First Citizens BancShares, the parent company of First-Citizens Bank & Trust, completed the merger with CIT Group, a holding company which provides lending, advisory, commercial banking, vendor finance, and leasing services to small and middle market businesses, in a $2.2bn deal. “Frank and I have long respected each other’s companies and believe this transaction will accelerate our strategic goals by bringing together the expertise of both banks to create scale, strength and value. This transaction will build on those efforts and more fully unlock the potential in our core franchises. In addition, the strength that is created as a larger US bank will enable greater opportunities for our team, our customers and our communities," Ellen R. Alemany, CIT Group Chairwoman and CEO. On July 14, 2021, First Citizens and CIT received FDIC approval for their $2.2bn merger.