CIT - First Citizens BancShares-CIT merger gets FDIC approval

First Citizens BancShares (FCNCA) and CIT Group's (CIT) merger received regulatory approval from the Federal Deposit Insurance Corporation ((FDIC)). The all-stock merger, which will create a top 20 bank in the U.S. based on assets, has already received approval from the Office of the North Carolina Commissioner of Banks. Completion of the proposed merger remains subject to approval from the Board of Governors of the Federal Reserve System.Post-merger, First Citizens stockholders will own about 61% and balance 39% will be owned by CIT stockholders.The deal is expected to close in the third quarter, subject to conditions. Source: Press Release

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First Citizens BancShares-CIT merger gets FDIC approval