CIT Bank Parent Company: Everything You Need to Know

CIT Bank Parent Company: Everything You Need to Know

CIT Bank has been a recognizable name in the U.S. banking sector for years, especially for its competitive savings accounts, CDs, and online banking services. However, what many customers don’t realize is that CIT Bank is part of a much larger financial organization.

A Brief History of CIT Bank

CIT Bank was originally part of CIT Group Inc., a financial holding company founded in 1908 that provided commercial lending, factoring, and other business financing solutions. Over the years, CIT Group expanded its retail banking presence through CIT Bank, offering customers nationwide access to online deposit accounts.

The Merger with First Citizens BancShares

In January 2022, a major shift occurred when First Citizens BancShares, Inc., the holding company for First Citizens Bank, completed its merger with CIT Group. This merger created one of the largest banks in the United States, combining First Citizens’ strong retail and commercial banking network with CIT’s expertise in business lending and online banking.

After the merger:

• CIT Bank became a division of First Citizens Bank.

• CIT Group, as a legal entity, became a subsidiary of First Citizens BancShares.

• Customers of CIT Bank retained their accounts but began transitioning under the First Citizens Bank brand over time.

Who is First Citizens BancShares?

First Citizens BancShares, headquartered in Raleigh, North Carolina, is one of the largest family-controlled banks in the country. The company has been in business since 1898 and operates a wide range of financial services, including personal banking, commercial lending, and wealth management.

The merger with CIT Group significantly expanded First Citizens’ footprint, giving it a stronger presence in major markets and bolstering its digital banking capabilities.

Impact on CIT Bank Customers

For customers, the merger brought:

• Continued FDIC Insurance: All deposits remain insured up to standard limits.

• Access to More Services: Expanded product offerings from First Citizens Bank.

• Brand Transition: Over time, CIT Bank accounts and services are being rebranded under First Citizens Bank.

Key Takeaways

• Former Parent: CIT Group Inc.

• Current Ultimate Parent: First Citizens BancShares, Inc.

• Status: CIT Bank now operates as a division of First Citizens Bank.

Final Thoughts
The integration of CIT Bank into First Citizens Bank marks a significant step in U.S. banking consolidation, combining the strengths of a long-standing community banking tradition with modern digital banking innovation. While the CIT brand is gradually being phased out, customers benefit from the stability, resources, and expanded service offerings of one of America’s largest banks.

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