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M&A Deal Summary

First Citizens Bank Acquires CIT

On January 4, 2022, First Citizens Bank acquired financial services company CIT

Acquisition Highlights
  • This is First Citizens Bank’s 9th transaction in the Financial Services sector.
  • This is First Citizens Bank’s 9th transaction in the United States.
  • This is First Citizens Bank’s 1st transaction in New York.

M&A Deal Summary
Date 2022-01-04
Target CIT
Sector Financial Services
Buyer(s) First Citizens Bank
Deal Type Merger

Target

CIT

New York, New York, United States
CIT is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT was founded in 1908 and is based in New York city.

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Buyer(S) 1

Buyer

First Citizens Bank

Raleigh, North Carolina, United States
Category Company
Founded 1898
Sector Financial Services
Employees17,191
Revenue 9.7B USD (2024)
DESCRIPTION

First Citizens Bank operates as the holding company for First-Citizens Bank & Trust Company. Bank serves customers at more than 550 branches in 20 states. First Citizens Bank was incorporated in 1898 and is based in Raleigh, North Carolina.

DEAL STATS #
Overall 9 of 10
Sector: Financial Services M&A 9 of 10
Type: Merger M&A Deals 4 of 4
State: New York M&A 1 of 1
Country: United States M&A 9 of 10
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-24 Entegra Financial

Franklin, North Carolina, United States

Entegra Financial Corp. is a provider of various retail and commercial banking products and services for individuals and small businesses in the United States. Entegra Financial was founded in 1922 and is based in Franklin, North Carolina.

Buy $219M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-16 BMO Bank s 138 branches

United States

BMO Bank's 138 branches are located in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho, as well as select branches in western Minnesota, one branch in eastern Oregon, and one branch in southern Illinois.

Buy -
Mergr

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