CIT Group Inc. (CIT) has seen a push of 10.13% in aftermarket following the announcement of the receipt of regulatory approvals for merger. However, the last trading session closed at $46.31 with a decrease of 3.4%.
Receipt of Regulatory Approvals for Merger – All About it
On 17th December 2021, CIT announced that the Board of Governors of the Federal Reserve System approved its prior plan to consolidate the two entities today. The Federal Deposit Insurance Corporation and the Office of the North Carolina Commissioner of Banks have already given their approval to the transaction. The proposed merger is planned to close as soon as possible in early January 2022, subject to a 15-day waiting period and the fulfillment or waiver of other standard closing requirements.
The merged corporation will be known as First Citizens and will rank among the top 20 banks in the United States by assets. With First Citizens Bank’s strong retail franchise and comprehensive suite of banking products, as well as CIT’s strong market positions, countrywide commercial loan franchise, and accessible online bank, the combination will bring together complementary capabilities of both firms.
What’s Next?
As CIT continues to prepare for the completion of this revolutionary combination, the company is delighted to have secured regulatory clearances. They are also excited to bring together the strengths of both banks to better serve a wider range of companies and consumers while increasing convenience, size, and value.
Senior Housing Community in Arizona
On 16th December 2021, CIT announced that its Healthcare Finance division arranged a $34 million refinancing for the Enclaves at Chandler, a senior living facility in Chandler, Arizona. The Enclaves at Chandler is a superior, modern senior living community in an appealing location for the Arizona market. In negotiating this new loan for the property, the company appreciated CIT’s industry experience and flexibility. The Healthcare Finance business of CIT’s Commercial Finance division serves middle-market healthcare enterprises in the United States with complete financing and banking solutions. Healthcare Finance can adapt its products and services to assist customers to fulfill their capital requirements by employing a client-focused and industry-centric methodology
