cit group address

CIT Group Inc., a Livingston, New Jersey (NJ) Law Firm - Address. One CIT Drive Livingston, NJ 07039. Phone. (973) 740-5000. Fax. (973) 740-5527. menu About us Contact us Services CIT provides strategic outsourcing,drilling, mining, crushing and infrastructure services. CIT GROUP INC NEW. Item 1(b). Address of Issuer's Principal Executive Offices: 1 CIT Drive Livingston, NJ 07039. Item 2(a). Name of Person Filing.

Cit group address -

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CIT Bank

CIT Bank logoCIT Bank, N.A. is an online bank that offers some of the highest-paying interest rates on both savings accounts and CDs. CIT Bank is a part of CIT Group Inc., a Fortune 1000 company. CIT provides financing, leasing and advisory services to small and middle market businesses.

The Bank offers a suite of banking products designed to help customers achieve a range of financial goals through internet bank and the 70 Retail Banking Centers of our OneWest Bank division located in Southern California.

Routing number: #124084834.
Member FDIC (each depositor insured to at least USD 250,000).
These ads are not affiliated with CIT Bank
HeadquarterLivingston, USA
Key PeopleEllen R. Alemany (Chairwoman, CEO and President)
ID: 2419. Updated: 12.07.2019

Disclaimer

CIT Group Corporate Office

09/17/2019

CIT Group
Jacksonville, FL

Dear Hiring Manager,

Please know that I recently applied online via ‘Indeed’ for the position of AVP Security Manager (31810), Southeast Region, Jacksonville, FL. However, to date I have heard nothing. I am very interested in that position and therefore, I am following up with this correspondence in hope that my original application has not been overlooked or, lost in the mix.

For reference, please find a copy of my resume below in application for the described position. If you would kindly pass that on to the Director of Corporate Security and to anyone else in the organization that you believe should know it would be very much appreciated. I look forward to a personal interview and hopefully, a mutually rewarding career as an AVP, Regional Security Manager within CIT’s Corporate Security Group.

Respectfully,
John Coffey
(954-658-XXXX)

J O H N R. C O F F E Y

Leesburg, VA 20176 ∙ [email protected] yahoo.com
(703) 771-XXXX (home phone) ∙ (954) 658-XXXX (cell phone)

KEY AREAS OF EXPERTISE___________________________________________________

Broad-based knowledge of security protocols, threat investigations, physical security and emergency management. Identifies and mitigates threats for the continued resilience of a corporation. Ensures security compliance for the protection of people and all other assets to include; networks, systems and applications. Maintains smooth and consistent operations by constant review, drive and support of security policies, fair practices, procedures and technologies. Encourages mutual cooperation that ultimately motivates a consistently cohesive work force.

Over thirty years of sworn law enforcement experience providing insightful leadership involving modern police practices and methods, and an approachable management style. Responsible for planning, organizing and directing the activities of Special Agents conducting a multitude of major crime investigations that at times were multi-faceted, multi-victim; multi-offender and multi-jurisdictional in nature. Excellent communications skills, community relations, and sound decision making.

Performed case reviews with lead investigators to ensure adherence to rules, policy, procedure, the law; and that investigative efforts were highly effective, efficient and productive. Encouraged teamwork and inter-agency collaboration to afford highly effective, efficient and productive efforts culminating in a timely and successful conclusion. Experienced in forensics, evidence collection/preservation, prosecution/trial, victim/offender/witness liaison and police/criminal justice/community relations.

PROFESSIONAL EXPERIENCE

The Stronach Group (TSG), Aurora, ON
Director of Corporate Security
Oversees and manages close coordination of all functions within the company concerned with high quality security efforts, to include; continuity, safety and accountability. Established guidelines in the development of global security policies. Travel as necessary throughout the continental United States; and internationally, to meet with General Manager’s, Security Managers and other department heads. At times, these trips include in-person meetings with ranking members of various federal, state and local law enforcement and/or licensing authorities to foster strong working relationships. Conducts physical security risk assessments in alignment with corporate guidelines. Established the implementation of training programs for security personnel in order to maintain proficiency in prevention, detection, appropriate response, accurate reporting and follow-up (as necessary). Maintains a close working relationship with human resources and understands intricacies of personnel management.

Top Secret Security Clearance (TS/SCI; with polygraph):
Performed functions for the Federal Bureau of Investigation (FBI) in accordance to a non-disclosure agreement.

Gulfstream Park, Hallandale Beach, Fl.
Director of Security
• Managed a Security Department consisting of over 100 employees.
• Supervised internal investigations, preservation of evidence, victim and witness interviews, budget control, physical and electronic surveillance.
• Managed site security supervisors to ensure smooth operations at site; ensured consistent operations between all shifts and monitored for compliance of directives.
• Conducted analysis to identify and improve the reporting of suspicious/criminal activities.
• Ensured customer and employee safety as well as facility and asset protection.
• Recruited and trained security personnel.
• Enhanced collaboration with federal, state and local authorities.
• Evaluated existing security practices and corrected any identified deficiencies.

Florida Department of Law Enforcement (FDLE), Ft. Lauderdale – Miami, Fl
Resident Agent in Charge /Special Agent Supervisor:
• Established, maintained and further developed effective working relationships between FDLE; the community; elected officials; and federal, state and local authorities.
• Supervised all law enforcement efforts by FDLE Special Agents, Criminal Intelligence Analysts and other support personnel for the following squads: Violent Crime; Organized Crime/Racketeering; Economic/White Collar; Street Narcotics/Narcotic Smuggling/Money Laundering; Interpol/Fugitives/Protective Operations, Homicide, Kidnapping, Extortion, Internal Affairs; Public Corruption, Sexual Battery, Counter-terrorism and Domestic Security, Armed Robbery and other Violent Crimes.
• Formed and supervised a variety of multi-agency Task Forces; one of which became a model still used nationally by the FBI.
• Supervised the execution of arrests, search warrants, and other lawful court orders.
• Successful prosecutions in federal and state courts.
• Experienced in selection criteria, hiring, training, evaluation, discipline, and supervision of department employees.
• Recognized among peers as having the uncanny leadership ability and management style to consistently accomplish maximum results through minimal resource use.

EDUCATION________________________________________________________________

Florida Atlantic University
Boca Raton, Florida (5/2002)
Master’s Degree: Justice Policy and Management

New York Institute of Technology
Old Westbury, New York
Bachelor of Science Degree: Criminal Justice / Police Science

Источник: https://corporateofficehq.com/cit-group-corporate-office/

How to buy CIT Group stock

CIT Group Inc is a banks-regional business based in the US. CIT Group shares (CIT) are listed on the NYSE and all prices are listed in US Dollars. CIT Group employs 3,812 staff and has a trailing 12-month revenue of around 0.00.

How to buy shares in CIT Group

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  2. Open your brokerage account.Complete an application with your details.
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  4. Research the stock.Find the stock by name or ticker symbol – CIT – and research it before deciding if it's a good investment for you.
  5. Purchase now or later.Buy your desired number of shares with a market order or use a limit order to delay your purchase until the stock reaches a desired price.
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CIT Group stock price (NYSE: CIT)

Use our graph to track the performance of CIT stocks over time.

CIT Group shares at a glance

Information last updated 2021-11-22.

Latest market close$50.96
52-week range$32.42 - $56.21
50-day moving average $51.48
200-day moving average $51.15
Wall St. target price$52.60
PE ratio 7.6137
Dividend yield $1.4 (2.84%)
Earnings per share (TTM) $6.88

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The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.

Is it a good time to buy CIT Group stock?

The technical analysis gauge below displays real-time ratings for the timeframes you select. This is not a recommendation, however. It represents a technical analysis based on the most popular technical indicators: Moving Averages, Oscillators and Pivots. Finder might not concur and takes no responsibility.

This chart is not advice or a guarantee of success. Rather, it gauges the real-time recommendations of three popular technical indicators: moving averages, oscillators and pivots. Finder is not responsible for how your stock performs.

CIT Group price performance over time

Historical closes compared with the close of $50.96 from 2021-11-26

1 week (2021-11-22)-2.73%
1 month (2021-10-29)2.89%
3 months (2021-08-27)-7.43%
6 months (2021-05-27)-5.35%
1 year (2020-11-27)47.88%
2 years (2019-11-29)11.95%
3 years (2018-11-29)10.09%
5 years (2016-11-29)26.89%

Is CIT Group stock undervalued or overvalued?

Valuing CIT Group stock is incredibly difficult, and any metric has to be viewed as part of a bigger picture of CIT Group's overall performance. However, analysts commonly use some key metrics to help gauge the value of a stock.

CIT Group's P/E ratio

CIT Group's current share price divided by its per-share earnings (EPS) over a 12-month period gives a "trailing price/earnings ratio" of roughly 8x. In other words, CIT Group shares trade at around 8x recent earnings.

That's relatively low compared to, say, the trailing 12-month P/E ratio for the NASDAQ 100 at the end of 2019 (27.29). The low P/E ratio could mean that investors are pessimistic about the outlook for the shares or simply that they're under-valued.

CIT Group's PEG ratio

CIT Group's "price/earnings-to-growth ratio" can be calculated by dividing its P/E ratio by its growth – to give 3.48. A low ratio can be interpreted as meaning the shares offer better value, while a higher ratio can be interpreted as meaning the shares offer worse value.

The PEG ratio provides a broader view than just the P/E ratio, as it gives more insight into CIT Group's future profitability. By accounting for growth, it could also help you if you're comparing the share prices of multiple high-growth companies.

CIT Group financials

Revenue TTM$2.8 billion
Operating margin TTM41.4%
Gross profit TTM $1.6 billion
Return on assets TTM1.24%
Return on equity TTM11.98%
Profit margin25.8%
Book value$56.97
Market capitalisation $5.2 billion

TTM: trailing 12 months

CIT Group's environmental, social and governance track record

Environmental, social and governance (known as ESG) criteria are a set of three factors used to measure the sustainability and social impact of companies like CIT Group.

When it comes to ESG scores, lower is better, and lower scores are generally associated with lower risk for would-be investors.

CIT Group's total ESG risk score

Total ESG risk: 31.21

Socially conscious investors use ESG scores to screen how an investment aligns with their worldview, and CIT Group's overall score of 31.21 (as at 12/31/2018) is nothing to write home about – landing it in it in the 44th percentile of companies rated in the same sector.

