Event Publicly Available Information:
First Citizens BancShares, Inc has completed its merger with CIT Group Inc. CIT Group Inc merged with and into First-Citizens Bank & Trust Company (bank-level subsidiary of First Citizens BancShares, Inc), with First-Citizens Bank & Trust Company as the surviving entity. All CIT Group Inc debt appears to now reside with the First-Citizens Bank & Trust Company entity. Will the CDS migrate to now reference First-Citizens Bank & Trust Company as well?
Thank you
| Date | Description | Document |
|---|---|---|
| Closed | Americas DC Decision - Issue Number 2022011101 (CIT Group Inc.) - 1/20/2022 Americas DC Statement January 20, 2022: On January 4, 2022, CIT Group Inc., a Delaware corporation, merged into First-Citizens Bank & Trust Company, a North Carolina chartered commercial bank, and CIT Group Inc. ceased to exist.
The Americas DC concluded that CIT Group Inc. had at least one Relevant Obligation outstanding at the time of the merger, and all obligations of CIT Group Inc. were assumed by First-Citizens Bank & Trust Company, the surviving entity of the merger, pursuant to the relevant agreement and plan of merger. Accordingly, the Americas DC Resolved that First-Citizens Bank & Trust Company was the sole Successor to CIT Group Inc. under the Updated 2003 and 2014 Definitions, and that January 4, 2022 was (a) the legally effective date of the Succession Event for purposes of the Updated 2003 Definitions and (b) the Succession Date for purposes of the 2014 Definitions. | |
| Request Accepted by DC | Americas DC Statement January 18, 2022: The Americas DC Legal Subcommittee met on January 18, 2022 to begin discussions with respect to whether there is a Successor to CIT Group Inc. The Americas DC will continue discussions later this week. | |
| Request Accepted by DC | ||
| Pending DC Consent |