RALEIGH, North Carolina and NEW YORK, New York - October 16, 2020 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 today that they have entered into a definitive agreement under which the companies will combine in an all- stock merger of equals to create the 19th largest bank in the United States based on assets. Under the terms of the definitive merger agreement, which was unanimously approved by the Boards of Directors of both companies, CIT stockholders will receive 0.0620 shares of First Citizens class A common stock for each share of CIT common stock they own. On October 15, 2020, CIT closed at $19.74 while FCNCA closed at $353.32. What was the acquisition premium? other 6.2% 9.9% 11.0%