First Citizens and CIT Extend Merger Agreement | State / Regional

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RALEIGH, North Carolina and NEW YORK, September 30, 2021 / PRNewswire / – 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, NA, jointly announced that the two companies have agreed to extend the merger agreement of October 15, 2021, To March 1, 2022.

The merger has already received approval from the Bureau of North Carolina Commissioner of Banks and the Federal Deposit Insurance Corporation. The Federal Reserve Board’s action is the remaining regulatory approval required to complete the merger, and both parties agree to continue to seek such approval.

Parties have responded to all questions raised by Federal Reserve staff, and staff have informed us that they have no further questions at this time. The parties have been informed that the request is currently at the governor’s level. The Governing Council did not provide a deadline for its decision on the request.

When completed, the combined company will operate as First Citizens and establish one of the top 20 asset-based banks among banks headquartered in the United States. The merger will bring together the complementary strengths of the two organizations with First Citizens’ strong retail franchise and full range of banking products, as well as CIT’s strong market positions, nationwide commercial loan franchise and bank in direct line.

About the first citizens

First Citizens BancShares, Inc. is the financial holding company of Raleigh, North Carolina– whose registered office is First-Citizens Bank & Trust Company (“First Citizens Bank”). As one of the largest family banks in United States, First Citizens Bank (FDIC member, Equal Housing Lender) is known to strengthen the financial strength of its personal, business, business and wealth management clients. Founded in 1898, the bank offers a wide range of financial products and operates a network of branches in 19 states which include many high growth markets. For more information, visit the First Citizens website at firstcitizens.com. First citizens’ bank. Forever first®.

About the CIT

CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to achieve their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a primary banking subsidiary, CIT Bank, NA (FDIC member, Equal Housing Lender). CIT’s commercial banking segment includes trade finance, community association banking, middle market banking, equipment and vendor finance, factoring, railcar finance, treasury services and payments, as well as capital markets and asset management. CIT’s personal banking segment includes a national direct bank and a network of regional branches. Find out 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 concerning the financial condition, results of operations, business plans and future performance of First Citizens and CIT. Words such as “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends”, “plans”, “projects”, “targets”, “designed” , “Could”, “could”, “” 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 about First Citizens and CIT’s business, the economy and other future conditions.

Because forward-looking statements relate to future results and events, 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 the future financial results and performance of First Citizens and / or CIT and could cause the actual results, performance or achievements of First Citizens and / or CIT to differ materially from the anticipated results expressed or implied by these futures. staring statements. These risks and uncertainties include, among others, (1) the risk that the cost savings, revenue synergies and other benefits expected from the proposed merger will not materialize or take longer than expected to materialize, including by due to the impact or problems resulting from the integration of the two companies or due to the state of the economy and competitive factors in the areas where First Citizens and CIT do business, (2) a disruption activities of the parties due to the wait for the proposed merger and the distraction of management’s attention from ongoing operations and business opportunities, (3) the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of the operations of First Citizens and CIT will be materially delayed or be more costly is or difficult than expected or that First Citizens and CIT are not able to successfully integrate their businesses, (5) the outcome of any legal proceedings that may or may have been brought against First Citizens and / or CIT, ( 6) failure to obtain remaining government approvals (and the risk that such approvals could result in the imposition of conditions that could adversely affect the merged company or the expected benefits of the proposed transaction), (7) reputational risk and backlash potential negative consequences from customers, suppliers of First Citizens and / or CIT, employees or other business partners, including those resulting from the completion of the proposed merger, (8) failure to comply with any of the conditions of closing of the definitive merger agreement on time, or at all, (9) delays in closing the proposed merger, (10) the possibility that the proposed merger will be more costly to complete than expected, including due to on unforeseen factors or events, (11) the dilution caused by the issuance by First Citizens of additional shares of its share capital as part of the proposed merger, (12) the general competitive, economic conditions, political and market, (13) other factors that may affect the future results of CIT and / or First Citoyens, including changes in asset quality and credit risk, failure to sustain growth income and profits, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, impact, extent and timing technological changes, capital management activities and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and (14) the impact of the global COVID-19 pandemic on the activities of First Citizens and / or CIT, the ca inability to complete the proposed merger and / or any of the other risks mentioned above.

Except to the extent required by applicable law or regulation, First Citizens and CIT disclaim any obligation to update these factors or publicly announce the results of any revision of any of the forward-looking statements included herein to reflect future events or developments. Further information regarding First Citizens, CIT and factors that could affect the forward-looking statements contained herein can be found in First Citizens’ annual report on Form 10-K for the year then ended. December 31, 2020, its quarterly reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021, and its other filings with the Securities and Exchange Commission (the “SEC”), and in CIT’s annual report on Form 10-K for the year ended December 31, 2020, as amended on Form 10-K / A, its quarterly reports on Form 10-Q for completed periods March 31, 2021 and June 30, 2021, and its other documents filed with the SEC. The content of any website referenced in this communication is not incorporated by reference herein.

Contact information for first citizens

Franck smith

Senior communications strategist

919-716-4121

[email protected]

Deanna hart

Senior Vice President, Investor Relations

919-716-2137

[email protected]

CIT contact details

Gina Proia

Executive Vice President, Director of Marketing and Communications

212-771-6008

[email protected]

Barbara callahan

SVP and Head of Investor Relations

973-740-5058

[email protected]

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SOURCE CIT Group inc.

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