The Bank Slate


First Citizens, CIT extend deadline to close $2.2B merger

First Citizens BancShares in Raleigh, N.C., and CIT Group in New York have extended the deadline for their proposed merger from Oct. 15 to March 1.

The $55.2 billion-asset First Citizens said in a press release that it is still waiting on approval from the Federal Reserve. The Office of the North Carolina Commissioner of Banks and the Federal Deposit Insurance Corp. have already signed off on the proposed $2.2 billion deal. 

CIT has $54.7 billion of assets. 

First Citizens said both parties are committed to continuing to seek the Fed’s approval. Each company has responded to all questions from the Fed, though there is no timeline for approval. 

The proposed acquisition was announced in October 2020. At that, time, the companies said they expected to close the deal in the first half of this year.

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