FDIC APPROVAL of CIT merger
Check off the first one on Martin's list:
Item 8.01. Other Events.
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 the proposal to merge the two companies has received regulatory approval from the Federal Deposit Insurance Corporation. A copy of the joint press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The merger has already received approval from the Office of the North Carolina Commissioner of Banks.
Completion of the proposed merger remains subject to approval from the Board of Governors of the Federal Reserve System and closing is expected in the third quarter, subject to such approval and the satisfaction or waiver of other customary closing conditions.
