In a financial world that’s constantly shifting, bank mergers are nothing new—but they still tend to raise questions, especially for everyday consumers. One of the more significant banking moves in recent years was the merger between CIT Bank and First Citizens Bank. If you’re a customer (or considering becoming one), understanding what this merger means for your accounts, services, and security is crucial.
In this blog post, we’ll break down the CIT Bank and First Citizens Bank merger in plain English, highlight key changes, and answer the most common questions people are asking right now.
🏦 What Happened: The Basics of the Merger
In January 2022, CIT Group Inc. officially merged with First Citizens BancShares, the parent company of First Citizens Bank. This move created one of the top 20 U.S. banks in terms of total assets. The deal was structured as an all-stock transaction, valued at over $2 billion.
At the time, both banks had their own unique strengths:
- CIT Bank was primarily known as an online-only bank offering high-yield savings and CDs.
- First Citizens Bank, founded in 1898, had a brick-and-mortar presence with branches across multiple states and a focus on personal, small business, and commercial banking.
The merger aimed to combine CIT’s digital strength and commercial banking focus with First Citizens’ customer service tradition and physical infrastructure.
🔑 What Does This Merger Mean for CIT Bank Customers?
If you’ve been a customer of CIT Bank, here are the major takeaways:
1. Brand Transition
While CIT Bank accounts were initially still branded under the CIT name, most customers have now been migrated to the First Citizens Bank platform. That means the CIT brand as a stand-alone bank is slowly being phased out.
- New Logins: Many customers were asked to switch over to the First Citizens website and mobile app for their banking needs.
- Communications: Statements, emails, and customer support are now under the First Citizens branding.
2. Account Access & Services
The core banking experience remains mostly unchanged, especially if you’re using savings accounts, CDs, or money market accounts. However, there may be some changes in:
- Account numbers or routing numbers
- Online and mobile banking interface
- Terms and conditions for some products (although many stayed consistent)
Customers were notified well in advance of any changes, with clear instructions on what to expect.
3. Customer Support
One of the merger’s goals was to enhance customer support infrastructure. With First Citizens’ larger customer service operations, users may notice:
- Expanded phone support hours
- Improved online banking help
- Access to physical branches (for services like notary, cashier’s checks, etc.)
This was a big upgrade for CIT customers who had only been using digital channels.
🙋 Common Customer Questions After the Merger
Will My Money Still Be FDIC Insured?
Yes, absolutely. Your money remains FDIC insured up to $250,000 per depositor, per account category. The merger doesn’t affect your federal insurance coverage.
Do I Need to Do Anything with My Account?
In most cases, no action is needed. But:
- If you were notified about migrating to a new platform (such as switching to First Citizens’ mobile app), you should follow those steps.
- Be sure to check your automatic payments and transfers to make sure they’re still processing properly under the new account setup.
Will My Interest Rate or Account Terms Change?
Interest rates and terms largely stayed the same during the initial migration, especially for time-bound accounts like CDs. However, it’s smart to review your account documents and keep an eye on future notices—banks can update rates and terms at their discretion, even post-merger.
📈 What Are the Benefits of the Merger?
From a customer perspective, there are several potential benefits:
- Wider range of products and services, including mortgages, insurance, business loans, and in-branch services.
- Increased security and infrastructure thanks to First Citizens’ established history and regulatory compliance.
- Better customer support, especially for users who prefer in-person banking.
This could be a win-win for customers who liked CIT’s digital focus but wanted more service options.
⚠️ Any Downsides?
Every merger has some potential hiccups. A few customers have reported:
- Transition glitches such as login issues or account syncing problems.
- Delays in customer support during the migration period.
- Changes to the online banking interface that some users found confusing at first
However, most of these issues were short-term and resolved within a few weeks of the official switch.
🧾 Final Thoughts
The CIT Bank and First Citizens merger reflects a larger trend in banking: combining digital innovation with traditional service. For most customers, this change has been relatively smooth, with few disruptions and long-term gains in product access, customer service, and account options.
If you’re already a CIT Bank customer, you can expect to see more of the First Citizens branding going forward. And if you’re shopping for a new bank, this newly combined institution offers a competitive blend of high-interest savings, online convenience, and branch-based services.
Pro Tip: Always double-check your login credentials, update any saved passwords, and read all emails from your bank carefully during any major transition like this.