CIT Group

In the midst of its merger with CIT Group, First Citizens in North Carolina has hired an in-house chief counsel with experience in corporate integrations.

The five-year pledge, tied to the company's pending acquisition of CIT Group, earmarks nearly $6 billion for small-business lending and $3.2 billion for affordable housing.

CIT Group over a year's time brushed off several offers from First Citizens BancShares, entertained rival bids and kept negotiating on price and board representation before striking a deal, according to a new regulatory filing.

The veteran executive will receive a $13 million lump-sum payment if she stays with the North Carolina company for two years after the deal closes.

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it coveted.

The combined company would be the nation's 19th-largest bank with roughly $110 billion of assets.

While elevated loan-loss provisions are expected to eat into all banks’ earnings, midsize banks could suffer more than their big-bank rivals because they have fewer revenue drivers. Meanwhile, investors will be watching closely for any signs of dividend cuts stemming from the Federal Reserve’s caps on payouts.

The comptroller of the currency, who is stepping down after two and a half years on the job, ruffled feathers and won some fans in pushing through CRA reform, cutting costs and trying to reshape the agency’s examiner culture.

Recognizing the sizable opportunity in batteries, some project finance banks have recently begun supporting battery developments, and others expect to follow soon.

A new app will allow small-business clients to quickly apply for credit while expanded offerings for homeowners associations will help CIT build up its base of low-cost deposits.

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The company says it's responding to the feedback of consumers who want online options beyond savings products.

CIT Group has agreed to lend and invest the money mostly in California as well as in the eight states where Mutual of Omaha Bank has branches.

Ellen Alemany said that CIT's deal for Mutual of Omaha Bank will immediately lower the bank's deposit funding by 20 basis points. She also reiterated that the acquisition would make CIT more attractive to potential buyers.

Three years into the turnaround plan at CIT Group, Ellen Alemany continues to remake the commercial finance company she inherited into more of a traditional bank. The purchase of Mutual of Omaha Bank is another step toward that goal.

The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which Steven Mnuchin ran before he became Treasury secretary.

The resignation of Wells Fargo CEO Tim Sloan represented more troubles for an already scandal-ridden financial institution.

James Hubbard will replace Stuart Alderoty, who left CIT earlier this year to join the fintech Ripple.

Earnings fell well short of analysts' estimates due in part to a 28% increase in interest expenses.

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