer to uniting our two companies.
“The combination of our companies will leverage our unique attributes, and we are excited about the opportunities it will provide for all of our constituents, including our stockholders, our customers, our associates and our communities.”
First Citizens BancShares is the parent company of First Citizens Bank & Trust Company.
Founded in 1898, First Citizens Bank operates in 19 states in the USA offering personal, commercial, business, and wealth management services.
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By GlobalDataCIT Bank is a subsidiary of CIT Group, which offers both consumer and commercial banking services with its regional bank network.
CIT chairwoman and CEO Ellen Alemany said: “We are pleased to have crossed this key threshold as we work toward the merger of two complementary banks that will unlock greater potential for stakeholders.”