ESG scores are increasingly used to estimate the level of risk a company like CIT Group is exposed to within the areas of "environmental" (carbon footprint, resource use etc.), "social" (health and safety, human rights etc.), and "governance" (anti-corruption, tax transparency etc.).

CIT Group's environmental score

Environmental score: 7.02/100

CIT Group's environmental score of 7.02 puts it squarely in the 6th percentile of companies rated in the same sector. This could suggest that CIT Group is a leader in its sector terms of its environmental impact, and exposed to a lower level of risk.

CIT Group's social score

Social score: 18.51/100

CIT Group's social score of 18.51 puts it squarely in the 6th percentile of companies rated in the same sector. This could suggest that CIT Group is a leader in its sector when it comes to taking good care of its workforce and the communities it impacts.

CIT Group's governance score

Governance score: 12.68/100

CIT Group's governance score puts it squarely in the 6th percentile of companies rated in the same sector. That could suggest that CIT Group is a leader in its sector when it comes to responsible management and strategy, and exposed to a lower level of risk.

CIT Group's controversy score

Controversy score: 3/5

ESG scores also evaluate any incidences of controversy that a company has been involved in. CIT Group scored a 3 out of 5 for controversy – a middle-of-the-table result reflecting that CIT Group hasn't always managed to keep its nose clean.

Environmental, social, and governance (ESG) summary

CIT Group Inc was last rated for ESG on: 2019-01-01.

Total ESG score31.21
Total ESG percentile44.34
Environmental score7.02
Environmental score percentile6
Social score18.51
Social score percentile6
Governance score12.68
Governance score percentile6
Level of controversy3

CIT Group share dividends

Dividend payout ratio: 20.41% of net profits

Recently CIT Group has paid out, on average, around 20.41% of net profits as dividends. That has enabled analysts to estimate a "forward annual dividend yield" of 2.84% of the current stock value. This means that over a year, based on recent payouts (which are sadly no guarantee of future payouts), CIT Group shareholders could enjoy a 2.84% return on their shares, in the form of dividend payments. In CIT Group's case, that would currently equate to about $1.4 per share.

While CIT Group's payout ratio might seem low, this can signify that CIT Group is investing more in its future growth.

CIT Group's most recent dividend payout was on 11 November 2021. The latest dividend was paid out to all shareholders who bought their shares by 27 October 2021 (the "ex-dividend date").

CIT Group share price volatility

Over the last 12 months, CIT Group's shares have ranged in value from as little as $32.4211 up to $56.2146. A popular way to gauge a stock's volatility is its "beta".

Beta is a measure of a share's volatility in relation to the market. The market (NYSE average) beta is 1, while CIT Group's is 1.4862. This would suggest that CIT Group's shares are more volatile than the average for this exchange and represent, relatively-speaking, a higher risk (but potentially also market-beating returns).

CIT Group overview

CIT Group Inc. operates as the holding company for CIT Bank, N. A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies. This segment also offers asset management, factoring, receivable management, and secured financing services; supply chain financing, leasing and equipment financing to small businesses and middle market, and railroads and shippers.

Frequently asked questions

What percentage of CIT Group is owned by insiders or institutions?
Currently 0.995% of CIT Group shares are held by insiders and 94.273% by institutions. How many people work for CIT Group?
Latest data suggests 3,812 work at CIT Group. When does the fiscal year end for CIT Group?
CIT Group's fiscal year ends in December. Where is CIT Group based?
CIT Group's address is: 11 West 42nd Street, New York, NY, United States, 10036 What is CIT Group's ISIN number?
CIT Group's international securities identification number is: US1255818015 What is CIT Group's CUSIP number?
CIT Group's Committee on Uniform Securities Identification Procedures number is: 125581801

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    Источник: https://www.finder.com/buy-cit-group-stock

    CIT Group Headquarters Address, Corporate Office Phone Number, Email Format and More information are given right here in this article. CIT Group is bank holding company in USA. Its headquarter is located at 11 West 42nd Street, New York, New York, USA. It gives services like Commercial banking Retail banking, Asset-based lending, and more. It is listed as very largest company in America. You can take business loans at lowest interest in USA.

    So, let’s see the contact details of CIT Group such as Help Desk Number, Corporate Office Address, Investor Relations Email Address, Customer Service Contact Number, Headquarter Office Phone Number, and more.

    CIT Group

    CIT Group Headquarters Address and Contact Details

    Here in this section you will find the headquarter office address of CIT Group i.e. 1 CIT Drive Livingston, NJ 07039 United States. You can talk directly with company’s officer by making call at 1-973-740-5000. The given number is office contact number of CIT Group. The office fax number is not available with us. We have mailing address too and i.e. CIT Bank, N.A. P.O. Box 7056 Pasadena, CA 91109-9699.

    CIT Group Contact Details including Contact Number and Phone Number

    We have contact number of Direct Bank Customer contact center number and i.e. 855-462-2652 this number is applicable within U.S. If any customer is form out of US then the contact number is 626-535-8964. The office fax number is 866-914-1578.

    For retail branch customer the contact number is 866-351-5646. This number is used only for U.S. If you have any query related to your home loan, then you can call on 800-781-7399. You can also call for Former Mutual of Omaha Bank customers home loan questions on 877-471-7896.

    Community Association Banking Address is 4950 S 48th St. Phoenix, AZ 85040. For small business solution you can call on 866-777-0117 and office fax number is 800-875-0312. office address is 155 Commerce Way Portsmouth, NH 03801. 

    We also have customer services contact number and i.e. 800-253-0157 and email address is [email protected] To know about Finance Customer Service you have to call on 888-204-0799 and 888-899-0497 this number is used as live operator. You can also send your query via [email protected]

    If you have any web site issues then mail on [email protected]

    Investor Relation and Media Relation Contact Information

    The investor relation contact number are 866-54-CITIR and 866-542-4847. The investor relation email address is [email protected] 

    The shareholder number is (800) 851-9677. This number is applicable for U.S. and Canada. For other country the share holder number is (201) 680-6851. The email address is http://www.computershare.com/investor and website is www.computershare.com.

    For media relation contact you can call on 212-771-6008 and mail on [email protected]

    Official Site and Email Address

    The official website is https://www.cit.com/ and email address of CIT Group is not available with us.

    Also Read:Comerica Headquarters Address

    Social Media Accounts

    Please visit the social media accounts of CIT Group and which is Facebook, Twitter, LinkedIn, Instagram, and YouTube.

    Article first published on December 31, 2020. 

    Источник: https://contactdetailswala.com/banking/cit-group-contact-details/

    CIT Group Inc. - Company Profile, Information, Business Description, History, Background Information on CIT Group Inc.

    1211 Avenue of the Americas
    New York, New York 10036
    U.S.A.

    Company Perspectives:

    Leasing and lending solutions. See it with CIT.

    History of CIT Group Inc.

    CIT Group Inc. is one of the nation's leading specialty and commercia l finance companies. It specializes in lending, leasing, and financin g for small- to mid-sized companies. CIT is an expert in some of the more arcane aspects of corporate borrowing, using intimate knowledge of its client companies to arrange successful deals for equipment lea sing, factoring, lending for acquisitions and expansion, and credit m anagement. The company's clients include more than 700,000 companies, with specializations in the transportation industry, the apparel ind ustry, and the construction equipment industry. CIT operates across N orth and South America, in Europe and the Pacific Rim. The company wa s a subsidiary of RCA and then Manufacturers Hanover Bank in the 1980 s, after being a freestanding public company for many years. CIT went public again in 1997. It was briefly owned by Tyco International Ltd . in 2001 and then was spun off to the public again in 2002.

    Early Years

    CIT began life with a longer name, the Commercial Credit and Investme nt Company. It was founded in St. Louis in 1908 by businessman Henry Ittleson. Ittleson was first interested in financing receivables for area companies. Receivables are cash amounts due a company from its c ustomers or other companies with which it does business. With managin g cash flow sometimes a problem for small businesses or those in cert ain industries, a third-party financial company like Commercial Credi t and Investment may be welcome to step in. So from its very earliest years, CIT was involved in this kind of behind-the-scenes commercial financing. After working in the St. Louis area for a few years, Ittl eson significantly expanded the business by signing an agreement with the automobile maker Studebaker in 1915. Commercial Credit and Inves tment became the nation's first specialized financer of wholesale and retail automobile sales. With this move to a nationwide business, Co mmercial Credit moved its headquarters to New York City. It also chan ged its name to Commercial Investment Trust, and became known thereaf ter by the initials C.I.T.

    In 1924, C.I.T. sold stock to the public and was listed on the presti gious New York Stock Exchange. By that year it had assets of almost & #36;50 million and 600 employees. It continued its focus on automobil e financing, in 1933, buying Universal Credit Corporation, the financ ing subsidiary of the Ford Motor Company. C.I.T. explored other forms of industrial financing as well. Lending money and financing equipme nt leases to companies too small to attract big banks was a profitabl e niche in the overall financial services industry. C.I.T. incorporat ed a new subsidiary, CIT Financial Corporation, in 1942, to focus on industrial financing. The company was also long involved in a financi al service called factoring. Factoring is when a financial services c ompany buys a manufacturer's invoices at a discount. C.I.T. would pay cash for the discounted invoices, and then proceed to collect the ow ed amount. Factoring is deeply embedded in the apparel and textile in dustries in the United States, and C.I.T. was a major player from ear ly on. The company had several subsidiaries involved principally in f actoring. In 1964, C.I.T. combined its factoring units into a new sub sidiary called Meinhard-Commercial Corporation. At the same time, it maintained another factoring company called William Iselin and Co. By the end of the 1960s, C.I.T. poured more of its energies into factor ing as well as into financing of industrial equipment leases. It bega n to diminish its automobile financing business.

