First Citizens BancShares, Inc., the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc., the parent company of CIT Bank, N.A., jointly announced that, at their respective special meetings of stockholders, First Citizens and CIT received the stockholder approvals for the merger of the companies.

Both companies are preparing for anticipated completion of the transaction in the second quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. The combined company will create the 20th largest bank in the United States based on assets.

"Today marks an important milestone as we move closer to uniting our two companies," said Frank B. Holding, Jr., First Citizens Chairman and Chief Executive Officer. "The combination of our companies will leverage our unique attributes, and we are excited about the opportunities it will provide for all of our constituents, including our stockholders, our customers, our associates and our communities."

"We are pleased to have crossed this key threshold as we work toward the merger of two complementary banks that will unlock greater potential for stakeholders," said Ellen R. Alemany, CIT Chairwoman and Chief Executive Officer.

As reported in Equipment Finance Advisor, the planned merger was announced in October 2020.