8-KOther Events

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Corporate Update (Dec 20, 2021)

Filed December 20, 2021For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing from First Citizens BancShares (FCNCA) on December 20, 2021, announces a significant step towards the completion of its merger with CIT Group Inc. The key event reported is the receipt of the final required regulatory approval from the Board of Governors of the Federal Reserve System. This approval, along with prior approvals from the FDIC and the North Carolina Commissioner of Banks, clears a major hurdle for the transaction. Investors should note that while regulatory approvals are in place, the merger's closing is still contingent upon a 15-day waiting period and the satisfaction of other customary closing conditions. The company anticipates the merger to be finalized in early January 2022, assuming these conditions are met. This marks a critical development for First Citizens as it moves closer to combining with CIT, which is expected to reshape its market position and operational scale.

Key Highlights

  • 1First Citizens BancShares (FCNCA) received the final regulatory approval from the Federal Reserve for its merger with CIT Group Inc.
  • 2This Federal Reserve approval is the last major regulatory hurdle for the transaction.
  • 3Prior approvals from the FDIC and the North Carolina Commissioner of Banks have already been secured.
  • 4The merger completion is subject to a 15-day waiting period.
  • 5Customary closing conditions must also be satisfied or waived for the merger to finalize.
  • 6The closing of the merger is expected to occur in early January 2022.

Frequently Asked Questions

The main purpose of this filing is to announce that First Citizens BancShares has received the final required regulatory approval from the Federal Reserve to complete its merger with CIT Group Inc.

Yes, the merger's closing is still subject to a 15-day waiting period and the satisfaction or waiver of other customary closing conditions.

Assuming all conditions are met, the merger is expected to close as soon as practicable in early January 2022.

The merger has received final approval from the Board of Governors of the Federal Reserve System, and previously from the Federal Deposit Insurance Corporation (FDIC) and the Office of the North Carolina Commissioner of Banks.