    Subsidiary Company in the 1980s

    C.I.T. was a publicly listed company from 1924 until 1980, when it wa s acquired by the electronics giant RCA. RCA was a pioneer in both ra dio and television, and it had many patents on electronic devices, fr om transistors and semi-conductors to improved vinyl records. It had been one of the country's leading high-technology companies since the 1920s, but by the mid-1970s, when it passed out of the hands of its founding family, the company began to flounder. Between the mid-1970s and the early 1980s, RCA bought into many non-electronic industries in an attempt to diversify. Such diversification was common in the 19 70s, which was the era of many conglomerate companies that sold every thing from carpet tiles to automobile parts. RCA acquired the frozen foods company Banquet and the rental car company Hertz, and then in 1 980 bought up C.I.T. A new RCA president in 1981 vowed to sell off th e company's noncore businesses, and in 1984 RCA sold C.I.T. to the Ma nufacturers Hanover Bank.

    Manufacturers Hanover was the country's fourth largest bank at that t ime, with $62 billion in assets. It paid $1.5 billion for C.I .T. According to the banking industry journal American Banker (November 25, 1983), Manufacturers Hanover was willing to pay a steep price for C.I.T. because it liked the financial services company's " hold on the national middle market." C.I.T. was in a high-growth, hig h-margin niche. RCA was willing to let C.I.T. go not only because the electronics company was returning to its core business but because i t had not been able to make money out of C.I.T. RCA had taken on too much debt in acquiring C.I.T., and even though C.I.T. contributed hal f of RCA's net income of $223 million in 1983, cash flow had not been enough to offset debt. So both RCA and Manufacturers Hanover see med pleased with the sale.

    In 1986, C.I.T. changed its name to simply the CIT Group. The next ye ar, Manufacturers Hanover senior executive vice-president Albert Gamp er, Jr., became chairman and chief executive of the acquired company. In the mid-1980s, CIT was a leader in so-called asset-based financin g, and was one of the largest U.S. companies in industrial and commer cial financing. It targeted companies with sales from $1 million to $250 million, a vast and growing market of small- to mid-sized firms often too small or too risky to attract other lenders. By that time, CIT had approximately 100 offices around the United States, an d handled roughly 50,000 accounts. The company prided itself on its k nowledge of its core market of small businesses. It was able to charg e from 1 to 2 percent more than regular bank lenders by doing so-call ed asset-based financing. This means CIT gave out loans secured by a lien on assets, which could be accounts receivable, inventory, or eve n things like trademark and franchise rights. CIT also continued to p rovide factoring and traditional commercial financing.

    But Manufacturers Hanover sold a majority stake in CIT to a Japanese bank three years later. By 1989, Manufacturers Hanover had dropped fr om the nation's fourth largest bank to the seventh largest, and its f inancial condition had weakened as a result of troubled loans to fore ign countries. Manufacturers Hanover's foreign debt problems dated ba ck to the early 1980s, before it purchased CIT. In 1989, it sold 60 p ercent of CIT to the world's largest bank, Tokyo-based Dai-Ichi Kangy o Bank. Dai-Ichi Kangyo paid $1.4 billion for control of CIT and a small portion of Manufacturers Hanover stock. Manufacturers Hanover was then able to put cash in its reserves in case it lost out on som e of its dicey loans. This was the largest investment in a U.S.-based financial services company ever made by a Japanese bank.

    Changes in the 1990s

    CIT Group continued to be run by CEO Albert Gamper through the change in parent company. The early to mid-1990s was a period of great grow th and change at CIT. The company went from being a fairly narrowly f ocused financial services company into one with a broad range of subs idiaries. The company added divisions, sold or merged some units, and grew in assets from about $9 billion in the late 1980s to $1 9 billion by 1997.

    CIT Group opened two new units in 1991, an equity investment firm and a credit finance division. The credit finance division was acquired as Fidelcor Business Credit Corp., and its new owner changed the name to CIT Credit Finance. The next year, CIT branched out in another ne w direction, debuting a new division, CIT Consumer Finance, in order to offer home equity loans. Then in 1994, the company made another ac quisition, taking on Barclays Commercial Corp. This new company was m erged with CIT's existing commercial services unit, and the combined subsidiary became the leading factoring company in the U.S. market. C IT had been involved in factoring for a long time, and now was finall y in a dominant position within this specialized industry. Factoring had low growth potential, but according to an interview with CEO Gamp er in Chief Executive (June 1997), it gave the company "phenom enal return." So by 1995, CIT Group had a more diverse mix of financi al services in its stable, from commercial to consumer lending. The c ompany had also stretched itself geographically to reach more of the U.S. market. The year 1995 was a record year for CIT Group, with earn ings at $225 million and $17 billion in assets. That year its original parent company, Manufacturers Hanover (which had changed it s name to Chemical Banking), sold an additional 20 percent of CIT to Dai-Ichi Kangyo. The Japanese bank then owned a full 80 percent of CI T Group.

    Manufacturers Hanover had merged and changed its name to Chemical Ban king, and in 1996 it underwent another transition as it merged with C hase Manhattan. Chase Manhattan wanted to get rid of its 20 percent s take in CIT Group. So this portion was sold to the public in 1997, an d CIT Group became a public company on the New York Stock Exchange fo r the second time in its history. The initial public offering went we ll, as the company was seen as a consistently strong earner. In 1998, the company made a secondary offering, which reduced its Japanese pa rent company's stake to roughly 44 percent.

    Acquisitions and New Ownership in the 2000s

    CIT Group continued to do well in the late 1990s, with record earning s of $339 million in 1999. That year the company made a significa nt purchase, swallowing a giant Canadian commercial finance company, Newcourt Credit Group, Inc. Newcourt was founded in the mid-1980s by a young accountant, and by 1999 it had grown to be counted as the sec ond largest commercial finance company in the world. It had many larg e clients, such as Lucent Technologies and Dell Computer, whereas CIT Group specialized in smaller and lesser known client companies. Newc ourt's stock began to falter in the late 1990s, apparently because in vestors feared it had been an overly aggressive lender, and its found er put the company up for sale. CIT Group snapped up the Canadian com pany in a stock swap valued at approximately $4.2 billion. The de al was finalized in November 1999, resulting in a new firm with more than $50 billion in assets, revenue of some $2.2 billion, and earnings expected at more than $500 million. That same year, CIT also acquired another factoring company, Heller Financial Inc., with assets of about $435 million.

    The Newcourt deal was the biggest acquisition CIT Group had made. Alt hough the company had diversified and expanded through the 1990s, it had not been an aggressive buyer like some of its competitors, partic ularly GE Capital Corp. According to a profile of CIT in Business Week (June 24, 2002), the company had seemed less flashy than oth ers in its industry, as its CEO "struggled to interest investors in a slow-growing company that lent to businesses such as trucking and fo rest products in the tech-crazed '90s." The Newcourt acquisition brok e the slow-growth pattern, and it precipitated difficulties that led to CIT itself being sold.

    Just before the deal with CIT was finalized, Newcourt took a writedow n of $1 billion, and as a result CIT's share price dropped by 50 percent. By early 2001, CIT Group's stock was still languishing. Inve stors were apparently somewhat wary of the company's loans backed by securities, as in the early 2000s this kind of loan was seen as too r isky. With Newcourt and its loan profile seen as having two strikes a gainst it, CIT seemed to be struggling. In March 2001, the New Hampsh ire conglomerate Tyco announced it was buying CIT Group in a deal wor th some $9.2 billion. Tyco International Ltd. was known for its A DT brand security systems and for its electronics component business. Once a rather staid industrial company, Tyco had begun growing quick ly through acquisitions, making four major purchases in the four mont hs before it announced the CIT deal. Tyco apparently thought it was g etting CIT for a bargain price, given its low recent performance. But CIT was still something of an odd choice for Tyco to make, as financ ial services was clearly outside Tyco's core business and area of exp ertise.

    Perhaps the naysayers were right. CIT Group was under Tyco's umbrella only for about a year. By early 2002, Tyco's stock price was in a st eep slide as rumors hit Wall Street about accounting regularities and suspicious payments to its director, Dennis Kozlowski.

    Tyco's declining reputation had damaged CIT Group's ability to borrow , and in February 2002 Tyco announced that it would sell the financia l company within the next few weeks. When it failed to find an immedi ate buyer, Tyco spun CIT Group off to the public. Tyco had hoped to s ell CIT for $10 billion, but spun it off for about $4.6 billi on. The public offering took place in July 2002, and CIT Group was on ce again a stand-alone public company. At almost the same time, the S ecurities and Exchange Commission announced that it was investigating Tyco. (Tyco's chief executive, Dennis Kozlowski, was sentenced to ja il in September 2005 and ordered to pay fines of $167 million for his part in financial wrongdoing at his company.)

    This was a rocky time for CIT Group. The Tyco story was one of the bi ggest scandals of the early 2000s, and CIT was inevitably tarnished b y its short stay in Tyco's realm. The company had posted its first lo ss before Tyco spun it off, and it took some time before CIT was prof itable again. But after losses in 2002, the company was in the black in 2003 with a substantially rebuilt reputation. CIT sold off some of its loans investors deemed riskiest, and it had gone after the kind of small business client it knew best. In late 2003, CIT bought the f actoring business of GE Financial, making it the biggest U.S. factori ng business by far. CIT looked for solid small-capitalization compani es, of the sort that others neglected but that CIT had long made its core clientele. Also in 2003, the company chose Jeffrey Peek as presi dent. He became chief executive officer in 2005, when Albert Gamper, who had led the company since 1987, retired. CIT made several acquisi tions in 2005, broadening its portfolio to include an educational len ding group and a healthcare financing group. At a time when there was some speculation that CIT might again be for sale, its new CEO procl aimed instead that the company would acquire others. The company pred icted strong earnings growth in 2005. Under new leadership, CIT reorg anized its business, aligning divisions by industry they served, rath er than by financial product. The company launched a new investment b anking division, while continuing to investigate divesting itself of some units. The company was avowedly in a growth mode as it entered t he middle to late 2000s.

    Principal Subsidiaries: CIT Capital Finance; CIT Commercial Fi nance; CIT Equipment Finance; CIT Small Business Lending Corporation; CIT Specialty Finance; Education Lending Group, Inc.

    Principal Divisions: Commercial Finance; Specialty Finance.

    Principal Competitors: GE Capital Corporation; AIG Inc.

