First Citizens completes merger with CIT Group

Raleigh, N.C.-based First Citizens BancShares Inc., the parent company of First-Citizens Bank & Trust Co., finally completed its all-stock merger of equals with New York-based CIT Group Inc. after some delay.

The combined company now operates under the First Citizens Bank name.

CIT, CIT Bank NA and OneWest Bank — which became part of CIT in 2015 — will initially operate as divisions of First Citizens Bank as a series of conversions to First Citizens' systems and operations take place over the coming months, according to a press release.

Former CIT Chair and CEO Ellen Alemany becomes vice chair of First Citizens, along with current First Citizens Vice Chair Hope Holding Bryant, and will serve on the board of First Citizens.

First Citizens' board now consists of 11 current directors and three former CIT board members — Alemany, Michael Carpenter and John Ryan.

Marisa Harney, CIT's former executive vice president and chief credit officer, is now First Citizens' chief credit officer and a member of the First Citizens executive leadership team.

First Citizens now operates more than 600 branches in 22 states and a national direct bank.

The company has rolled out a community benefits plan to reinvest $16 billion to serve low- and moderate-income communities and borrowers through 2025. The plan supports affordable home ownership, small business lending and community development, according to the release.