Item 8.01 Other Events.
CIT Group Inc. (the "Company") and First Citizens BancShares, Inc. ("First
Citizens") issued a joint press release on December 17, 2021, announcing that
First Citizens has received the final required regulatory approval from the
Board of Governors of the Federal Reserve System to complete its previously
announced merger with the Company pursuant to the Agreement and Plan of Merger,
dated October 15, 2020, by and among First Citizens, First-Citizens Bank & Trust
Company, a North Carolina chartered commercial bank and direct, wholly owned
subsidiary of First Citizens ("FCB"), FC Merger Subsidiary IX, Inc., a direct,
wholly owned subsidiary of FCB, and the Company, the parent company of CIT Bank,
N.A., a national banking association. A copy of the joint press release is
attached hereto as Exhibit 99.1 and is incorporated herein by reference.
First Citizens has already received approvals from the Federal Deposit Insurance
Corporation and the Office of the North Carolina Commissioner of Banks.
Completion of the merger remains subject to a 15-day waiting period and the
satisfaction or waiver of other customary closing conditions. Assuming such
conditions are satisfied, the merger closing is expected to occur as soon as
practicable in early January 2022.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Joint Press Release of the Company and First Citizens, dated
December 17, 2021.
104 The cover page from this Current Report on Form 8-K, formatted in
Inline XBRL.
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