Deals
First Citizens Agrees to Purchase CIT Group for $2 Billion
- Acquisition is the second-largest regional bank deal this year
- First Citizens CEO Frank Holding will lead the combined firm
Photographer: Daniel Acker/Bloomberg
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First Citizens BancShares Inc. agreed to buy CIT Group Inc. in a deal valued at more than $2 billion, this year’s second-biggest regional bank merger.
The all-stock transaction will create the 19th-largest U.S. bank based on assets, the two companies said in a statement Friday. It will operate under the First Citizens name and be based in Raleigh, North Carolina.