    Chronology

    • Key Dates:
    • 1908: The company is founded in St. Louis.
    • 1915: The company becomes the nation's first automobile credit corporation.
    • 1924: The company goes public on the New York Stock Exchange.
    • 1942: CIT Financial Corporation subsidiary is founded.
    • 1980: The company is acquired by RCA.
    • 1984: The company is sold to Manufacturers Hanover Bank.
    • 1986: The name is changed to CIT Group Inc.
    • 1989: Sixty percent of CIT is sold to Dai-Ichi Kangyo Bank.
    • 1997: The company goes public for the second time.
    • 2001: The company is acquired by conglomerate Tyco Internation al.
    • 2002: The company is spun off to the public for the third time .
    • 2005: The company names a new CEO.

    Additional Details

    • Public Company
    • Incorporated: 1908 as Commercial Credit and Investment Company
    • Employees: 6,000
    • Sales: $46.7 billion (2004)
    • Stock Exchanges: New York
    • Ticker Symbol: CIT
    • NAIC: 522220 Sales Financing; 522290 Other Nondepository Credi t Intermediation

    Further Reference

    • "American Pie," Chief Executive, June 1997, p. 36.
    • "Better Than a Loss," Fortune, October 31, 1983, p. 7.
    • Brick, Michael, "Tyco's Deal to Buy CIT Turns Heads," New York Times, March 14, 2001, p. C1.
    • Forde, John P., "Hanover Foresees Bright Earnings," American B anker, November 25, 1983, p. 1.
    • Hahn, Avital Louria, "CIT's Peek Hitting Acquisition Trail," I nvestment Dealer's Digest, July 26, 2004, pp. 10-12.
    • "Heller Financial in Deal with CIT Group," New York Times, October 5, 1999, p. C6.
    • Johnson, Arthur, "The Dealer Folds," Canadian Business, Au gust 27, 1999, p. 6.
    • Kite, Shane, "All Left Feet in CIT, Newcourt Dance?," Asset Sa les Report, June 21, 1999, p. 2.
    • Kruger, Daniel, "Near-Death Experience," Forbes, January 1 2, 2004, pp. 70-72.
    • Kulikowski, Laurie, "Capital One, CIT Win 'Outperformer' Ratings from CIBC," American Banker, August 2, 2005, p. 2.
    • Lindenmayer, Isabelle, "CIT Embraces Another Low-Risk Consumer Li ne," American Banker, January 6, 2005, p. 1.
    • Norris, Floyd, "CIT Shakes Off Tyco's Leash, But Its First Day Is Bumpy," New York Times, July 3, 2002, p. C7.
    • O'Brien, Timothy, "CIT to Acquire Newcourt in Stock Swap," New York Times, March 9, 1999, p. C2.
    • O'Connor, Colleen Marie, "CIT Gets Green Light, Tyco Comes Under Fire," IPO Reporter, June 17, 2002, p. 1.
    • Quint, Michael, "Japanese Making Biggest Deal Yet with a U.S. Ban k," New York Times, September 19, 1989, p. A1.
    • Rieker, Matthias, "Out from Tyco's Shadow," American Banker, July 10, 2002, p. 19.
    • Sloane, Leonard, "Talking Business with Wingfield of CIT Group," New York Times, December 9, 1986, p. D2.
    • Sorkin, Andrew Ross, "Market Place," New York Times, July 1, 2002, p. C2.
    • Sorkin, Andrew Ross, and Alex Berenson, "To Stem Crisis, Tyco Is Moving Fast to Shed Finance Unit," New York Times, February 6, 2002, p. C1.
    • Sundaramoothy, Geeta, "CIT Angles for More Deals," American Ba nker, August 2, 2004, pp. 1-2.
    • ------, "CIT, Steadier, Eyes Deals to Buttress Its Core Lines," American Banker, February 12, 2004, p. 1.
    • ------, "Progress Report," American Banker, August 23, 200 5, pp. 1-2.
    • Timmons, Heather, "CIT Goes Public with $850M Offering," A merican Banker, November 14, 1997, p. 9.
    • Timmons, Heather, and William Symonds, "The Anti-Kozlowski Treatm ent," Business Week, June 24, 2002, p. 132.
    Источник: https://www.referenceforbusiness.com/history2/28/CIT-Group-Inc.html

    First Citizens BancShares, Inc. and CIT Group Inc. Announce Transformational Partnership to Create a Top-Performing Commercial Bank

    • Merger creates a Top 20 U.S. bank with over $100 billion in assets
    • Creates greater scale to drive growth, improve profitability and enhance stockholder value
    • Financially compelling transaction with targeted earnings per share accretion of +50% with fully phased in cost synergies and targeted tangible book value per share accretion of ~30%
    • Brings together complementary strengths with First Citizens’ low-cost retail deposit franchise and full suite of banking products and CIT’s national commercial lending franchise and strong market positions
    • Creates diversified deposit strategy with First Citizens’ 550+ retail banking locations in key growth MSAs, including throughout the Southeast, and CIT’s rapidly growing homeowner association business, leading direct bank and complementary Southern California retail branch network
    • The combined company expects to be well-positioned to leverage its product portfolio and technology across the franchises and make additional investments in technology to enhance the customer experience
    • Combines experienced management teams with significant integration experience and a shared commitment to a strong culture that serves customers and communities
    • Conservative credit mark and strong capital levels are expected to facilitate additional growth and stockholder-enhancing capital management strategies

    RALEIGH, North Carolina and NEW YORK, New York – October 16, 2020 – 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 today that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals to create the 19th largest bank in the United States based on assets.

    The transformational partnership will create greater scale to drive growth, improve profitability and enhance stockholder value.  The transaction brings together the complementary strengths of First Citizens’ low-cost retail deposit franchise and full suite of banking products with CIT’s national commercial lending expertise and strong market positions. In addition, it creates a more diversified deposit strategy with First Citizens’ 550+ full-service retail banking locations in key growth MSAs, including across the Southeast, and CIT’s rapidly growing homeowner association business, leading direct bank and complementary Southern California retail branch network.

    Under the terms of the definitive merger agreement, which was unanimously approved by the Boards of Directors of both companies, CIT stockholders will receive 0.0620 shares of First Citizens class A common stock for each share of CIT common stock they own.  First Citizens stockholders will own approximately 61% and CIT stockholders will own approximately 39% of the combined company.

    The combined company will operate under the First Citizens name and will trade under the First Citizens ticker symbol FCNCA on the Nasdaq stock market.  The combined company will be headquartered in Raleigh, N.C., and will maintain significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations.

    Frank Holding, Jr., Chairman and CEO of First Citizens, will retain the same roles at the combined company. Ellen R. Alemany, Chairwoman and CEO of CIT, will assume the role of Vice Chairwoman and play a key role in the merger integration. In addition, she will serve on the Board of Directors of the combined company.

    The Board of Directors of the combined company will consist of 14 directors, the current 11 First Citizens Board members and three CIT Board members, including Ms. Alemany.

    “This is a transformational partnership for First Citizens and CIT designed to create long-term value for all of our constituents including our stockholders, our customers, our associates and our communities,” said Frank Holding, Jr.  “We have long admired CIT’s market-leading commercial business, including their strong market position across multiple asset classes. Under Ellen’s leadership, CIT has made tremendous progress in reducing its cost of funds, enhancing risk management processes and retaining key talent. First Citizens has a long history of delivering strong returns to our stockholders, gathering low-cost deposits and driving strong earnings, which are all supported by an exceptional credit culture, strong capital and excellent risk management. Together, First Citizens and CIT will be able to leverage both companies’ unique attributes to create the 19th largest bank in the country, well-positioned to compete across the United States.”

    Ellen R. Alemany, Chairwoman and CEO of CIT, said, “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. I'm proud of the work we have done to transform CIT in recent years to a leading, national commercial bank. 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 U.S. bank will enable greater opportunities for our team, our customers and our communities.”

    Financially Compelling Transaction for All Stockholders

    Significant Earnings Per Share Accretion and Tangible Book Value Per Share Accretion: The transaction is targeted to deliver in excess of 50% EPS accretion once cost savings are fully phased in. The tangible book value per share accretion is targeted to be in excess of 30% at closing.

    Cost Synergies: The companies have identified approximately 10% in targeted pro forma combined noninterest expense savings.

    Long-term Stockholder Value Creation and Tangible Book Value Per Share Growth Focus: The combined company expects to continue to emphasize tangible book value growth over time. On a pro forma basis, the combined company targets delivering top-tier operating performance, with a ROTCE of approximately 13%.

    Strong Capital and Credit Reserve Levels: The combined company is expected to have in excess of 9.4% Tier I Common Equity at closing. The combined allowance for credit losses will be approximately $1.8 billion in aggregate, representing approximately 2.4% of the loan portfolio. The combined company’s targeted strong capital ratios are designed to support organic growth, additional acquisitions and capital management strategies to enhance stockholder value.

    Strategically Compelling for Both Organizations

    Enhanced Scale to Drive Growth, Improve Profitability and Enhance Stockholder Value: The pro forma organization, with over $100 billion in assets and over $80 billion in deposits, combines two high-quality companies focused on driving strong, consistent growth and profitability. First Citizens stockholders have enjoyed stock price performance that has exceeded the Nasdaq Bank Index over the last 5-, 10- and 20-year periods. This transaction provides a platform for growth and profitability that is expected to drive stockholder returns for many years into the future.

    Combines First Citizens’ Lower Cost Deposit Franchises and CIT’s Market-Leading Nationwide Commercial Franchise: The combined company expects to benefit from the combination of First Citizens’ strong, low-cost deposit base and CIT’s leading nationwide lending platform. CIT’s industry, asset class and capital markets expertise can deliver financing solutions to First Citizens’ strong client base. First Citizens brings a full suite of banking products and services to CIT commercial and retail customers, including deposit, mortgage, auto financing, merchant services, credit and debit cards, wealth management and trust solutions. First Citizens’ strong deposit suite and low-cost funding is targeted to enable the pro forma company to expand its business and compete more effectively with larger competitors. CIT’s HOA business is also expected to continue to be an important low-cost funding source.

    Experienced Management Teams with Significant Integration Experience: This merger combines two highly respected management teams operating complementary business lines. Both companies have significant merger integration experience and proven track records of successfully integrating acquisitions to drive stockholder value. First Citizens has been in a continuous merger and integration cycle for the last 10+ years acquiring over 25 companies resulting in superior business performance and stock price performance over this time period. CIT’s three acquisitions since 2014 represent over $30 billion in acquired and integrated assets.

