CIT Group Inc

NYSE:CIT   3:59:58 PM EDT
-0.90 (-2.88%)
4:00:00 PM EDT: $30.39 -0.01 (-0.03%)
Earnings Announcements, Mergers / Acquisitions

First Citizens Bancshares And CIT Group Announce Partnership To Create A Commercial Bank

Published: 10/16/2020 10:11 GMT
CIT Group Inc (CIT) - First Citizens Bancshares, Inc. and Cit Group Inc. Announce Transformational Partnership to Create a Top-performing Commercial Bank.
Cit Group Inc - Companies Will Combine in an All-stock Merger of Equals.
Cit Group Inc - Cit Stockholders Will Receive 0.0620 Shares of First Citizens Class A Common Stock for Each Share of Cit Common Stock They Own.
Cit Group Inc - First Citizens Stockholders Will Own Approximately 61% of Combined Co.
Cit Group Inc - Combined Company Will Operate Under First Citizens Name and Will Trade Under First Citizens Ticker Symbol Fcnca on Nasdaq.
Cit Group Inc - Frank Holding, Jr.
, Chairman and CEO of First Citizens, Will Retain Same Roles at Combined Company.
Cit Group Inc - Ellen R. Alemany, Chairwoman and CEO of Cit, Will Assume Role of Vice Chairwoman of Combined Co.
Cit Group Inc - Transaction is Targeted to Deliver in Excess of 50% EPS Accretion Once Cost Savings Are Fully Phased In.
Cit Group Inc - Companies Have Identified Approximately 10% in Targeted Pro Forma Combined Noninterest Expense Savings.
Cit Group Inc - on a Pro Forma Basis, Combined Co Targets Delivering Rotce of Approximately 13%.
Revenue is expected to be $448.38 Million
Adjusted EPS is expected to be $0.33

Next Quarter Revenue Guidance is expected to be $454.35 Million
Next Quarter EPS Guidance is expected to be $0.47

More details on our Analysts Page.