The CIT Bank Merger: What It Means for Customers and the U.S. Banking Landscape
In recent years, the U.S. banking sector has seen a wave of major consolidations—and one of the most talked-about was the CIT Bank merger with First Citizens Bank. While not as headline-grabbing as the big Wall Street moves, this merger significantly reshaped the mid-tier banking space and affected millions of American consumers and businesses.
So, what exactly happened with CIT Bank, and how does it impact customers today?
Let’s break it down in plain English.
The Merger at a Glance: CIT Bank + First Citizens
In January 2022, First Citizens BancShares, Inc., headquartered in Raleigh, North Carolina, officially completed its merger with CIT Group Inc., the parent company of CIT Bank. This move combined two historic financial institutions into one larger, national banking organization.
The merger created the 19th largest U.S. bank by assets at the time, with a combined total of over $100 billion in assets (and that figure has since grown, especially after First Citizens’ acquisition of Silicon Valley Bank’s assets in 2023).
Key Facts:
Merged Entity: First Citizens Bank & Trust Company
CIT Bank now operates under the First Citizens brand
Headquarters: Raleigh, North Carolina
Total Assets (2025): Over $200 billion
Why Did CIT Bank Merge?
Let’s be honest—bank mergers aren’t always easy to follow. But behind the financial jargon, mergers like this usually come down to one thing: strategic growth.
Here’s why the merger made sense:
Complementary Strengths:
CIT Group was known for its commercial lending, equipment financing, and digital consumer banking (through CIT Bank).
First Citizens brought a strong regional banking presence and over 100 years of retail banking experience.
Digital Meets Traditional:
CIT was primarily an online bank, while First Citizens had a strong physical branch network in the Southeast and other parts of the country.
Together, they could serve customers in-branch or online, offering the best of both worlds.
Broader Services:
Combining the two banks allowed for a more comprehensive suite of offerings, including business lending, treasury management, retail banking, and wealth management.
What Happened to CIT Bank Accounts?
If you were a CIT Bank customer before the merger, here’s what changed—and what didn’t.
What Changed:
Branding: CIT Bank no longer operates under its own name. Your banking relationship is now officially with First Citizens Bank.
Account Access: Some customers were transitioned into First Citizens’ online banking platform and mobile app.
- Customer Service: Phone numbers, customer support, and login pages may have changed, depending on the product.
What Didn’t Change (Much):
FDIC Insurance: Your money is still insured up to the standard $250,000 per depositor.
Account Numbers: In many cases, customers were allowed to retain their account numbers and routing information.
Product Types: CIT’s popular products—such as Savings Connect, Money Market Accounts, and high-yield CDs—continued to be supported under the new bank brand.
So, while the name on the account may have changed, the actual banking experience remained relatively seamless for most customers.
Impact on Business Banking and Lending
One of the biggest reasons for the merger was CIT’s strength in business lending, especially in sectors like:
Commercial real estate
Healthcare financing
Equipment leasing
Middle-market business loans
First Citizens saw this as a way to expand its footprint in the business banking arena, especially outside of the Southeast. As a result, today’s First Citizens Bank offers a broader commercial lending portfolio than ever before.
What Does This Mean for New Customers?
If you’re considering opening an account today, you’ll be dealing directly with First Citizens Bank, not CIT Bank. However, you’ll likely still find products originally designed under CIT’s model, especially online-only savings accounts with competitive rates and no fees.
Benefits:
Hybrid experience: Use a physical branch or go fully online.
Strong balance sheet: With over $200 billion in assets, the new entity is considered financially stable and well-capitalized.
More products: From small business loans to checking accounts and mortgages, there’s something for nearly every need.
Should You Be Concerned About Bank Mergers?
It’s natural to feel uneasy when your bank changes its name or ownership. But in this case, the merger was a well-planned strategic decision, not a bailout or failure. In fact, both institutions were in good standing at the time of the merger.
For consumers, this usually means:
Better technology
More products and services
Improved customer experience (eventually)
And because both banks were FDIC-insured, your deposits remained protected throughout the transition.
Final Thoughts: A Merger That Works
Not all mergers work out—but the CIT Bank and First Citizens merger has so far proven to be a strategic win. It created a stronger, more versatile financial institution with a mix of digital-first convenience and brick-and-mortar reliability.
For consumers, this means you still get the high-interest savings and digital tools you loved from CIT Bank, now with the added backing and reach of a top-20 U.S. bank.
So whether you’re saving for a rainy day or managing business finances, the new First Citizens Bank (powered in part by CIT’s legacy) offers a solid platform for your money.