FIRST CITIZENS, CIT ANNOUNCE RECEIPT OF REGULATORY APPROVALS FOR MERGER

RALEIGH, N.C. and NEW YORK, Dec. 17, 2021 /PRNewswire/ -- 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., jointly announced that their previous proposal to merge the two companies has received approval from the Board of Governors of the Federal Reserve System today. The merger has previously received approvals from the Federal Deposit Insurance Corporation and the Office of the North Carolina Commissioner of Banks.