Sullivan, NC Firm Guide Merger Forming $100B Bank

By McCord Pagan (October 16, 2020, 9:53 PM EDT) -- First Citizens and CIT said Friday they're merging in a deal creating one of the largest banks in the country with more than $100 billion in assets in a transaction guided by Sullivan & Cromwell LLP and North Carolina law firm Smith Anderson Blount Dorsett Mitchell & Jernigan LLP.

Raleigh, North Carolina-headquartered First Citizens BancShares Inc. and New York-based CIT Group Inc. said in a joint statement the deal will be an all-stock merger of equals creating the 19th-largest bank in the country and will improve profitability and shareholder value.

After the deal closes, First Citizens Chairman and CEO Frank Holding...

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