    Combined Company Poised For Long-Term Growth: Several of the combined companies’ business lines will be enhanced through this combination. The combined Southern Californian branch and deposit-gathering footprint will be substantially enhanced. The mortgage business is targeted to double in size with attractive growth prospects. Complementary SBA business lines are targeted to significantly increase in scale and present additional opportunities for growth.

    Significant Opportunity to Optimize the Balance Sheet and Earnings: Lower funding costs are targeted to enable CIT’s commercial lines to compete more effectively, and a diversified funding mix should enable the combined company to reduce financing costs through improved credit ratings for CIT’s businesses and additional scale and diversification.

    Combined Company Laser-Focused on Credit Quality, Capital Adequacy and Risk Management: First Citizens has a long track record of significantly below peer Non-Performing Asset ratios and Net Charge-Off ratios. Both companies have completed extensive due diligence. This transaction provides immediate product and geographic diversification.

    Strong Reputation, Robust Customer Relationships and Similar Cultures Reduce Integration Risk: The combined company is designed to leverage the strong reputation of both companies with the goal of delivering strong performance and results for customers, colleagues and communities.

    Company Well Positioned for Long-Term Value Creation Due to Stable Low-Cost Deposits, Strong Presence in High-Growth MSAs Nationwide and Online Platform, Providing Diverse Funding Mix: First Citizens’ deposit costs are currently 0.13% and have historically been consistently below peer funding costs. CIT’s direct banking deposit platform offers a unique opportunity to scale online deposits in a cost-efficient manner and its leading homeowner association deposit channel offers additional growth and diversification.

    Approval and Timing

    The merger is expected to close in the first half of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the stockholders of each company.

    Transaction Advisors

    Piper Sandler & Co. served as financial advisor to First Citizens, with Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. serving as legal advisor. Keefe, Bruyette & Woods, A Stifel Company, and Morgan Stanley & Co. LLC served as financial advisor to CIT, with Sullivan & Cromwell LLP serving as legal advisor.

    Joint Investor Conference Call

    There will be a joint conference call to discuss the transaction at 8 a.m. Eastern time today. To listen to the live call, please dial 888-317-6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) and enter the participant code 7110614.

    A link to the live webcast, along with the related presentations, will be available on the investor relations section of each company’s website at ir.cit.com/CorporateProfile and firstcitizens.com/investor-relations.

    An audio replay will be available an hour after the conclusion of the call. To access the replay, dial 877-344-7529 (U.S.), 855-669-9658 (Canada) or 412-317-0088 (international) and use access number 10149208. This replay will be available through November 30, 2020.

    About First Citizens

    First Citizens is the financial holding company for Raleigh, North Carolina-headquartered First Citizens Bank & Trust Company. First-Citizens Bank & Trust Company provides a broad range of financial services to individuals, businesses, professionals and the medical community through branch offices in 19 states, including digital banking, mobile banking, ATMs and telephone banking. As of June 30, 2020, First Citizens had total assets of $47.9 billion. For more information, visit First Citizens’ website at firstcitizens.com. First Citizens Bank. Forever First®.

    About CIT

    CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). CIT’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management.  CIT’s consumer banking segment includes a national direct bank and regional branch network. As of June 30, 2020, CIT had total assets of $61.7 billion. Discover more at cit.com/about.

    Forward-Looking Statements

    This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of First Citizens and CIT. Words such as “anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," “targets,” “designed,” "could," "may," "should," "will" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on First Citizens’ and CIT’s current expectations and assumptions regarding First Citizens’ and CIT’s businesses, the economy, and other future conditions.

    Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect First Citizens’ and/or CIT’s future financial results and performance and could cause the actual results, performance or achievements of First Citizens and/or CIT to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed merger may not be realized or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in areas where First Citizens and CIT do business, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the proposed merger and diversion of management’s attention from ongoing business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of First Citizens’ and CIT’s operations will be materially delayed or will be more costly or difficult than expected or that First Citizens and CIT are otherwise unable to successfully integrate their businesses, (5) the failure to obtain the necessary approvals of the stockholders of First Citizens and/or CIT, (6) the outcome of any legal proceedings that may be instituted against First Citizens and/or CIT, (7) the failure to obtain required governmental approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), (8) reputational risk and potential adverse reactions of First Citizens’ and/or CIT’s customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the proposed merger, (9) the failure of any of the closing conditions in the definitive merger agreement to be satisfied on a timely basis or at all, (10) delays in closing the proposed merger, (11) the possibility that the proposed merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (12) the dilution caused by First Citizens’ issuance of additional shares of its capital stock in connection with the proposed merger, (13) general competitive, economic, political and market conditions, and (14) other factors that may affect future results of CIT and/or First Citizens including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and (15) the impact of the global COVID-19 pandemic on First Citizens’ and/or CIT’s businesses, the ability to complete the proposed merger and/or any of the other foregoing risks.

    Except to the extent required by applicable law or regulation, each of First Citizens and CIT disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding First Citizens, CIT and factors which could affect the forward-looking statements contained herein can be found in First Citizens’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020 and June 30, 2020, and its other filings with the Securities and Exchange Commission (the “SEC”), and in CIT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020 and June 30, 2020, and its other filings with the SEC.

    Important Information about the Merger and Where to Find It

    First Citizens intends to file a registration statement on Form S-4 with the SEC to register the shares of First Citizens’ capital stock that will be issued to CIT’s stockholders in connection with the proposed transaction. The registration statement will include a joint proxy statement of First Citizens and CIT that also constitutes a prospectus of First Citizens. The definitive joint proxy statement/prospectus will be sent to the stockholders of First Citizens and CIT seeking their approval of the proposed merger and the issuance of First Citizens shares in the proposed merger.

    INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 WHEN THEY BECOME AVAILABLE (AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING FIRST CITIZENS, CIT, THE PROPOSED MERGER AND RELATED MATTERS.

    Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by First Citizens or CIT through the website maintained by the SEC at sec.gov or from First Citizens at its website, firstcitizens.com, or from CIT at its website, cit.com. Documents filed with the SEC by First Citizens will be available free of charge by accessing the “Newsroom” page of First Citizens’ website at firstcitizens.com or, alternatively, by directing a request by telephone or mail to First Citizens BancShares, Inc., Mail Code: FCC-22, PO Box 27131, Raleigh, North Carolina 27611-7131, 919-716-7000, and documents filed with the SEC by CIT will be available free of charge by accessing CIT’s website at cit.com under the tab “About Us,” and then under the heading “Investor Relations” or, alternatively, by directing a request by telephone or mail to CIT Group Inc., One CIT Drive, Livingston, New Jersey 07039, 866-542-4847.

    Participants in Solicitation

    First Citizens, CIT, and certain of their respective directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of First Citizens and CIT in connection with the proposed merger under the rules of the SEC. Certain information regarding the interests of the directors and executive officers of First Citizens and CIT and other persons who may be deemed participants in the solicitation of the stockholders of First Citizens or of CIT in connection with the proposed merger and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the joint proxy statement/prospectus related to the proposed merger, which will be filed with the SEC. Additional information about First Citizens, the directors and executive officers of First Citizens and their ownership of First Citizens common stock can also be found in First Citizens’ definitive proxy statement in connection with its 2020 annual meeting of stockholders, as filed with the SEC on February 26, 2020, and other documents subsequently filed by First Citizens with the SEC. Additional information about CIT, the directors and executive officers of CIT and their ownership of CIT common stock can also be found in CIT’s definitive proxy statement in connection with its 2020 annual meeting of stockholders, as filed with the SEC on April 2, 2020, and other documents subsequently filed by CIT with the SEC. These documents can be obtained free of charge from the sources described above.

    First Citizens Contact Information

    Barbara Thompson
    Director of Corporate Communications and Brand Marketing
    919-716-2716
    [email protected]

    Tom Heath
    Director of Investor Relations
    919-716-4565
    [email protected]

    CIT Contact Information

    Gina Proia
    EVP, Chief Marketing and Communications Officer
    212-771-6008
    [email protected]

    Barbara Callahan
    SVP and Head of Investor Relations
    973-740-5058
    [email protected]

    Источник: https://www.firstcitizens.com/about-us/newsroom/news-releases/2020/cit-group-merger-announcement

    CIT Group Corporate Office

    09/17/2019

    CIT Group
    Jacksonville, FL

    Dear Hiring Manager,

    Please know that I recently applied online via ‘Indeed’ for the position of AVP Security Manager (31810), Southeast Region, Jacksonville, FL. However, to date I have heard nothing. I am very interested in that position and therefore, I am following up with this correspondence in hope that my original application has not been overlooked or, lost in the mix.

    For reference, please find a copy of my resume below in application for the described position. If you would kindly pass that on to the Director of Corporate Security and to anyone else in the organization that you believe should know it would be very much appreciated. I look forward to a personal interview and hopefully, a mutually rewarding career as an AVP, Regional Security Manager within CIT’s Corporate Security Group.

    Respectfully,
    John Coffey
    (954-658-XXXX)

    J O H N R. C O F F E Y

    Leesburg, VA 20176 ∙ [email protected] yahoo.com
    (703) 771-XXXX (home phone) ∙ (954) 658-XXXX (cell phone)

    KEY AREAS OF EXPERTISE___________________________________________________

    Broad-based knowledge of security protocols, threat investigations, physical security and emergency management. Identifies and mitigates threats for the continued resilience of a corporation. Ensures security compliance for the protection of people and all other assets to include; networks, systems and applications. Maintains smooth and consistent operations by constant review, drive and support of security policies, fair practices, procedures and technologies. Encourages mutual cooperation that ultimately motivates a consistently cohesive work force.

    Over thirty years of sworn law enforcement experience providing insightful leadership involving modern police practices and methods, and an approachable management style. Responsible for planning, organizing and directing the activities of Special Agents conducting a multitude of major crime investigations that at times were multi-faceted, multi-victim; multi-offender and multi-jurisdictional in nature. Excellent communications skills, community relations, and sound decision making.

    Performed case reviews with lead investigators to ensure adherence to rules, policy, procedure, the law; and that investigative efforts were highly effective, efficient and productive. Encouraged teamwork and inter-agency collaboration to afford highly effective, efficient and productive efforts culminating in a timely and successful conclusion. Experienced in forensics, evidence collection/preservation, prosecution/trial, victim/offender/witness liaison and police/criminal justice/community relations.

