First Citizens, CIT To Merge Into $100B US Regional Lender; Shares Spike [Yahoo! Finance News]
CIT Group Inc (DEL) (CIT)
Last cit group inc (del) earnings: 4/21 06:00 am
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Source: Yahoo! Finance News
Shares in CIT Group popped 27% on Friday after First Citizens BancShares announced that it has entered into an all-stock merger of equals with the national lender to create the 19th largest US bank based on assets.First Citizens shares jumped 11% to $393.41. Under the terms of the agreement, CIT (CIT) stockholders will receive 0.0620 shares of First Citizens class A common stock for each share of CIT common stock they own. First Citizens stockholders will own about 61% of the combined company and CIT stockholders the remainder. The merger, which is expected to close in the first half of 2021, will create a combined entity with over $100 billion in assets and over $80 billion in deposits.The deal will bring together First Citizens' (FCNCA) low-cost retail deposit franchise and full suite of banking products with CIT's national commercial lending franchise and strong market positions, First Citizens said in a statement."We have long admired CIT's market-leading commercial business, incl
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