First Citizens BancShares, the parent company of First-Citizens Bank & Trust Company (First Citizens Bank) has completed the acquisition of CIT Group.

The all-stock deal was announced in October 2020 and is valued at approximately $2.16bn.

The North Carolina-headquartered First Citizens has now over $100bn in assets.

CIT Group and its banking subsidiary CIT bank will initially operate as a division of First Citizens Bank. In the months to come, its systems will be integrated with that of First Citizens.

First Citizens chairman and CEO Frank Holding Jr. said: “This is a transformational milestone in our 124-year history. It brings together two companies with deep traditions of service and excellence. We’re not just creating a bigger bank – we’re creating an even better bank – one that helps more people in more places and strengthens the communities we serve.”

With 600 branches in 22 states, First Citizens Bank’s offerings include the full suite of retail, business, commercial and wealth products, and services.

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It will also offer other banking services such as commercial financing, community association banking, middle-market banking, equipment and vendor financing, railcar financing, treasury and payments services, and capital markets and asset management.

CIT’s former chairwoman and CEO Ellen Alemany has taken charge as the vice chairwoman of First Citizens and will serve on the First Citizens board of directors.

Meanwhile, Canada’s BMO has brokered a deal to buy BNP Paribas’ retail & commercial banking businesses in the US for $16.3bn.