    PROFESSIONAL EXPERIENCE

    The Stronach Group (TSG), Aurora, ON
    Director of Corporate Security
    Oversees and manages close coordination of all functions within the company concerned with high quality security efforts, to include; continuity, safety and accountability. Established guidelines in the development of global security policies. Travel as necessary throughout the continental United States; and internationally, to meet with General Manager’s, Security Managers and other department heads. At times, these trips include in-person meetings with ranking members of cit group address federal, state and local law enforcement and/or licensing authorities to foster strong working relationships. Conducts physical security risk assessments in alignment with corporate guidelines. Established the implementation of training programs for security personnel in order to maintain proficiency in prevention, detection, appropriate response, accurate reporting and follow-up (as necessary). Maintains a close working relationship with human resources and understands intricacies of personnel management.

    Top Secret Security Clearance (TS/SCI; with polygraph):
    Performed functions for the Federal Bureau of Investigation (FBI) in accordance to a non-disclosure agreement.

    Gulfstream Park, Hallandale Beach, Fl.
    Director of Security
    • Managed a Security Department consisting of over 100 employees.
    • Supervised internal investigations, preservation of evidence, victim and witness interviews, budget control, physical and electronic surveillance.
    • Managed site security supervisors to ensure smooth operations at site; ensured consistent operations between all shifts and monitored for compliance of directives.
    • Conducted analysis to identify and improve the reporting of cit group address activities.
    • Ensured customer and employee safety as well as facility and asset protection.
    • Recruited and trained security personnel.
    • Enhanced collaboration with federal, state and local authorities.
    • Evaluated existing security practices and corrected any identified deficiencies.

    Florida Department of Law Enforcement (FDLE), Ft. Lauderdale – Miami, Fl
    Resident Agent in Charge /Special Agent Supervisor:
    • Established, maintained and further developed effective working relationships between FDLE; the community; elected officials; and federal, state and local authorities.
    • Supervised all law enforcement efforts by FDLE Special Agents, Criminal Intelligence Analysts and other support personnel for the following squads: Violent Crime; Organized Crime/Racketeering; Economic/White Collar; Street Narcotics/Narcotic Smuggling/Money Laundering; Interpol/Fugitives/Protective Operations, Homicide, Kidnapping, Extortion, Internal Affairs; Public Corruption, Sexual Battery, Counter-terrorism and Domestic Security, Armed Robbery and other Violent Crimes.
    • Formed and supervised a variety of multi-agency Task Forces; one of which became a model still used nationally by the FBI.
    • Supervised the execution of arrests, search warrants, and other lawful court orders.
    • Successful prosecutions in federal and state courts.
    • Experienced in selection criteria, hiring, training, evaluation, discipline, and supervision of department employees.
    • Recognized among peers as having the uncanny leadership ability and management style to consistently accomplish maximum results through minimal resource use.

    EDUCATION________________________________________________________________

    Florida Atlantic University
    Boca Raton, Florida (5/2002)
    Master’s Degree: Justice Policy and Management

    New York Institute of Technology
    Old Westbury, New York
    Bachelor of Science Cit group address Criminal Justice / Police Science

    Источник: https://corporateofficehq.com/cit-group-corporate-office/

    CIT Group Headquarters Address, Corporate Office Phone Number, Email Format and More information are given right here in this article. CIT Group is bank holding company in USA. Its headquarter is located at 11 West 42nd Street, New York, New York, USA. It gives services like Commercial banking Retail banking, Asset-based lending, and more. It is listed as very largest company in America. You can take business loans at lowest interest in USA.

    So, let’s see the contact details of CIT Group such as Help Desk Number, Corporate Office Address, Investor Relations Email Address, Customer Service Contact Number, Headquarter Office Phone Number, and more.

    CIT Group

    CIT Group Headquarters Address and Contact Details

    Here in this section you will find the headquarter office address of CIT Group i.e. 1 CIT Drive Livingston, NJ 07039 United States. You can talk directly with company’s officer by making call at 1-973-740-5000. The given number is office contact number of CIT Group. The office fax number is not available with us. We have mailing address too and i.e. CIT Bank, N.A. P.O. Box 7056 Pasadena, CA 91109-9699.

    CIT Group Contact Details including Contact Number and Phone Number

    We have contact number of Direct Bank Customer contact center number and i.e. 855-462-2652 this number is applicable within U.S. If any customer is form out of US then the contact number is 626-535-8964. The office fax number is 866-914-1578.

    For retail branch customer the contact number is 866-351-5646. This number is used only for Td bank app wont let me log in you have any query related to your home loan, then you can call on 800-781-7399. You can also call for Former Mutual of Omaha Bank customers home loan questions on 877-471-7896.

    Community Association Banking Address is 4950 S 48th St. Phoenix, AZ 85040. For small business solution you can call on 866-777-0117 and office fax number is 800-875-0312. office address is 155 Commerce Way Portsmouth, NH 03801. 

    We also have customer services contact number and i.e. 800-253-0157 and email address is [email protected] To know about Finance Customer Service cit group address have to call on 888-204-0799 and 888-899-0497 this number is used as live operator. You can also send your query via [email protected]

    If you have any web site issues then mail on [email protected]

    Investor Relation and Media Relation Contact Information

    The investor relation contact number are 866-54-CITIR and 866-542-4847. The investor relation email address is [email protected] 

    The shareholder number is (800) 851-9677. This number is applicable for U.S. and Canada. For other country the share holder number is (201) 680-6851. The email address is http://www.computershare.com/investor and website is www.computershare.com.

    For media relation contact you can call on 212-771-6008 and mail on [email protected]

    Official Site and Email Address

    The official website is https://www.cit.com/ and email address of CIT Group is not available with us.

    Also Read:Comerica Headquarters Address

    Social Media Accounts

    Please visit the social media accounts of CIT Group and which is Facebook, Twitter, LinkedIn, Instagram, and YouTube.

    Article cit group address published on December 31, 2020. 

    Источник: https://contactdetailswala.com/banking/cit-group-contact-details/

    How to buy CIT Group stock

    CIT Group Inc is a banks-regional business based in the US. CIT Group shares (CIT) are listed on the NYSE and all prices are listed in US Dollars. CIT Group employs 3,812 staff and has a trailing 12-month revenue of around 0.00.

    How to buy shares in CIT Group

    1. Compare share trading platforms.Use our comparison table to help you find a platform that fits you.
    2. Open your brokerage account.Complete an application with your details.
    3. Confirm your payment details.Fund your account.
    4. Research the stock.Find the stock by name or ticker symbol – CIT – and research it before jeffrey dahmer f is for family if it's a good investment for you.
    5. Purchase now or later.Buy your desired number of shares with a market order or use a limit order to delay your purchase until the stock reaches a desired price.
    6. Check in on your investment.Optimize your portfolio by tracking your stock.
    We evaluate stock trading platforms against a range of metrics that include fees, ease of use, available securities and advanced tools to meet specific investor needs. We encourage you to compare stock platforms to find one that's best for your particular budget and goals.
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    CIT Group stock price (NYSE: CIT)

    Use our graph to track the performance of CIT stocks over time.

    CIT Group shares at a glance

    Information last updated 2021-11-22.

    Latest market close$50.96
    52-week range$32.42 - $56.21
    50-day moving average $51.48
    200-day central bank jefferson city phone number average $51.15
    Wall St. target price$52.60
    PE ratio 7.6137
    Dividend yield $1.4 (2.84%)
    Earnings per share (TTM) $6.88

    Buy CIT Group shares from these brokerages

    Compare special offers, low fees and a wide range of types of investments among top trading platforms.

    *Signup bonus information updated weekly.

    The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.

    Is it a good time to buy CIT Group stock?

    The technical analysis gauge below displays real-time ratings for the timeframes you select. This is not a recommendation, however. It represents a technical analysis based on the most popular technical indicators: Moving Averages, Oscillators and Pivots. Finder might not concur and takes no responsibility.

    This chart is not advice or a guarantee of success. Rather, it gauges the real-time recommendations of three popular technical indicators: moving averages, oscillators and pivots. Finder is not responsible german bank account for us citizens how your stock performs.

    CIT Group price performance over time

    Historical closes compared with the close of $50.96 from 2021-11-26

    1 week (2021-11-22)-2.73%
    1 month (2021-10-29)2.89%
    3 months (2021-08-27)-7.43%
    6 months (2021-05-27)-5.35%
    1 year (2020-11-27)47.88%
    2 years (2019-11-29)11.95%
    3 years (2018-11-29)10.09%
    5 years (2016-11-29)26.89%

    Is CIT Group stock undervalued or overvalued?

    Valuing CIT Group stock is incredibly difficult, and any metric has to be viewed as part of a bigger picture of CIT Group's overall performance. However, analysts commonly use some key metrics to help gauge the value of a stock.

    CIT Group's P/E ratio

    CIT Group's current share price divided by its per-share earnings (EPS) over a 12-month period gives a "trailing price/earnings ratio" of roughly 8x. In other words, CIT Group shares trade at around 8x recent earnings.

    That's relatively low compared to, say, the trailing 12-month P/E ratio for the NASDAQ 100 at the end of 2019 (27.29). The low P/E ratio could mean that investors are pessimistic about the outlook for the shares or simply that they're under-valued.

    CIT Group's PEG ratio

    CIT Group's "price/earnings-to-growth ratio" can be calculated by dividing its P/E ratio by its growth – to give 3.48. A low ratio can be interpreted as meaning the shares offer better value, while a higher ratio can be interpreted as meaning portal emea bank of america shares offer worse value.

    The PEG ratio provides a broader view than just the P/E ratio, as it gives more insight into CIT Group's future profitability. By accounting for growth, it could also help you if you're comparing the share prices of multiple high-growth companies.

    CIT Group financials

    Revenue TTM$2.8 billion
    Operating margin TTM41.4%
    Gross profit TTM $1.6 billion
    Return on assets TTM1.24%
    Return on equity TTM11.98%
    Profit margin25.8%
    Book value$56.97
    Market capitalisation $5.2 billion

    TTM: trailing 12 months

    CIT Group's environmental, social and governance track record

    Environmental, social and governance (known as ESG) criteria are a set of three factors used to measure the sustainability and social impact of companies like CIT Group.

