Cit Group Digital One Overview and Insights

Cit Group Digital One is an innovative platform that streamlines financial services for businesses and individuals. It offers a comprehensive suite of digital banking services.

This platform is designed to provide users with a seamless and secure experience, with features like real-time account management and transaction tracking. Users can access their accounts from anywhere, at any time.

Cit Group Digital One is built on a robust infrastructure that ensures high-speed transactions and minimal downtime. This means users can rely on the platform for their financial needs without worrying about technical issues.

The platform's user-friendly interface makes it easy for even the most tech-savvy individuals to navigate and find what they need quickly.

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The merged company will maintain a significant operations center in Jacksonville, with about 500 employees at its Southside offices at 10201 Centurion Parkway N.

First Citizens Bank & Trust Co. has three branches in Jacksonville and one in Ponte Vedra Beach, and the merged company will operate under the First Citizens name.

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The merged bank will be headquartered in Raleigh, North Carolina, and will be the 19th largest in the U.S. with more than $100 billion in assets.

The bank has the largest branch network in the Jacksonville market with 46 offices as of June 30, according to Federal Deposit Insurance Corp. data.

First Citizens is more of a traditional retail bank catering to personal banking while CIT is focused on commercial banking, which makes them a good strategic fit for a merger.

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CIT Group has been a serial acquirer over the past decade, buying more than 25 community banks, according to American Banker.

Prior to the merger, First Citizens was the smaller of the two banks, with $48 billion in assets and a 550-branch footprint in 19 states.

CIT has $61.7 billion in assets and 92 branches in nine states, having made a pair of acquisitions in the past five years to lean into commercial banking.

The company's commercial finance roots are being phased out, and it's expanding its presence in homeowner association banking through its recent acquisition of the banking arm of insurance titan Mutual of Omaha.

CIT completed its $1 billion purchase of Mutual of Omaha's banking arm in January, excluding its mortgage business from the deal.

In 2015, CIT bought Pasadena, California-based OneWest Bank in a $3.4 billion deal that gave it a 70-branch West Coast presence and added two future financial luminaries to CIT's board.

Joseph Otting, a former CEO of OneWest, became co-president of CIT Group and chief executive of CIT Bank after the acquisition.

Steven Mnuchin, now secretary of the Treasury, joined CIT as vice chairman in the 2015 acquisition.

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