/First Citizens to Buy CIT Group – The Wall Street Journal

First Citizens to Buy CIT Group – The Wall Street Journal


First Citizens BancShares Inc. said Friday it plans to buy CIT Group Inc. in an all-stock deal valued at roughly $2.2 billion.

The combination of First Citizens, based in Raleigh, N.C., and CIT, based in New York City, would create one of the larger regional banks in the U.S. with more than $100 billion in assets. The company will keep the First Citizens name and ticker symbol after the merger and will continue to be run by the First Citizens CEO.

The…

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