    When it comes to ESG scores, lower is better, and lower scores are generally associated with lower risk for would-be investors.

    CIT Group's total ESG risk score

    Total ESG risk: 31.21

    Socially conscious investors use ESG scores to screen how an investment aligns with their worldview, and CIT Group's overall score of 31.21 (as at 12/31/2018) is nothing to write home about – landing it in it in the 44th percentile of companies rated in the same sector.

    ESG scores are increasingly used to estimate the level of risk a company like CIT Group is exposed to within the areas of "environmental" (carbon footprint, resource use etc.), "social" (health and safety, human rights etc.), and "governance" (anti-corruption, tax transparency etc.).

    CIT Group's environmental score

    Environmental score: 7.02/100

    CIT Group's environmental score of 7.02 puts it squarely in the 6th percentile of companies rated in the tcf branch near me sector. This could suggest that CIT Group is a leader in its sector terms of peoples bank customer service hotline environmental impact, and exposed to a lower level of risk.

    CIT Group's social score

    Social score: 18.51/100

    CIT Group's social score of 18.51 puts it squarely in the 6th percentile of companies rated in the same sector. This could suggest that CIT Group is a leader in its sector when it comes to taking good care of its workforce and the communities it impacts.

    CIT Group's governance score

    Governance score: 12.68/100

    CIT Group's governance score puts it squarely in the 6th percentile of companies rated in the same sector. That could suggest that CIT Group is a cit group address in its sector when it comes to responsible management and strategy, and exposed to a lower level of risk.

    CIT Group's controversy score

    Controversy score: 3/5

    ESG scores also evaluate any incidences of controversy that a company has been involved in. CIT Group scored a 3 out of 5 for controversy – a middle-of-the-table result reflecting that CIT Group hasn't always managed to keep its nose clean.

    Environmental, social, and governance (ESG) summary

    CIT Group Inc was last rated for ESG on: 2019-01-01.

    Total ESG score31.21
    Total ESG percentile44.34
    Environmental score7.02
    Environmental score percentile6
    Social score18.51
    Social score percentile6
    Governance score12.68
    Governance score percentile6
    Level of controversy3

    CIT Group share dividends

    Dividend payout ratio: 20.41% of net profits

    Recently CIT Group has paid out, on average, around 20.41% of net profits as dividends. That has enabled analysts to estimate a "forward annual dividend yield" of 2.84% of the current stock value. This means that over a year, based on recent payouts (which are sadly no guarantee of future payouts), CIT Group shareholders could enjoy a 2.84% return on their shares, in the form of dividend payments. In CIT Group's case, that would currently equate to about $1.4 per share.

    While CIT Group's payout ratio might seem low, this can signify that CIT Group is investing more in its future growth.

    CIT Group's most recent dividend payout was on 11 November 2021. The latest dividend was paid out to all shareholders who bought their shares by 27 October 2021 (the "ex-dividend date").

    CIT Group share price volatility

    Over the last 12 months, CIT Group's shares have ranged in value from as little as $32.4211 up to $56.2146. A popular way to gauge a stock's volatility is its "beta".

    Beta is a measure of a share's volatility in relation to the market. The market (NYSE average) beta is 1, while CIT Group's is 1.4862. This would suggest that CIT Group's shares are more volatile than the average for this exchange and represent, relatively-speaking, a higher risk (but potentially also market-beating returns).

    CIT Group overview

    CIT Group Inc. operates as the holding company for CIT Bank, N. A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies. This segment also offers asset management, factoring, receivable management, and secured financing services; supply chain financing, leasing and equipment financing to small businesses and middle market, and railroads and shippers.

    Frequently asked questions

    What percentage of CIT Group is owned by insiders or institutions?
    Currently 0.995% of CIT Group shares are held by insiders and 94.273% by institutions. How many people work for CIT Group?
    Latest data suggests 3,812 work at CIT Group. When does the fiscal year end for CIT Group?
    CIT Group's fiscal year ends in December. Where is CIT Group based?
    CIT Group's address is: 11 West 42nd Street, New York, NY, United States, 10036 What is CIT Group's ISIN number?
    CIT Group's international securities identification number is: US1255818015 What is CIT Group's CUSIP number?
    CIT Group's Committee on Uniform Securities Identification Procedures number is: 125581801

    Was this content helpful to you?

    Thank you for your feedback!

    How to buy Altair Engineering stockHow to buy iCAD cit group address guides on Finder

      Источник: https://www.finder.com/buy-cit-group-stock
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      CIT Bank

      CIT Bank logoCIT Bank, N.A. is an online bank that offers some of the highest-paying interest rates on both savings accounts and CDs. CIT Bank is a part of CIT Group Inc., a Fortune 1000 company. CIT provides financing, leasing and advisory services to small and middle market businesses.

      The Bank offers a msu mankato spring break 2019 of banking products designed to help customers achieve a range of financial goals through internet bank and the 70 Retail Banking Centers of our OneWest Bank division located in Southern California.

      Routing number: #124084834.
      Member FDIC (each depositor insured to at least USD 250,000).
      These ads are not affiliated with CIT Bank
      HeadquarterLivingston, USA
      Key PeopleEllen R. Alemany (Chairwoman, CEO and President)
      ID: 2419. Updated: 12.07.2019

      Disclaimer

      First Citizens BancShares, Inc. and CIT Group Inc. Announce Transformational Partnership to Create a Top-Performing Commercial Bank

      • Merger creates a Top 20 U.S. bank with over $100 billion in assets
      • Creates greater scale to drive growth, improve profitability and enhance stockholder value
      • Financially compelling transaction with targeted earnings per share accretion of +50% with fully phased in cost synergies and targeted tangible book value per share accretion of ~30%
      • Brings together complementary strengths with First Citizens’ low-cost retail deposit franchise and full suite of banking products and CIT’s national commercial lending franchise and strong market positions
      • Creates diversified deposit strategy with First Citizens’ 550+ retail banking locations in key growth MSAs, including throughout the Southeast, and CIT’s rapidly growing homeowner association business, leading direct bank and complementary Southern California retail branch network
      • The combined company expects to be well-positioned to leverage its product portfolio and technology across the franchises and make additional investments in technology to enhance the customer experience
      • Combines experienced management teams with significant integration experience and a shared commitment to a strong culture that serves customers and communities
      • Conservative credit mark and strong capital levels are expected to facilitate additional growth and stockholder-enhancing capital management strategies

      RALEIGH, North Carolina and NEW YORK, New York – October 16, 2020 – 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 today that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals to create the 19th largest bank in the United States based on assets.

      The transformational partnership will create greater scale to drive growth, improve profitability and enhance stockholder value.  The transaction brings together the complementary strengths of First Citizens’ low-cost retail deposit franchise and full suite of banking products with CIT’s national commercial lending portal edd ca gov webapp and strong market positions. In addition, it creates a more diversified deposit strategy with First Citizens’ 550+ full-service retail banking locations in key growth MSAs, including across the Southeast, and CIT’s rapidly growing homeowner association business, leading direct bank and complementary Southern California retail branch network.

      Under the terms of the definitive merger agreement, which was unanimously approved by the Boards of Directors of both companies, CIT stockholders will receive 0.0620 shares of First Citizens class A common stock for each share of CIT common stock they own.  First Citizens stockholders will own approximately 61% and CIT stockholders will own approximately 39% of the combined company.

      The combined company will operate under the First Citizens name and will trade under the First Citizens ticker symbol FCNCA on the Nasdaq stock market.  The combined company will be headquartered in Raleigh, N.C., and will maintain significant operation centers in New York, Pasadena, Omaha, Phoenix, Jacksonville, Fla., New Jersey and Columbia, S.C., among other locations.

      Frank Holding, Jr., Chairman and CEO of First Citizens, will retain the same roles at the combined company. Ellen R. Alemany, Chairwoman and CEO of CIT, will assume the role of Vice Chairwoman and play a key role in the merger integration. In addition, she will serve on the Board of Directors of the combined company.

      The Board of Directors of the combined company will consist of 14 directors, the current 11 First Citizens Board members and three CIT Board members, including Ms. Alemany.

      “This is a transformational partnership for First Citizens and CIT designed to create long-term value for all of our constituents including our stockholders, our customers, our associates and our communities,” said Frank Holding, Jr.  “We have long admired CIT’s market-leading commercial business, including their strong market position across multiple asset classes. Under Ellen’s leadership, CIT has made tremendous progress in reducing its cost of funds, enhancing risk management processes and retaining key talent. First Citizens has a long history of delivering strong returns to our stockholders, gathering low-cost deposits and driving strong earnings, which are all supported by an exceptional credit culture, strong capital and excellent risk management. Together, First Citizens and CIT will be able to leverage both companies’ unique attributes to create the 19th largest bank in the country, well-positioned to compete across the United States.”

      Ellen R. Alemany, Chairwoman and CEO of CIT, said, “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. I'm proud of the work we have done to transform CIT in recent years to a leading, national commercial bank. 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 U.S. bank will enable greater opportunities for our team, our customers and our communities.”

      Financially Compelling Transaction for All Stockholders

      Significant Earnings Per Share Accretion and Tangible Book Value Per Share Accretion: The transaction is targeted to deliver in excess of 50% EPS accretion once cost savings are fully phased in. The tangible book value per share accretion is targeted to be in excess of 30% at closing.

      Cost Synergies: The companies have identified approximately 10% in targeted pro forma combined noninterest expense savings.

      Long-term Stockholder Value Creation and Tangible Book Value Per Share Growth Focus: The combined company expects to continue to emphasize tangible book value growth over time. On a pro forma basis, the combined company targets delivering top-tier operating performance, with a ROTCE of approximately 13%.

      Strong Capital and Credit Reserve Levels: The combined company is expected to have in excess of 9.4% Tier I Common Equity at closing. The combined allowance for credit losses will be approximately $1.8 billion in aggregate, representing approximately 2.4% of fifth third bank call hours loan portfolio. The combined company’s targeted strong capital ratios are designed to support organic growth, additional acquisitions and capital management strategies to enhance stockholder value.

