First Citizens’ Merger With CIT Group Inc.


Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP advised First Citizens BancShares on the deal.

First Citizens BancShares, Inc. (NASDAQ: FCNCA) (“First Citizens”), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (“CIT”), the parent company of CIT Bank, N.A., have entered into a definitive agreement under which the companies will combine in an all-stock merger to create the 19th largest bank in the United States based on assets.

The transaction brings together the complementary strengths of First Citizens’ low-cost retail deposit franchise and full suite of banking products with CIT’s national commercial lending expertise and strong market positions.

The combined company, headquartered in Raleigh, N.C., will operate under the First Citizens name and will trade under the First Citizens ticker symbol FCNCA on the Nasdaq stock market.

Frank Holding, Jr., Chairman and CEO of First Citizens, will retain the same roles at the combined company.

The Smith Anderson team advising First Citizens in the merger was led by Gerald Roach (Picture) and Jason Martinez and also included Geoffrey Adams, Kara Brunk, Tamara Cappelson, David Clement, Tyler Cook, Joseph Dickinson, Davis Fussell, Timothy Goettel, Travis Hockaday, Charles Kabugo-Musoke, Perky Karmire, Caryn McNeill, Michael Mitchell, William Nelson, Stephen Parascandola, Susan Milner Parrott, Armand Perry, Davis Roach, William Robinson and Justin Truesdale.

Involved fees earner: Kara Brunk – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Tamara Cappelson – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; David Clement – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Tyler Cook – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Caryn Coppedge McNeill – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Joseph Dickinson – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Davis Fussell – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Timothy Goettel – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Travis Hockaday – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Charles Kabugo-Musoke – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Perky Karmire – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Jason Martinez – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Michael Mitchell – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; William Nelson – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Steve Parascandola – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Susan Parrott – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Armand Perry – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Gerald Roach – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Davis Roach – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; William Robinson – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni; Justin Truesdale – Smith, Anderson, Blount, Dorsett, Mitchell & Jerni;

Law Firms: Smith, Anderson, Blount, Dorsett, Mitchell & Jerni;

Clients: First Citizens BancShares, Inc.;

Author: Ambrogio Visconti