M&T had long coveted the Connecticut regional but couldn't make a deal work. Their merger is the latest example of regional banks joining forces to compete in an industry undergoing rapid transformation.
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First Citizens Bank Announces $16 Billion Community Benefits Plan
First Citizens BankFebruary 22, 2021 GMT
RALEIGH, N.C., Feb. 22, 2021 (GLOBE NEWSWIRE) First Citizens Bank announced today a $16 billion community benefits plan developed in collaboration with the National Community Reinvestment Coalition (NCRC) that builds on its work to reinvest in low- and moderate-income (LMI) communities and neighborhoods of color.
Under this plan, First Citizens Bank would support lending and investing in the areas of affordable housing, small business and community development over a five-year period from 2021-2025, following completion of the proposed merger of First Citizens BancShares, Inc. (“First Citizens”), the parent company of First Citizens Bank, and CIT Group Inc. (“CIT”).
First Citizens, CIT Receive Stockholder Approval For Merger
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RALEIGH, N.C. and NEW YORK, Feb. 9, 2021 /PRNewswire/ First Citizens BancShares, Inc. (NASDAQ: FCNCA) ( First Citizens ), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) ( CIT ), the parent company of CIT Bank, N.A., jointly announced that, at their respective special meetings of stockholders held today, First Citizens and CIT received the stockholder approvals for the merger of the companies.
Both companies are preparing for anticipated completion of the transaction in the second quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. The combined company will create the 20
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