      Strategically Compelling for Both Organizations

      Enhanced Scale to Drive Growth, Improve Profitability and Enhance Stockholder Value: The pro forma organization, with over $100 billion in assets and over $80 billion in deposits, combines two high-quality companies focused on driving strong, consistent growth and profitability. First Citizens stockholders have enjoyed stock price performance that has exceeded the Nasdaq Bank Index over the last 5- 10- and 20-year periods. This transaction provides a platform for growth and profitability that is expected to drive stockholder returns for many years into the future.

      Combines First Citizens’ Lower Cost Deposit Franchises and CIT’s Market-Leading Nationwide Commercial Franchise: The combined company expects to benefit from the combination of First Citizens’ strong, low-cost deposit base and CIT’s leading nationwide lending platform. CIT’s industry, asset class and capital markets expertise can deliver financing solutions to First Citizens’ strong client base. First Citizens brings a full suite of banking products and services to CIT commercial and retail edd unemployment benefits login, including deposit, mortgage, auto financing, merchant services, credit and debit cards, wealth management and trust solutions. First Citizens’ strong deposit suite and low-cost funding is targeted to enable the pro forma company to expand its business and compete more effectively with larger competitors. CIT’s HOA business is also expected to continue to be an important low-cost funding source.

      Experienced Management Teams with Significant Integration Experience: This merger combines two highly respected management teams operating complementary business lines. Both companies have significant merger integration experience and proven track records of successfully integrating acquisitions to drive stockholder value. First Citizens has been in a continuous merger and integration cycle for the last 10+ years acquiring over 25 companies resulting in superior business performance and stock price performance over this time period. CIT’s three acquisitions since 2014 represent over $30 billion in acquired and integrated assets.

      Combined Company Poised For Long-Term Growth: Several of the combined companies’ business lines will be enhanced through this combination. The combined Southern Californian branch and deposit-gathering footprint will be substantially enhanced. The mortgage business is targeted to double in size with attractive growth prospects. Complementary SBA business lines are targeted to significantly increase in scale and present additional opportunities for growth.

      Significant Opportunity to Optimize the Balance Sheet and Earnings: Lower funding costs are targeted to enable CIT’s commercial lines to compete more effectively, and a diversified funding mix should enable the combined company to reduce financing costs through improved credit ratings for CIT’s businesses and additional scale and diversification.

      Combined Company Laser-Focused on Credit Quality, Capital Adequacy and Risk Management: First Citizens has a long track record of significantly below peer Non-Performing Asset ratios and Net Charge-Off ratios. Both companies have completed extensive due diligence. This transaction provides immediate product and geographic diversification.

      Strong Reputation, Robust Customer Relationships and Similar Cultures Reduce Integration Risk: The combined company is designed to leverage the strong reputation of both companies with the goal of delivering strong performance and results for customers, colleagues and communities.

      Company Well Positioned for Long-Term Value Creation Due to Stable Low-Cost Deposits, Strong Presence in High-Growth MSAs Nationwide and Online Platform, Providing Diverse Funding Mix: First Citizens’ deposit costs are currently 0.13% and have historically been consistently below peer funding costs. CIT’s direct banking deposit platform offers a unique opportunity to scale online deposits in a cost-efficient manner and its leading homeowner association deposit channel offers additional growth and diversification.

      Approval and Timing

      The merger is expected to close in the first half of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the stockholders of each company.

      Transaction Advisors

      Piper Sandler & Co. served as financial advisor to First Citizens, with Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. serving as legal advisor. Keefe, Bruyette & Woods, A Stifel Company, and Morgan Stanley & Co. LLC served as financial advisor to CIT, with Sullivan & Cromwell LLP serving as legal advisor.

      Joint Investor Conference Call

      There will be a joint conference call to discuss the transaction at 8 a.m. Eastern time today. To listen to the live call, please dial 888-317-6003 (U.S.), 866-284-3684 (Canada) or 412-317-6061 (international) and enter the participant code 7110614.

      A link to the live webcast, along with the related presentations, will be available on the investor relations section of each company’s website at ir.cit.com/CorporateProfile and firstcitizens.com/investor-relations.

      An audio replay will be available an hour after the conclusion of the call. To access the replay, dial 877-344-7529 (U.S.), 855-669-9658 (Canada) or 412-317-0088 (international) and use access number 10149208. This replay will be available through November 30, 2020.

      About First Citizens

      First Citizens is the financial holding company for Raleigh, North Carolina-headquartered First Citizens Bank & Trust Company. First-Citizens Bank & Trust Company provides a broad range of financial services to individuals, businesses, professionals and the medical community through branch offices in 19 states, including digital banking, mobile banking, ATMs and telephone banking. As of June 30, 2020, First Citizens had total assets of $47.9 billion. For more information, visit First Citizens’ website at firstcitizens.com. First Citizens Bank. Forever First®.

      About CIT

      CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Cit group address Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). CIT’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management.  CIT’s consumer banking segment includes a national direct bank and regional branch network. As of June 30, 2020, CIT had total assets of $61.7 billion. Discover more at cit.com/about.

      Forward-Looking Statements

      This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of First Citizens and CIT. Words such as “anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," “targets,” “designed,” "could," "may," "should," "will" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on First Citizens’ and CIT’s current expectations and assumptions regarding First Citizens’ and CIT’s businesses, the economy, and other future conditions.

      Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect First Citizens’ and/or CIT’s future financial results and performance and could cause the actual results, performance or achievements of First Citizens and/or CIT to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed merger may not be realized or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in areas where First Citizens and CIT do business, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the proposed merger and diversion of management’s attention from ongoing business operations and opportunities, (3) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Citizens and CIT, (4) the risk that the integration of First Citizens’ and CIT’s operations will be materially delayed or will be more costly or difficult than expected or that First Citizens and CIT are otherwise unable to successfully integrate their businesses, (5) the failure to obtain the necessary approvals of the stockholders of First Citizens and/or CIT, (6) the outcome of any legal proceedings that may be instituted against First Citizens and/or CIT, (7) the failure to obtain required governmental approvals (and the risk that such approvals may result in the imposition what time is wells fargo open till conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), (8) reputational risk and potential adverse reactions of First Citizens’ and/or CIT’s customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the proposed merger, (9) the failure of any of the closing conditions in the definitive merger agreement to be satisfied on a timely basis or at all, (10) delays in closing the proposed merger, (11) the possibility that the proposed merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (12) the dilution caused by First Citizens’ issuance of additional shares of its capital stock in connection with the proposed merger, (13) general competitive, economic, political and market conditions, and (14) other factors that may affect future results of CIT and/or First Citizens including changes in asset quality and credit risk, the inability to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayment, investment and deposit practices, the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, and (15) the impact of the global COVID-19 pandemic on First Citizens’ and/or CIT’s businesses, the ability to complete the proposed merger and/or any of the other foregoing risks.

      Except to the extent required by applicable law or regulation, each of First Citizens and CIT disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding First Citizens, CIT and factors which could affect the forward-looking statements contained herein can be found in First Citizens’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020 and June 30, 2020, and its other filings with the Securities and Exchange Commission (the “SEC”), and in CIT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020 and June 30, 2020, and its other filings with the SEC.

      Important Information about the Merger and Where to Find It

      First Citizens intends to file a registration statement on Form S-4 with the SEC to register the shares of First Citizens’ capital stock that will cit group address issued to CIT’s stockholders in connection with the proposed transaction. The registration statement will include a joint proxy statement of First Citizens and CIT that also constitutes a prospectus of First Citizens. The definitive joint proxy statement/prospectus will be sent to the stockholders of First Citizens and CIT seeking their approval of the proposed merger and the issuance of First Citizens shares in the proposed merger.

      INVESTORS AND Cit group address HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 WHEN THEY BECOME AVAILABLE (AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING FIRST CITIZENS, CIT, THE PROPOSED MERGER AND RELATED MATTERS.

      Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by First Citizens or CIT through the website maintained by the SEC at sec.gov or from First Citizens at its website, firstcitizens.com, or from CIT at its website, cit.com. Documents filed with the SEC by First Citizens will be available free of charge by accessing the “Newsroom” page of First Citizens’ website at firstcitizens.com or, alternatively, by directing a request by telephone or mail to First Citizens BancShares, Inc., Mail Code: FCC-22, PO Box 27131, Raleigh, North Carolina 27611-7131, 919-716-7000, and documents filed with the SEC by CIT will be available free of charge by accessing CIT’s website at cit.com under the tab “About Us,” and then under the heading “Investor Relations” or, alternatively, by directing a request by telephone or mail to CIT Group Inc., One CIT Drive, Livingston, New Jersey 07039, 866-542-4847.

      Participants in Solicitation

      First Citizens, CIT, and certain of their respective directors and executive officers may be deemed participants in the solicitation of eastern bank danvers hours from the stockholders of each of First Citizens and CIT in connection with the proposed merger under the rules of the SEC. Certain information regarding the interests of the directors and executive officers of First Citizens and CIT and other persons who may be deemed participants in the solicitation of the stockholders of First Citizens or of CIT in connection with the proposed merger and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the joint proxy statement/prospectus related to the proposed merger, which will be filed with the SEC. Additional information about First Citizens, the directors and executive officers of First Citizens and their ownership of First Citizens common stock can also be found in First Citizens’ definitive proxy statement in connection with its 2020 annual meeting of stockholders, as filed with the SEC on February 26, 2020, and other documents subsequently filed by First Citizens with the SEC. Additional information about CIT, the directors and executive officers of CIT and their ownership of CIT common stock can also be cit group address in CIT’s definitive proxy statement in connection with its 2020 annual meeting of stockholders, as filed with the SEC on April 2, 2020, and other documents subsequently filed by CIT with the SEC. These documents can be obtained free of charge from the sources described above.

      First Citizens Contact Information

      Barbara Thompson
      Director of Corporate Communications and Brand Marketing
      919-716-2716
      [email protected]

      Tom Heath
      Director of Investor Relations
      919-716-4565
      [email protected]

      CIT Contact Information

      Gina Proia
      EVP, Chief Marketing and Communications Officer
      212-771-6008
      [email protected]

      Barbara Callahan
      SVP and Head of Investor Relations
      973-740-5058
      [email protected]

      Источник: https://www.firstcitizens.com/about-us/newsroom/news-releases/2020/cit-group-merger-announcement
      cit group address

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