"Biggest Bank Merger of the Year: How First Citizens and CIT Group are set to create a financial powerhouse in the US!" #Banking #Merger #FinancialPowerhouse

 The recent acquisition of First Citizens BancShares by CIT Group Inc. has been lauded as a good deal by stock market analysts. The deal was structured as a merger of equals, with the resulting company being named First Citizens Bancshares Inc.

The merger is expected to result in cost savings of $225 million annually, and the combined company will have approximately $120 billion in assets, making it one of the largest financial institutions in the United States.

First Citizens Bank

The deal was structured as an all-stock transaction, with each share of First Citizens being exchanged for 0.0620 shares of CIT Group. This represents a premium of approximately 11% over First Citizens' closing price on March 24th, the day before the deal was announced.

The new company will be headquartered in Raleigh, North Carolina, where First Citizens is currently based. The CEO of First Citizens, Frank Holding Jr., will serve as the CEO of the combined company, while CIT Group's CEO, Ellen Alemany, will serve as Chairwoman of the Board of Directors.

Overall, the market reaction to the deal has been positive, with both First Citizens and CIT Group seeing their stock prices increase since the announcement. The deal is expected to close in the second half of 2023, subject to regulatory approval and the approval of both companies' shareholders.