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First Citizens to Buy CIT Group

first-citizens-to-buy-cit-group

First Citizens BancShares Inc. said Friday it plans to buy CIT Group Inc. in an all-stock deal valued at roughly $2.2 billion.

The combination of First Citizens, based in Raleigh, N.C., and CIT, based in New York City, would create one of the larger regional banks in the U.S. with more than $100 billion in assets.

The company will keep the…

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